Jay Peak Resort may soon have a new owner

Jay Peak Resort may soon have a new owner. According to documents filed in federal court Monday, the receivership overseeing Jay Peak has received a $58 million offer for the resort, the largest offer to date. “The time has come for the Receiver to sell the Jay Peak Resort,” stated Michael Goldberg in his motion to the court seeking approval for a sale, and establishing procedures for any possible final and larger offers. Goldberg is the federal receiver who assumed control of Jay Peak, Burke Mountain and the other interests caught up in the EB-5 scandal in the Northeast Kingdom that unfolded in 2016.  The $58 million offer in hand is from Pacific Group Resorts, which owns a handful of resorts in the US and Canada, including Ragged Mountain in Danbury, N.H. The receiver has been trying to sell Jay Peak for four years and this sale would allow the receiver to make further distributions to investors that were caught up when the resorts were seized by authorities due to violations of the federal EB-5 program by former owner Ariel Quiros and Jay Peak president Bill Stenger.  The sale would include the resort, hotels, townhomes and condos owned by Jay Peak, the lodges, and other related features of the 2,500 acres resort.  While the $58 million offer represents the best one to for Jay Peak to date, Goldberg asked the court to approve a final bid process and possible auction to maximize the potential sale. If approved by the federal court, there would be a potential 30-day window in which other qualified bidders could submit matching or higher offers. Should another qualified bid be received, an auction would then be held. Otherwise, if no other offer comes in Goldberg asks the court to give him the authority to sell the resort to Pacific Group Resorts.