Newspaper article The Record (Bergen County, NJ)

Ski Area Auction Canceled over Price

Newspaper article The Record (Bergen County, NJ)

Ski Area Auction Canceled over Price

Article excerpt

The scheduled live auction of the Hidden Valley Ski Resort in Vernon was canceled earlier this month after creditors of the resort demanded a "ridiculous" starting asking price, according to New York- based auction house AuctionAdvisors.

Joshua Olsen, a managing partner at AuctionAdvisors, said despite interest from multiple potential buyers, the scheduled Oct. 1 live auction of one of New Jersey's three remaining ski resorts never made it to a bidding round after one of the resorts creditors demanded a starting asking price of $2.75 million.

"Frankly, it's a ridiculous asking price," Olsen said. "We felt while we have a lot of strong interest, we were never going achieve that number."

According to Olsen, AuctionAdvisors is now moving forward trying to broker a "behind-the-scenes" deal between the creditors and several different buyers interested in the property. Olsen said he hopes a deal can be struck within the next few weeks.

In September, AuctionAdvisors said Hidden Valley would be put up for bid in a live auction as part of a state court liquidation proceeding for the benefit of the creditors. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.