In a rare Clark County Sheriff’s Office auction on the steps of the county courthouse, Vancouver-based Columbia Credit Union took ownership of the failed Two Creeks luxury condo development.
The project was developed by One Pacific Corp., a Camas development company owned by Rick Bowler and Marilee Thompson. The developers owed CCU $21.79 million for the project, and as the result of a court judgment, the Sheriff’s Office was to auction the 29 unsold condos Sept. 19.
After rescheduling the auction twice that day, CCU made the only bid of $11.79 million for the development, located near Camas Meadows Golf Course. Because the bid was $10 million short of what was owed the credit union, the judgment is outstanding, said Civil Supervisor and Deputy Margie E. Johnson, who held the auction.
It is up to CCU and its attorney how the credit union wants to satisfy the judgment, she said.
Because the developers owed the credit union, CCU does not have to pay the $11.79 million.
