Locals Fall Short, Australian Company Buys Maine's Saddleback Mountain

Locals Fall Short, Australian Company Buys Maine's Saddleback Mountain

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Locals Fall Short, Australian Company Buys Maine's Saddleback Mountain

VT Ski and Ride is reporting that the sale of Saddleback Mountain has been finalized with one Australian company having secured a buyout of the defunct New England ski area for an undisclosed amount.

Located just 12 miles east of Rangeley, Saddleback is Maine’s third largest ski area. Originally local non-profits hoped to buy the ski area but they fell just $4 million short of their $12 million fundraising goal. Still, most locals are simply happy to have their home hill back. That sentiment was confirmed by the Saddleback Mountain Foundation’s acting executive director, Wolfe Tone. “The Saddleback Mountain Foundation (SMF) applauds the effort of the future owners of Saddleback Mountain and the Berry family.”

While the terms of the deal have yet to be disclosed, local groups and Saddleback advocates applauded the Majella Group for stepping in to restart the New England classic. The former owners, The Berry family announced back in 2015 that they would not be able to operate after failing to raise $3 million for a new chairlift.

“We want to attract significantly more visitors to Rangeley in all four seasons and create a mountain experience that complements and energizes the Rangeley business community.” – Sebastian Monsour, Majella Group

In their extended press release, the new owners stated that they will welcome back some former employees including former GM, Jim Quimby. As far as improvements go, the new owners hope to create a 4-season resort by adding, “more lodging, more restaurants, and additional on-mountain opportunities.”

Mountain Stats:

  • Annual Snowfall – 225″ 
  • Vertical Drop – 2,000′
  • Skiable Terrain – 440 acres
  • Trails – 66
  • Lifts – 5

Press Release [Majella Group]

Rangeley, ME: MAJELLA GROUP is pleased to announce it has signed an asset purchase agreement to secure ownership of Saddleback Mountain Resort in Rangeley, Maine.

The purchase includes all holdings of Saddleback Mountain Resort, including the resort, base lodge, ski lifts and surrounding timberland, totaling 6,337 acres. The historic deal was struck between Bill and Irene Berry of Farmington, Maine, and Majella Group CEO Sebastian Monsour of Brisbane, Australia, and is expected to finalize later this summer. Mr. Monsour made the announcement at a press conference at Saddleback Lodge this morning, which was attended by Rangeley community leaders, representatives from Maine’s congressional delegation, and other dignitaries

Find the entire VT Ski & Ride article here: A Different Kind of Ski Resort Buyout

 

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