Colin Dacre, Castanet – A large chunk of real estate adjacent to Kelowna’s Parkinson Recreation Centre is set to change hands under a court-ordered sale.

An unconditional offer has been accepted for the sale of the Recreation Inn at 1891 Parkinson Way and a mostly empty lot at 1864 Harvey Avenue.

C. Cheveldave & Associates is responsible with liquidating Witmar Holdings, which, according to court documents, has been ordered to sell its assets “as a result of the long-running disputes and litigation among the shareholders of the company, and the inability to find a workable and acceptable solution to divide the company among its shareholders.”

A court hearing is scheduled for Sept. 23 to approve the sale of the Recreation Inn property for $6.36M to Parkinson Way Apartments Kelowna Ltd. The Harvey Avenue property will be sold to Harvey Ave Commercial Kelowna Ltd. for $3.4 million.

Both purchasing companies are associated with First Spike Holdings, which does business as Traine Construction and Development.

It is possible that a competing offer can still be placed on the properties. That’s what happened with the sale of the Dilworth Inn, another asset liquidated as a part of Witmar Holdings, pushing that sale price up to $7.1 million.

A large portion of Pandosy was also listed for sale as a part of the Witmar liquidation.

The dispute that led to the ordered sale of Witmar Holdings assets was because four siblings—Walter Weisstock, Antony Weisstock, Albert Weisstock and Silvia Gerard—could not decide how to run the company after the passing of their parents, who incorporated the business in 1981.

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Read the full article published by Castanet.