OMAHA, Neb. – Centris FCU, which is holding almost $11 million in overdue loans to Great Adventures Water Resort, bought the unfinished resort property at a public auction Friday for $1.5 million. The credit union was the sole bidder.
Construction on the water park at the former Days Inn hotel began in the summer of 2006 but the developer halted work in August 2007 because of financial difficulties, and eventually filed for bankruptcy. The project was originally slated to open in October 2007.
The failed resort project has taken a big toll on Nebraska’s largest credit union, helping cause a $6.1 million loss for 2007 and costing Don Mahan, president of the $380 million credit union, his job.
Centris reported a $6.9 million loss for the third quarter of 2008.
