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Members of foreclosed ski club sue for $9.8 million

November 27, 2018

NEWFANE, Vt. (AP) — Some members of a foreclosed ski club in Vermont have filed a lawsuit to recover $9.8 million they say is owed from a chairlift investment.

The Brattleboro Reformer reports the Hermitage Club members invested in the Barnstormer chairlift at Haystack Mountain.

Court records show the chairlift was financed with a $7.8 million loan in November in 2015 that included a five-year repayment period with a 10 percent cash annual interest rate.

Hermitage and several other properties were foreclosed on by the mortgage holder earlier this year.

The plaintiffs are calling for Hermitage Inn Real Estate Holding Company to resign as manager of the Barnstormer Summit Lift company to remove a conflict of interest.

They are also seeking financial records for individual tax returns.

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Information from: Brattleboro Reformer, http://www.reformer.com/

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