“We’re in discussions on a potential sale of that and we would go through the same process as we did here and bring that before your honor. Again, we will never take any major step without coming before your honor and getting your approval.”– Michael Goldberg, the Federal Receiver who oversees Burke Mountain, in a conversation with Federal Judge Darrin P. Gayles.
The Jay Peak sale has been on most skiers’ minds as of late, but what about the underrated Burke Mountain Resort? The Northeast Kingdom ski resort also entered a federal receivership after the EB-5 era led to criminal charges against members of Jay Peak’s and Burke Mountain’s ownership group. Pacific Group Resorts just acquired Jay Peak in an auction on September 7th, and a federal judge just approved the acquisition last Friday. The future owner of Burke Mountain remains unknown though.
VT Digger reports that discussions for the sale of Burke Mountain will begin soon, as at least one party is interested in bidding for the property. There is also someone interested in Burke Mountain Academy, as benefactors of the ski racing school want to purchase it. In terms of the timeline, Federal Receiver Michael Goldberg said a sale could happen soon, which obviously is pretty vague. Goldberg also said that the sale process would be similar to how the process went down at Jay.
Burke doesn’t have Jay’s lodging capacity, but it has some valuable assets. The medium-sized ski resort has a vertical drop of over two thousand feet, a scenic mountain road in the summer, lift-accessed mountain biking in the middle of the Kingdom Trails network, a nordic center, a campground, condos, and a 116-suite hotel and conference center. It’s not going to garner $76 million in a seven-and-a-half-hour auction, but it won’t come cheap either.
In terms of the Jay Peak deal, the sale will become officially finalized once Pacific Group Resorts is assigned the state leases from Vermont, which is likely to come in October. Judge Darrin P. Gayles approved the $76 million bid from Pacific Group Resorts on Friday, and said the following about the six-year process to find Jay Peak a new owner:
“I do note that this is a fair resolution…It’s actually a pretty good resolution.”
Image Credits: Burke Mountain Resort, Jay Peak Resort
This article was originally published by Unofficialnetworks.com. Read the original article here.