An iconic Alberta ranch with deep roots in Calgary's western heritage is facing financial turmoil as an Ontario lender moves to force the property into receivership over millions in unpaid debt.
Legal Battle Over Historic Property
Farm Lending Canada Inc. has filed a court application seeking to appoint Grant Thornton Ltd. as receiver and manager of The Stampede Ranch, a nearly 190-acre property west of Longview that was once owned by Calgary Stampede founder Guy Weadick. The Chatham, Ontario-based lender claims the ranch owes $4,421,952.27 in principal and accrued interest as of October 14, 2025.
The financial troubles stem from a $5 million loan the ranch borrowed from Farm Lending in October 2024, with the full amount due on June 1, 2025. According to court documents, the loan has not been repaid, prompting the lender to take legal action.
Heritage Property at Risk
The Stampede Ranch holds significant historical importance in Alberta's western culture. The property located off Highway 541 in Foothills County was originally owned by Guy Weadick, the famous cowboy who founded the Calgary Stampede in 1912. Despite its name, the ranch is not affiliated with the annual Calgary Stampede exhibition and rodeo.
At 135 years old, the sprawling property represents an important piece of Alberta's ranching history. The receivership application names four respondents: The Stampede Ranch Ltd., Karl Farms Inc., Karl AG Corp., and Bryce Karl.
Court Proceedings and Potential Outcomes
The receivership application was originally scheduled to be heard in Court of King's Bench last Friday but has been adjourned to December 2. Justice James Neilson has established a litigation schedule that requires The Stampede Ranch to file any opposition materials by November 25, with Farm Lending's reply due by November 28.
If the court grants Farm Lending's application, Grant Thornton would assume control of the ranch operations with broad authority to protect the property. This would include changing locks and security codes, relocating property for safeguarding, hiring security personnel, taking physical inventories, and obtaining necessary insurance coverage.
Court documents indicate that The Stampede Ranch has not yet filed a response to the receivership application or a statement of defence challenging the allegations. Farm Lending has also filed a separate statement of claim seeking repayment of the outstanding debt.
The case represents not just a financial dispute but a potential threat to the preservation of an important piece of Alberta's western heritage, with the future of this historic property now resting in the hands of the court.
