An attempted bid for the former Capital Pointe site failed this week when the Saskatchewan Court of Appeal decided against overturning a lower court’s judicial approval of the land sale.

When the embattled Capital Pointe project ended, the competition over who should get the land ended up in Regina Court of Queen’s Bench. One company — Royalty Developments Inc. — made an offer which was accepted by the selling agent as part of a claim of mortgage action filed by a creditor. The nature of the order meant it had to come before the court for approval.

Smith Street Lands challenged the would-be sale at Queen’s Bench, asking the court to consider its offer. When it failed, Smith Street took the matter to the province’s highest court, where the issue was argued in mid-March.

The court returned on Monday with its decision, dismissing Smith Street’s appeal.

The decision laid out the history of the file, which included the land’s initial listing at $8.5 million and an eventual offer by Royalty Developments for more than $2.2 million.

Ultimately, the offer was accepted by the selling officer. The matter went before Court of Queen’s Bench for approval.

Two groups, including Smith Street, opposed the proposed sale — Smith Street offering $2.8 million — but Justice Bev Klatt opted to approve the Royalty offer.

The Royalty deal later fell through, and the selling officer accepted a new offer for more than $2.9 million from Magnetic Capital Group.

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