Resort for sale, only $5M | ParkRecord.com

Resort for sale, only $5M

by Andrew Kirk, OF THE RECORD STAFF

Have an extra $5 million lying around you’d like to invest in a ski property?

Instead of a single Deer Valley home, why not buy an entire resort?

Until Nov. 20, a California-based online-auctioning company is accepting sealed bids for a 1,100-acre resort 18 miles outside of Beaver, Utah.

It has six lifts, 36 runs, two lodges and nine to 12 completed condominiums (different documents list different numbers) and the minimum bid is only $1 million (the value is estimated to exceed $5 million).

The catch? It’s a real fix-it-upper.

According to Kelly Lovegrove, director of marketing for LFC, the online-auction company, the resort has not been operational since 2002.

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"It’s been down for a long time," she said. "It’s been sitting dormant for so long, but it has a lot of potential."

A SAM Magazine brief on the sale says the resort company left in 2004, but that’s still a long time with no maintenance. Lovegrove said she really couldn’t comment on the condition of the lodges, condos or runs.

But before that the resort was fully operational. It’s about 90 minutes from Brian Head, she said. The LFC website boasts average annual snowfall at 400 inches to Park City’s 360. But it only has a vertical drop of 1,300 feet compared to over 3,000 at all three of Park City’s resorts. The photographs don’t portray much steepness either.

The identity of the current owners is anonymous, but they’re looking for a quick sale, she said; hence the low minimum bid.

The highest spot on the property reaches 10,000 feet.

The nearest airport is Cedar City no 20-minute shuttles from Salt Lake City International, but it’s a good deal for 1,100 acres of land, Lovegrove said.

Interested bidders have registered from all over North America and as far away as London, Bulgaria and even India, she said.

Lovegrove also warned there’s a lot of fine print. She encouraged interested parties to register with LFC and read all the paperwork before bidding. But once a bid is decided upon, she warned that it may be the shopper’s only shot at the property since the seller can agree to any of the sealed bids at any time. If none of the bids are agreeable to the seller, the highest bid can be made known and Internet bidding e-Bay-style would ensue.

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