Wolf creek auction ....no whole sale..bits and pieces.
Auction brings almost $8 million for Wolf Creek Resort holdings
By Loretta Park Standard-Examiner staff
Fri, 06/01/2012 - 8:34pm
EDEN -- An auction that lasted less than an hour brought in almost $8 million and divided up Wolf Creek Resort.The auction took place Friday at the Pineview Lodge, while golfers teed off at the nearby golf resort.The auction was part of a Chapter 11 bankruptcy plan filed in 2010 so Wolf Creek Properties, LC could sell assets to deal with debt estimated at between $10 million and $50 million.The bankruptcy filing was due to a downturn in the real estate market and the economy, Wolf Creek officials said in 2010.Bidders at Friday's auction had to provide a $100,000 cashier check as a deposit when they checked in. About 60 people including bankers, developers, brokers and attorneys attended the event.Weber County Sheriff's deputies provided security at the auction.Wolf Creek officials had hoped the entire resort would sell as one piece, but instead it was sold in parcels after a final bid of $7 million for the entire resort was rejected during the first phase of the auction.The entire resort is appraised at between $28 million and $34 million, said Rob Olson, auctioneer and owner of Erklens & Olson Auctioneers.Olson told bidders, in an effort to get the bidding started at $10 million, "My dad told me long ago there's only so much land so buy as much as you can."But those attending showed no interest in bidding that high for the 3,000 acres, which included Wolf Creek Ski Resort and Wolf Creek Golf Course.The bidding started at $5 million and slowly increased to $7 million. Following the closing of the first bid, attorneys met and decided that amount was too low.The second round then got under way with different parcels being auctioned off individually.America First Credit Union had the winning bid of $7.1 million for Wolf Creek Ski Resort, which it holds the lien on.Zion's Bank is now the owner of Wolf Creek Golf Course, which it holds a lien on. There were no bids made on the golf course.The Farm Bureau took over ownership of the Pineview Lodge and the clubhouse with a winning bid of $600,000.About 1,400 acres were sold to the Summit Series group for $500,000.Mike Johnson, an attorney for the unsecured creditors, said Summit Series has no lien on any of the properties.Wolf Creek resort was originally called Patio Springs and opened in the early 1900s. In 2000, Steve Roberts and Steve Malachowski founded Eden Investments, LC and Eden Properties, LC for the sole purpose of forming Wolf Creek Properties, LC. Eden Properties is the managing member of Wolf Creek Properties, LC.
We added the red font as our readers will remember the Summit Series group as the suitor of Powder Mountain in a story we first broke in February.