A series of new lawsuits and a Canada Revenue Agency investigation are the latest problems at one of the Capital region’s largest real-estate development projects.

Bear Mountain Resort, under development atop Langford’s Skirt Mountain, includes two golf courses and nearly 1,000 completed residential units, and has plans for 5,000 homes flanking a large commercial centre upon completion.  However, the resort’s future may materialize much differently than planned if allegations of money mismanagement by the resort’s executives in relation to a National Hockey League team franchise purchase are proven.

A recent article in the Globe and Mail claims that Len Barrie, the business and creative spirit behind Bear Mountain, has been accused of “improperly financing at least part of his share of the [Tampa Bay] Lightning with Bear Mountain funds.”  This accusation by Bear Mountain’s past financial auditor, Norgaard Neale and Camden, Ltd., of a failure by the Bear Mountain board to address an illegal transaction, has piqued the interest of the Canada Revenue Agency which has now launched an investigation.

Also bad news for the mega-project is what appears to be a stalled deal to secure $350-million for the resort by Dubai-based investors.  Deadlines have come and gone and no official update on the pending investment has been released.

To read the latest news on Bear Mountain Resort and the projects real-estate activity, refer to the Bear Mountain thread in the VibrantVictoria.ca discussion forum.  To view the official Bear Mountain Resort website, click here.

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