RV Park Developer Emerging from Bankruptcy
A Red Lodge, Mont., developer who received national attention for living with chimpanzees is moving forward on a private RV resort in Carbon County, according to KULR-TV, Billings, Mont.
Jeanne Rizzotto filed for bankruptcy in May 2009. At that time, claims against her and her business, Of Course RV Resort LLC, totaled about $4 million. Rizzotto said the last year has been tough. At one point it got so bad she said she had to cut the heat to her home. She said those days are behind her and with the help of her attorney, Rob Stephens, she's ready to move forward with a $60 million designer golf course and RV resort.
"It was a new concept to me. Apparently it's not that new in some parts of the country," Stephens said. While Rizzotto came up with the development idea on her own, attorney Stephens helped her with legal documentation. She currently owns 190 acres right off highway 212 near Red Lodge. In the development plan she'd turn that land into 522 lots that sell for an average of $350,000 each.
"You're talking about generating $80 million over multiple years," Stephens said.
On Jan. 22, a judge gave Rizzotto conditional approval to move forward with her reorganization plan. This allows Rizzotto and her attorney to send paperwork to interested purchasers and collect $50,000 in earnest money from each potential buyer. But before Rizzotto can come completely out of bankruptcy her creditors must sign off on the deal.
"We're cautiously optimistic that Jeanne will come out of Chapter 11 and more forward with this development," Stephens said.
Rizzotto's creditors will have to weigh in on the plan before her next court hearing on Feb. 22. If they approve, she will move out of bankruptcy and start developing the RV Resort.