Alan Neves, Deseret News
EDEN — A longtime northern Utah resort is for sale.
Wolf Creek Utah, a resort in this Weber County town that’s existed for decades in various forms, is a 3,000-acre, year-round destination resort that offers golf, skiing, hiking, fishing and most other outdoor recreational activities.
Facing debts of about $20 million, the property went into Chapter 11 bankruptcy protection two years ago. It has been sold and the new owner is now putting the resort up for auction June 1. A $100,000 cashier’s check is required to bid on the property, which is 20 minutes east of Ogden, or about 50 miles north of Salt Lake City.
“That's basically the result in the downturn in the economy,” chief executive officer Rob Thomas said, explaining the reason for the auction. “A lot of this was funded by the real estate market, and when that changed and went south, that changed things for us here at the resort.”
Next month, the 18-hole Mark Ballif championship golf course, the 110-acre ski resort with three chairlifts, the lodge, banquet facilities, roughly 900 undeveloped lots, and all amenities will be offered for sale at auction. And a number of bidders, foreign and domestic, are showing interest.
Rob Olson, owner of Erkelens and Olson Auctioneers of Salt Lake, said the auction will take place in two phases: First, bids will be taken on the entire property; then auctioneers will entertain bids on individual amenities, such as the golf course, ski resort, lodge and individual parcels. The method that brings in the most money will then be presented to the creditors and court to consider.
The current owners hope the resort will sell as one piece instead of by individual parcel.
"It's better for the community, better for jobs, the cohesion of being a turn-key resort is here", says Wolf Creek's finance and marketing director Jeremy Maughan. "And someone can just come in and this place can still function as it is."
No matter who ultimately takes over, it will be a seamless transition.
“This place is open for business", Olson said. "It is operating and ready to go, and I think that's a big selling point to a lot of bidders.”
As far as what it's worth, “we believe that with the appraisals that we’ve had done and what’s out there that’s been unappraised, that number is somewhere in the area of $30 million,” said Maughan. “Best guess is somewhere between $27 million and $34 million.”
It will most likely sell for much less than that.
For more information on the auction go to www.salesandauction.com.
- Yellen faces GOP criticism over weak economic...
- How the UK could remain in the EU even if it...
- US new-home sales tumbled in May after a...
- Markets reel as world absorbs shock of UK...
- Michelle Singletary: Should you replace your...
- Dave Ramsey says: You might not need life...
- New FAA rules on drone use could help local...
- How the Brexit could affect U.S. businesses...
- Trial ordered for politician accused of... 7
- Costco begins new credit card agreement 4
- Emery County defrauded out of nearly... 4
- GOP gubernatorial candidate Jonathan... 4
- Yellen faces GOP criticism over weak... 3
- Michelle Singletary: Should you replace... 3
- What Costco shoppers should know about... 3
- Delta pilots picket for better pay in... 3