Industry News
According to Ski Area Management, an unnamed bidder has made an offer of an undisclosed amount to buy Burke Mountain Resort, VT. Burke Mountain is being sold by the court appointed receiver, Michael Goldberg, after the previous owner, Ariel Quiros, was caught up in the ‘EB-5 fraud-scandal’. Burke Mountain and Jay Peak ski resort were put into receivership in 2016 after the Securities and Exchange Commission (‘SEC’) accused Quiros and his business partner Bill Stenger of misappropriating more than $200 million from investors.
In September 2022, Jay Peak was sold to Utah based Pacific Group Resorts (‘PGRI’), which operate several resorts, including Powderhorn Mountain Resort, CO, and Mount Washington, BC, for $76 million. Michael Goldberg was also in charge of the sale of Jay Peak last September.
While Goldberg did not disclose the identity or the offer price of the bid, he states he is looking for more bids before considering the offer, at which point the process will go to an auction. He is reportedly hoping to wrap up the sale by the end of the year, but the ultimate sale of Burke Mountain will be subject to final approval by a judge. Proceeds of the sale will go to the defrauded investors.
Burke Mountain is a mid-size ski resort located in the north-east of Vermont and his home to renowned Burke Mountain Academy, whose most famous graduate is none other than Mikaela Shiffrin. The resort has 50 runs spread across 178 acres. The resort has quite advanced territory and is serviced by three chair lifts and three surface lifts. Burke Mountain receives an average annual snowfall of 217″. The resort also offers cross-country trails.
Burke Mountain in April this year. | Picture: Burke Mountain Facebook Page
