Mike Sunnucks | Phoenix Business Journal
Lew Hoyt met Scottsdale real estate developer Dave Cavan in 2001 and became one of the first investors in Cavan’s Seven Canyons golf course and housing development near Sedona. Hoyt also helped Cavan bring other investors into the development.
“Later, I invested another $250,000 with Cavan in his Prescott Granite Dells project,” said Hoyt, 70, a retired U.S. Navy Top Gun flight instructor and Delta Air Lines pilot.
More than a decade later, Hoyt is one of many investors upset with Cavan regarding Seven Canyons and Granite Dells, which were put into Chapter 11 bankruptcy protection in 2010 and 2011, after the recession and real estate crash.
Cavan, CEO of Scottsdale-based Cavan Real Estate Investments, denies any wrongdoing claimed by disgruntled investors.