Vibrant Vine: listed at $13.5 million in 2023, under contract at $3.65 million

On October 22, 2026, Deloitte Restructuring Inc., as court-appointed receiver, signed an agreement to sell 3240 Pooley Road in Kelowna to two individuals for $3,650,000. The property is about 11.3 acres, with a 6.0-acre vineyard and an 8,083-square-foot residence, and the sale takes in the buildings and the Vibrant Vine winery's inventory, equipment, intellectual property, permits and goodwill, per the Receiver's First Report, Oct. 30, 2026, paras. 15, 41(i), 43(a), 43(d). A notice of application signed by the receiver's counsel on November 3 asks the Supreme Court of British Columbia to approve the sale and vest the property in the buyers, per the Notice of Application, Nov. 3, 2026, Part 1, para. 1. In February 2023, a forbearance agreement with the Bank of Montreal had required the company to show the bank a listing of the same land at $13,500,000, and that month the property's listing was repositioned to include the operating winery at $13.5 million, per the BMO affidavit, Apr. 10, 2026, Ex. "J", Forbearance Agreement, s. 16 and the Receiver's First Report, Oct. 30, 2026, para. 34.

Vibrant Vine Winery Inc., incorporated in 2008, made and sold wine on the property and ran it as a hospitality business: a tasting room and wine shop, tours, private events, weddings and concerts. The land is owned separately by the company's two principals, both individuals, one of whom is its sole director and officer. The company stopped operating when the receiver was appointed, per the Receiver's First Report, Oct. 30, 2026, paras. 13–15. The receiver understands its difficulties arose from factors "including the effects of the COVID-19 pandemic, adverse weather events, and the forest fires in the Kelowna area," from which it "was unable to fully recover," per the Receiver's First Report, Oct. 30, 2026, para. 16. In mid-March 2026, a BMO account manager affirmed, the debtors advised that, citing among other things insufficient cash flow and the collapsed sale of the winery, they could not continue operating it and consented to a receiver, per the BMO affidavit, Apr. 10, 2026, para. 23.

The listing the forbearance called for

The forbearance agreement, dated for reference February 8, 2023, recites the bank's concerns over "operating losses and cash flow difficulties" and defaults under the credit agreement, and that the company and its principals asked BMO to hold off enforcing "in order to provide the Credit Parties with a reasonable period of time to sell the Borrower's winery and repay the Indebtedness in full." Section 16 required the company, by February 17, 2023, to give the bank a copy of a listing agreement "confirming that the Lands … have been listed for sale at a list price of $13,500,000 with a 6 month term," per the BMO affidavit, Apr. 10, 2026, paras. 15–16 and Ex. "J", Forbearance Agreement, recitals E–F, s. 16. That month, the receiver's report says, the brokerage that had listed the property in 2021 as land and a residential villa at $6.5 million took on a joint lister and "repositioned the offering to include the lands, residential villa, and operating winery, with an increased listing price of $13.5 million." The listing expired, and the receiver understands no formal offers came in, per the Receiver's First Report, Oct. 30, 2026, para. 34.

The bank extended its forbearance seven times. The seventh supplemental agreement, dated for reference April 30, 2025, extended the bank's forbearance until after September 2, 2025 and required the credit parties to "continue with their efforts to sell the real property comprising the Winery," per the BMO affidavit, Apr. 10, 2026, Ex. "J", Seventh Supplemental Forbearance Agreement, recital A, ss. 4, 15. Meanwhile the asking price came down: Colliers listed the property from January 2024 at $9.9 million, then $8.8 million, with no formal offers as the receiver understands it, and Royal LePage from April 2025, without the winery equipment and inventory, at $7.5 million and later $6,995,000, per the Receiver's First Report, Oct. 30, 2026, paras. 35–36.

On September 7, 2025 a buyer offered $4.7 million, which was not accepted as insufficient, then $5.0 million, raised to $5.2 million, without reaching agreement. On December 15 the debtors signed with a prospective purchaser at $6.0 million; the receiver understands that agreement collapsed when the purchaser failed to pay the required deposit. A second agreement with the same purchaser, at $5.8 million on January 23, 2026, ended when the purchaser again failed to waive or satisfy its conditions and, the receiver understands, could not obtain financing, per the Receiver's First Report, Oct. 30, 2026, paras. 37–38. Royal LePage has advised that the primary challenge prospective purchasers identified was the difficulty in obtaining financing, "largely due to the incomplete or weakened financial statements of the winery business, together with the complexity of operating a combined winery, event venue and wedding business," per the Receiver's First Report, Oct. 30, 2026, para. 39.

BMO's solicitors, Lawson Lundell LLP, made demand by letters dated March 11, 2026. The debtors owed the bank $6,843,572.46 at March 10, per the BMO affidavit, Apr. 10, 2026, paras. 10, 24 and Ex. "K". The principals' guarantee, the demand letter to them says, was joint and several and limited to $7,000,000 plus interest and costs, per the BMO affidavit, Apr. 10, 2026, Ex. "K". On April 15, 2026, Justice Wilson appointed Deloitte receiver of the company's property and the principals' land under s. 243(1) of the BIA and s. 39 of the Law and Equity Act. The order empowers the receiver to assign the company into bankruptcy, per the Receivership Order, Apr. 15, 2026, p. 1 and paras. 2, 3(s).

Eleven offers from four parties

The receiver asked brokerages for proposals on April 17. Five responded, with indicative values between about $5.2 million and $8.0 million, generally lower for land and a residential villa and higher with the winery operations included. BC Assessment had put the land at about $5.8 million for 2026. Royal LePage was chosen again, per the Receiver's First Report, Oct. 30, 2026, paras. 31–33. It relisted the property with the winery assets on May 8 at $6.2 million. The price was cut to $5,749,000 on July 2 after consultation with BMO, "to generate additional interest", and to $5,250,000 on August 6 with BMO's approval, the second time because offers and informal price indications "had consistently been in the range of $4.0 million to $5.0 million," per the Receiver's First Report, Oct. 30, 2026, para. 40 and App. "B", s. 3.2. By the broker's count the listing drew more than 60 inquiries, more than 15 qualified showings and eleven written offers from four parties, per the Receiver's First Report, Oct. 30, 2026, App. "B", ss. 4.2, 7.2.

The highest offers were Party A's: $4.8 million on April 27, conditional on financing, which the receiver countered at $5.5 million, then $5.0 million on May 28, "which Party A described as its best and final offer." That offer required a $750,000 deposit before the receiver signed and was conditional on financing within 12 business days. "Party A did not deliver the deposit and the Receiver did not execute the agreement." On July 17 Party A offered $4.1 million, then did not respond to the receiver's $4.5 million counteroffer before it expired, per the Receiver's First Report, Oct. 30, 2026, para. 41(a)–(c). The broker's table gives Party A the same name as the buyer behind the $4.7 million and $5.2 million offers of 2025, per the Receiver's First Report, Oct. 30, 2026, App. "B", ss. 7.1–7.2.