Receiver: Buyers interested in ski resort properties
Feb. 16, 2018
MONTPELIER, Vt. (AP) — A federally appointed receiver says there's "plenty of interest" in a Vermont ski area rocked by investment fraud.
The Caledonian-Record reports receiver Michael Goldberg said Thursday he is beginning the process to sell Jay Peak and Burke Mountain. Goldberg says he's not sure how much the resorts will sell for. The profits of the sales will benefit defrauded investors.
A judge recently approved a settlement with former resort owner Ariel Quiros. Quiros and his business partner, William Stenger, were accused in 2016 of misusing more than $200 million raised from foreign investors through the federal EB-5 visa program. The men have agreed to pay restitution and fines.
Jay Peak will be marketed first. Goldberg doesn't believe either property will be sold before November 2018.
Information from: The Caledonian-Record, http://www.caledonianrecord.com