Originally published July 2, 2012 at 12:01 a.m., updated July 1, 2012 at 7:39 p

BORREGO SPRINGS — La Casa del Zorro, for decades a plush luxury desert resort in Borrego Springs that catered mostly to the wealthy, has sat vacant and overgrown for the past 21/2 years.

It’s sad fate has mirrored the economy of Borrego Springs itself.

But hopes are high in town that a sale could be in the offing and that perhaps a desperately needed high-end resort will once again reside in the valley.

In 2008, the Copley Press, which had owned the resort for decades, sold the property to a developer for just $2.5 million. It was in the middle of David Copley’s great sell-off at a time when his company unloaded about a dozen newspapers culminating with the sale of The San Diego Union-Tribune in 2009.

The new owner of the resort was Greg Pearlman, principal of Sherman Oaks-based GH Capital, who in 2004 purchased the Rams Hill Development south of the resort. He renovated La Casa del Zorro, which he renamed Borrego Springs Ranch, to the tune of about $7 million, not counting carry costs and working capital, and used it as a place to entertain potential buyers of lots at Rams Hill, which he had renamed Montesorro.

But 2008 was a bad year to be speculating in real estate. When the economy tanked, so did Pearlman’s dreams.

Just 14 months after La Casa del Zorro’s purchase, the resort closed in January 2010, putting about 70 people out of work. It had been the second-largest employer in the tiny town.

In late 2010, rumors were that a buyer had been found. But the sale fell through.

Recently, Maxim Hotel Brokerage of Newport Beach has been retained as the exclusive agent and is listing the property for sale for $3.3 million. Maxim has a long history of hotel sales.

“This will sell one way or the other,” said Maxim’s Harry Pflueger, who took eight potential clients on tours of the property last week.

Under Copley’s management, Pflueger said, the resort lost money regularly.

“I don’t think they ever operated it with the goal of turning a profit,” Pflueger said. “But it garnered a tremendous, enthusiastic following.”

If a buyer can be found, a buyer that experts say will have to have deep pockets to make it a viable concern, its importance can’t be overstated for the small desert community that has only 3,000 year-round residents.

“It would be huge,” said Linda Haddock, the director of the Borrego Springs Chamber of Commerce. “We don’t have 300 (hotel) rooms in the entire town, which makes it impossible to get groups of any size to come here.”

The town also doesn’t have any high-end hotels. La Casa was a four-diamond resort.

“Every single day people ask us if La Casa has reopened,” she said. “It would be magical.”

Pflueger said most of the resort is still intact.

“The landscaping is overgrown, but in general the property is in relatively good condition,” he said.

“Perlman kept some maintenance staff in place to maintain the pools and to make sure systems are in working order. In fact, some of the rooms were reportedly never rented after the renovation, and most all of the inventory, furnishings etc. are still in place. A new owner would be able to reopen with attention to maintenance and minor repairs, and a good business plan.”

Pflueger said La Casa could be purchased as a religious retreat, a wellness center, a personal compound, and there has even been discussion about a nudist resort.

“There are all sorts of ideas,” Pflueger said.