The Wildwood Ecoforestry Centre has been sold.
A Supreme Court decision handed down Tuesday afternoon ruled in favour of the Land Conservancy of B.C. selling the property to the Ecoforestry Institute Society.
The 77-acre property south of Nanaimo was one of several that TLC put up for sale as part of a court-approved plan to extract itself from creditor protection. The land trust had fallen upon hard times three years ago after it became unable to carry its mounting mortgage debt.
The sale includes a restrictive covenant, forest management plan and the creation of a Trust to ensure that Wildwood remains a site of active sustainable ecoforestry. EIS’s offer, to be completed by Dec. 20, will include $665,000 in direct funds and $135,000 in creditor forgiveness.
A last minute fundraising drive garnered $200,000 which was entered as a sealed bid. The group involved had shown concern about seeing the land fall into private hands.
The Wildwood Ecoforesty Centre was founded by Merv Wilkinson, who first began harvesting timber from the site in 1938.