Investment group Nevele Investors LLC formally closed on the purchase of the 500-acre Nevele Grande Hotel and Country Club on Friday, April 27, earning the right to buy the property from Joel Hoffman and court-appointed receiver Mitchell Wolff in a court decision on Feb. 3.

Michael Treanor, CEO of Nevele Investors LLC, said he is glad to finally close on the property so he can step up efforts to make the property ready for a Nov. 2013 statewide referendum on non-tribal casino gaming.

A "yes" vote on the referendum is critical for the Nevele and its thirty-two judgment creditors, as the investors have said they will open the resort and pay $5 million to creditors only if gaming is approved.

As part of the closing, Nevele Investors paid nearly $1.8 million in back taxes, $100,000 to the state Department of Labor for back wages to former Nevele employees, and $100,000 in fees and expenses associated with the receivership. It was rather anticlimactic for Treanor, as it simply involved wiring money to the right places on time.

"It's been very difficult and involved, owing to the complexity of the process," Treanor said.

Court-appointed receiver Wolff is relieved to hand over the Nevele to Treanor.

"We got it done," Wolff said. "After almost two years of incredibly grueling hard work, it's comforting to know I'm handing over this iconic gem to a group that's thoroughly creative and financially capable of bringing this back."

The closing adds a brighter chapter to the Nevele Grande's recent gloomy history. First established in 1903, the Nevele was renowned for decades as a premier family-focused resort that attracted thousands of visitors. It closed in 2009 and the property had gone into receivership prior to the purchase by Nevele Investors LLC.

Treanor said the company will start taking care of the property, including mowing the lawn and fixing fences. Toward that end, Treanor has hired Eric Atkins as his local contact at the Nevele. Atkins, who was born and raised in the area, has worked at the Hudson Valley Resort and Honor's Haven. He said he also worked at the Nevele when it was in operation.

Renderings of Nevele Investors LLC's redevelopment plans will be unveiled in September. Nevele Investors expects to spend $50 million just to reopen parts of the resort, and a total of $500 million to create what Treanor calls "a five-star, family-friendly resort." The investment group intends to preserve several of the Nevele's iconic elements, including the tower, entrance lobby and ice rink. The investment group also plans to re-open the Nevele's professional golf course and restore it to its former championship-level status.

Treanor said he is continuing to work with people locally and in Albany to lobby for a positive outcome. He has been actively promoting his plans throughout the town and village, visiting groups such as the Noonday Club and the Rondout Valley Business Association to provide details on his vision. On April 12 he appealed for help from more than 150 business owners at the White Wolf Restaurant, urging them to push for gaming approval.

Treanor has estimated the Nevele will generate 1,000 jobs on-site and support 2,000 ancillary jobs in the area.

Town Supervisor Scott Carlsen lauded the sale of the once-grand, 487-acre resort.

"This is great news," said Carlsen, who along with the Town Board passed a resolution supporting gaming in Wawarsing. "It's a big step toward bringing the Nevele back."

Just the idea of a revitalized Nevele has nudged business in the area, Carlsen believes.

"There's a definite sense down (Route) 209 of a renewed business interest," Carlsen said, citing potential development for the Schrade and Hydro sites in Ellenville. "I can't help but think the Nevele has something to do with it."

Ellenville Mayor Jeff Kaplan, whose Village Board also formally supports gaming, said the Nevele would "start a rehabilitation and restoration of the area after a recession that hit us very hard."

Ulster County Executive Mike Hein and Ulster County Legislature Chairwoman Terry Bernardo also praised the closing.

Still up in the air is the $5 million owed to creditors and a $16 million mortgage held by iStar Financial Services. Attorney Art Linker, representative for iStar, has opposed the court-appointed sale and said it constitutes another default on an already-defaulted mortgage. He has hinted that iStar has the right to foreclose on the mortgage, a process that could take years.