A couple that have run a multi-million dollar guest ranch in Kananaskis for decades is moving out after Christmas.
Gloria and Stan Cowley have run the Rafter 6 Ranch for 38 years, but a business deal to expand the ranch went bad and a trust company is taking over the property.
Gloria Cowley says she and her husband have to move, but plan to throw a party before they leave.
“You know what they say, if you are getting run out of town, get in front of the crowd and make it look like a parade. So we will give it our best and we will be moving really quickly in January.”
As part of a plan to expand the business in 2008, the land and building were put into an agreement with a resort developer, the family explained in a letter to supporters.
“Unfortunately, it was at the beginning of the recession and our joint venture partner went into a form of receivership, which left us on our own to swim in the sea of debt that was amassed during the initial stages of the agreement. We have now become a casualty of this event.”
The ranch was for sale by Sotheby's International. The asking price was $12.5 million.
The Cowleys say they don’t know what’s next, but are hoping past guests will visit before they move out..