Ski Resort Buys Closed Ski Resort and Plans to Re-Open It
24th November 2019
Category : Resorts
A bankrupt West Virginia ski resort has been sold at auction and its new owners, another ski area, says they plan to re-open it the winter after this, 2020-21.
Timberline Four Seasons Resort suddenly stopped operating mid-way through last ski season and then filed for bankruptcy protection.
The auction was actually won with a bid of $2.2 million by First Asset Holding LLC, which describes itself on its website as a “global investment management company.”
However they then agreed to assign their winning bid to the second highest bidder, Perfect North Slopes of Indiana, after the resort agreed to pay them $30,000 cash.
Before its financial problems Timberline had been family operated since 1987. The area has about 100 acres of slopes containing around 40 runs and a terrain park served by four lifts. It has 100% snowmaking coverage and most of its slopes are floodlit for night skiing.
West Virginia Ski Areas Association executive director Joe Stevens said in a news statement that the purchase “is great news for the ski industry in West Virginia.”