IFly is back on the auction block.
A second foreclosure sale notice has been filed with the El Paso County Clerk’s office calling for the sale of the high-flying entertainment venue at Montecillo on Aug. 6 at the El Paso County Courthouse.
iFly is a franchised entertainment business offering simulated skydiving experiences to customers at locations around the U.S., Canada and Europe.
A previously scheduled substitute trustee sale calling for the one-acre iFly property at 430 Vin Rambla Dr. to be auctioned off on June 18 was called off the day before.
“This is really just an internal ownership struggle between the two entities, essentially the two individuals that own FlyZone LLC,” El Paso attorney Ryan Little said. He represents one of the partners, Lynda Sharpe, of Vancouver, Canada.
Sharpe and her partner in FlyZone LLC., Bill Adams of Seattle, are in a dispute over the operation of the business, and Sharp is attempting to foreclose on the $10.5 million promissory note on the property and business.
“My client is just trying to make El Paso iFly work and see to it that it stays operational and stays good,” Little said, speaking reluctantly.
He conceded that she is effectively foreclosing on herself as a co-owner of FlyZone, which owes the money used to purchase the franchise and build the venue overlooking I-10 on the Westside.
El Paso Inc. was unable to reach Little or Adams’ El Paso attorney John Dickey for any further explanation about the dispute or information about whether the next sale is likely to go forward.
“He’s not going to have any comment,” Dickey’s secretary said.
The foreclosure sale notice states that the Aug. 6 sale “shall commence no earlier than 10 a.m. and within three hours thereafter” in the first-floor lobby of the courthouse at 500 E. San Antonio.
However, the sale can also be called off on short notice.
Email El Paso Inc. reporter David Crowder at email@example.com or call (915) 534-4422, ext. 122 and (915) 630-6622.