Foreign investors lone bidders in Wohali bankruptcy sale near Coalville

A single foreign-investor group stepped in as the lone bidder for Wohali, a stark sign that the unfinished luxury development near Coalville has not drawn a broad market of outside buyers. The $65 million credit bid came from EB5AN Wohali Utah Fund XV, LP, a lender tied to the project’s financing, for a property that has been described in court proceedings as roughly 5,000 acres of stalled resort land.

The bid underscores how far the project has fallen from its original pitch. EB5AN’s own materials described Wohali as a more than 1,600-acre residential community with an 18-hole championship golf course, 125 estate lots, 303 townhouse-style village residences and more than 3,400 acres of private backcountry recreation land. The total construction cost was listed at $400 million, while the EB-5 offering was set at $79.2 million, with a minimum outside investment of $800,000. The credit bid represented 99 unnamed foreign parties who had loaned about $79 million through the federal EB-5 immigrant investor program.

Wohali Land Estates, LLC filed for Chapter 11 bankruptcy on Aug. 8, 2025, and the sale has been overseen in the U.S. Bankruptcy Court for the District of Utah by trustee Matt McKinlay and Judge Peggy Hunt. Earlier reports said the lender alleged Wohali stopped making interest payments last year, while contractors and others sued over unpaid bills after construction largely stalled. For Summit County, that is more than a private financial collapse. It is a warning about how quickly a resort-style project can strand local work, financing and land-use promises when the capital structure breaks down.

The fallout has also reached Coalville’s public finances. The city annexed roughly 1,500 acres for Wohali more than seven years before the bankruptcy, and the project’s public infrastructure district issued almost $35 million in debt for roads, water and sewer improvements. Utah’s state auditor has directed Coalville to include that PID debt in its 2024 and 2025 financial reports, adding pressure on local officials to account for obligations tied to the failed development. Statewide, Utah PIDs have issued nearly $4 billion in debt since 2019.

The sale is not yet settled. Wohali Concerned Owners, Coalville City and a group claiming rights to about 3,000 acres of backcountry land have all filed objections. Hearings on those objections are expected in May and June, and the outcome will help determine who controls the property, how much of the original plan survives and how much of the loss is absorbed by contractors, creditors and public entities tied to one of Summit County’s most troubled luxury developments.