Monday, November 30, 2009

Buy your own ski resort

Only a few minutes left in the auction for a Utah ski resort. Elk Meadows is down a few hours south of here. This was supposed to become a grand resort with golf, skiing and hiking. Unfortunately, it went out of business and has resulted in a foreclosure auction.

The auction for the ski resort includes:
  • 1100+ acres of land
  • Two lodges
  • Several condos
  • Ski lifts
  • Some roads and utilities already installed

The auction was supposed to end a few days ago but it was extended. Why? No one was willing to pay enough. Now I understand the recession and everything, but I was stunned to find out that the highest bid was $1.48 million. For 1100 acres of land with a running ski resort? Primo lots in Park City can go for that much with less than an acre.

So, curious as I am, I filled out the online paperwork so that I could see all the auction details. Now I get it. You not only want your wallet when you buy, you want your team of lawyers. This thing is a rats nest of lawsuits, unpaid taxes, and challenged permits. Builders didn't get paid. People put money down on lots and got nothing. None of the local taxes have been paid in a long time. Worse, it seems some of the conditional use permits have been challenged in court, and they lost. When you sign to buy, you have to release the current owner from all these problems and accept them as your own.

Only a few hours left to get in your bid!

An Update: Someone made a higher bid, raising it to $1.58 million. That extends the auction another 24 hours. More time to jump in. Feel free to visit the web site.

Final Update: Unless you were the one who bid $1.58 million, looks like you missed an opportunity. I would have enjoyed coming to ski at your resort.
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