Foreign investor fund moves to take over bankrupt Wohali

Wohali Land Estates, LLC, filed Aug. 8 to the U.S. Bankruptcy Court in Salt Lake City. Photo: Screenshot via Wohali website

Court filings show a signed sale agreement in the unfinished Coalville-area luxury development’s Chapter 11 case

COALVILLE, Utah — The future of the bankrupt Wohali development near Coalville may soon shift to a fund tied to foreign investor financing.

Federal bankruptcy court filings show a sale agreement has been signed with EB5AN Wohali Utah Fund XV, LP, an investment fund connected to the EB-5 financing structure behind the project.

Wohali Land Estates, LLC filed for Chapter 11 bankruptcy protection Aug. 8, 2025, in the U.S. Bankruptcy Court for the District of Utah. Chapter 11 allows a business to reorganize its debts or sell assets under court supervision. The case is assigned to Judge Peggy Hunt, and Matt McKinlay is listed as trustee, according to the federal bankruptcy docket.

TownLift previously reported that the Coalville-area luxury golf development entered bankruptcy after facing multiple lawsuits from creditors and contractors. Those cases included claims from foreign investors who alleged they were owed $85 million through a loan issued under the federal EB-5 Immigrant Investor Program. TownLift also reported at the time that the lawsuits alleged the project had stopped paying bills, largely halted construction, and laid off workers.

McKinlay filed a “Notice of Signed Stalking Horse Asset Purchase Agreement” on May 1, court records show. In plain terms, a stalking horse agreement sets an opening deal in a bankruptcy sale. It gives the court and other parties a starting point, but it does not automatically mean the sale is final.

Any final sale remains subject to court approval and pending objections.

EB5AN Wohali Utah Fund XV, LP is tied to the EB-5 program, a federal immigrant investor program that allows foreign nationals to invest in U.S. projects that meet certain job-creation requirements.

A 2022 U.S. Securities and Exchange Commission filing identifies the fund as a Delaware limited partnership, lists the total offering amount at $79.2 million, and sets the minimum outside investment at $800,000.

EB5AN’s project page describes Wohali, Utah, as a residential community near Park City centered on an 18-hole championship golf course. The company says the project includes more than 1,600 acres, 125 estate lots, 303 townhouse-style village residences, and more than 3,400 acres of private backcountry recreation land. EB5AN lists the total construction cost at $400 million and describes the EB-5 investment type as a loan.

The bankruptcy docket also shows related disputes remain active. On April 30, EB5AN filed an objection connected to a motion by Wohali Concerned Owners, while McKinlay filed a separate response the same day. May 1 docket entries show additional objections and joinders from parties, including Concerned Owners, Boyden Farms, and Coalville City.

The court filings mark the latest turn for a project once marketed as a high-end private golf community. In August, TownLift reported that Park City developer Douglas Bergeron was weighing a bid to acquire the project and described Wohali’s collapse as part of a larger pattern of undercapitalized luxury golf communities struggling to deliver promised amenities.

For now, the agreement puts the foreign investor fund at the center of Wohali’s possible next chapter. But the bankruptcy court must still work through the sale process, and pending objections before ownership is resolved.