Andy Tullis / The Bulletin file photoMavericks at Sunriver, which houses Oregon's only listed FlowRider wave machine, seen here in 2013, has been listed for sale by the Bank of the Cascades.

Mavericks at Sunriver is for sale again, the FlowRider perpetual-wave machine included, at a reduced price of $1.975 million.

The former owners, Sunriver Vacations Recreation Association, on April 14 signed over the property to Bank of the Cascades. The deed transfer ends an eight-month-long foreclosure action in Deschutes County Circuit Court . The association no longer has any connection with the recreational facility that it built and operated since 2003, in part with loans totaling $5.5 million. Other terms of the agreement ending the lawsuit were confidential, lawyers for both sides said.

“Litigation between Mavericks (at Sunriver) and the bank has been resolved by an amicable settlement,” said attorney Edward Fitch, of Redmond, who represented the former Mavericks at Sunriver general manager, Richard Hadley, and Hadley’s property management company, Mountain Resort Properties Inc.

The bank in August sued Hadley and three others with ownership shares in the facility — Larry W. Browning, Mark G. Halvorsen and Edward R. Willard, along with their respective property management companies — alleging they had failed to make loan payments and pay taxes due on the property. The 32,000-square-foot facility has been closed since Oct. 31.

Monday, Compass Commercial Real Estate relisted the property at $1.975 million, or $625,000 less than the same brokers had listed it for sale before the August foreclosure action.

“After the bank took the deed back, they asked us to list it,” said Compass Commercial principal broker Erich Schultz on Tuesday, “and here we are.”

The property is also scheduled for sale by the Deschutes County Sheriff’s Office on April 30. Schultz said Wednesday he could not comment on the sheriff’s sale. The bank in November obtained a judgment against the association, but sheriff’s sales in February and March were postponed while the parties negotiated a settlement.

Compass Commercial priced the property to sell, “at a fraction of the replacement cost,” according to the offering memo from Compass Commercial. Schultz said a handful of prospective buyers had expressed interest before the lawsuit brought sales activity to a halt. He said the firm has been getting back in touch with those same prospects.

The Compass Commercial pitch presents the facility as a potential corporate retreat or church camp. The entire lot encompasses 10.17 acres. The building includes a 1,000-square-foot indoor climbing wall, a basketball half-court, a four-lane indoor lap pool, saunas and other facilities.

The FlowRider 1800 perpetual-wave machine, installed at Mavericks in 2007, is worth more than $500,000, Schultz said. The FlowRider provided a venue for competitions that drew professional bodyboarders and flowriders to Sunriver from around the country. Schultz could not say whether the bank would sell the machine apart from the facility.

“I’m not qualified to answer that,” he said. “Based on what I see, it’s somewhat difficult” to remove the machine.

The Sunriver Homeowners Aquatic & Recreation Center, or SHARC, which opened in 2012, presents competition in aquatic recreation in Sunriver, but Schultz said the FlowRider is “a major selling point” for Mavericks. “It’s the only one in Oregon and one of the few in the Pacific Northwest.”

The Snohomish Aquatic Center has the only FlowRider in western Washington. But the Surf City Water Park & Lodge in Ellensburg, Washington, north of Yakima, now under construction, plans to include a wave machine when it opens next year, according to the Puget Sound Business Journal.

— Reporter: 541-617-7815, jditzler@bendbulletin.com