Wolf Mountain Ski Resort Is Up For Sale
Now you too can own a Utah ski resort. Wolf Creek Utah, a 3,000-acre year-round resort, will be sold at auction on Jun1. The resort includes a ski area, golf course and real estate development.
The Salt Lake Tribune has this article about the sale. Here are excerpts.
“That's basically the result in the downturn in the economy,” chief executive officer Rob Thomas said, explaining the reason for the auction. “A lot of this was funded by the real estate market, and when that changed and went south, that changed things for us here at the resort.”
Rob Olson, owner of Erkelens and Olson Auctioneers of Salt Lake, said the auction will take place in two phases: First, bids will be taken on the entire property; then auctioneers will entertain bids on individual amenities, such as the golf course, ski resort, lodge and individual parcels. The method that brings in the most money will then be presented to the creditors and court to consider.
No matter who ultimately takes over, it will be a seamless transition.
“This place is open for business", Olson said. "It is operating and ready to go, and I think that's a big selling point to a lot of bidders.”
What will it sell for? The appraised value is somewhere about $30 million, but at auction it is expected to sell for much less.