It has been a difficult season for ski resorts this year, and many owners are feeling the financial squeeze thanks to the nearly 10 million-visitor deficit of the 2011/2012 season. The impact of such a drop in visitors proves even more detrimental to smaller resorts, which lack the wide variety of revenue streams that larger entities have. Essentially, if nobody is skiing — no money is coming in.
One of Utah’s smaller resorts, Wolf Creek Utah is experiencing such a scenario. The properties and its assets are going up for auction next week, starting on June 1st. Two years ago, the property faced over $20 million in debt, and went into Chapter 11 bankruptcy. After being sold to a new owner, it would seem the situation has yet to be alleviated — and now will be sold to the highest bidder.
Included in the auction is over 3,000 acres of mountain valley property. Wolf Creek Utah Resort, Wolf Mountain Ski Resort, various buildings and development property will be sold. The parcels also feature an 18-hole championship golf course and clubhouse/restaurant, Pineview Lodge Events Center, Discovery Center and approximately 850-950 mixed-use lots.
The ski area features mountain terrain that has 1,000 vertical and a max elevation of 6,500 feet. It also has a triple chair, two doubles and a conveyor lift. There are lights for night skiing, and snowmaking operations that can cover around 60% of the resort’s terrain.
Interested parties planning to place their bids on auction day are required to put down a $100,000 dollar deposit in the form of a cashier’s check. Erkelens & Olson Auctioneers of Park City are organizing the sale. For more information visit, www.salesandauction.com