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Sun Lakes, Arizona, News: $16M Art Collection Allowed to Remain Intact

A judge recently approved a Chapter 11 reorganization plan for locally owned grocery chain, Basha’s, which allows both an attempt to emerge from bankruptcy but also leaves the company’s $16 million art collection intact and available for public viewing.

As a reminder, the incredible art collection located at Basha’s headquarters (next to Sun Lakes, Arizona) was put together over the past 40 years by the company’s chairman, Eddie Basha, and his aunt, Zelma Basha Salmeri. The more than 3,000 pieces of art are valued conservatively at $16 million, and it’s viewed as one of the region’s most important collections of contemporary Native American and Western art (Arizona Republic).

When Basha’s filed for Chapter 11 reorganization plan in July 2009, several of its major creditors wanted the art collection (which is carried on the company’s books) to be sold. The Chapter 11 reorganization plan recently approved “proposes repaying 100 percent of its [Basha’s] debts” which the Arizona Republic points out is very unusual because in many Chapter 11 cases the “creditors only receive a portion of the full amount they are owed.”

The Arizona Republic explains the specifics of Basha’s approved Chapter 11 reorganization plan: “After making a required $59 million payment to creditors in two weeks, Bashas’ will be left with about $240 million in debt on which it must make payments, with interest, over the next three years. After that, it will have to borrow about $155 million to make a scheduled balloon payment to finally pay off creditors.”

Basha’s remains one of Arizona’s largest employers, and has long been recognized as an incredible community supporter. Additionally, Basha’s has always been proud to provide the public the chance to view such a substantial art collection for free. The Basha family views the collection as an integral part of the company’s culture and an irreplaceable community-relations asset. A brochure on the art states “The impetus behind the collection, as well as the gallery itself, was one of love, respect and great admiration, and we gladly share this with you.”

Many homeowners in Sun Lakes, Arizona, don’t even know the “Zelma Basha Salmeri Gallery of Western American and Native American Art” (which houses the prestigious art collection) is literally next door to Sun Lakes at Basha’s headquarters in Chandler and can be viewed free of charge by the public.

The $16 million art collection is only one of many cultural attractions conveniently located by Sun Lakes, Arizona. There are a variety of cultural opportunities, events, and activities available both within the Sun Lakes community and a short drive away. Sun Lakes is a master-planned community for 55+ active adults that provides the best of all worlds: a luxury, resort-style active adult community with pristine landscaping, multi-million dollar clubhouse amenities, a large group of other active adult friends, and a numerous beautiful model homes to choose from.

As I’ve previously stated, a local, family owned company trying to come out of bankruptcy should be supported by the public and the Sun Lakes community. Take advantage of this renowned art collection currently remaining intact and free to view for the public. If you are interested in learning more about the amenities available to Sun Lakes’ residents or homes for sale in Sun Lakes I invite you to contact me. Know an art lover? Feel free to share this blog and make a date to visit the gallery with them.