East Burke, Vermont — After years of uncertainty, the future of Burke Mountain may finally be getting brighter.
Lyn Bixby from the North Star Monthly reported yesterday that federal receiver Michael Goldberg told the Vermont publication that they’re in discussions with a “viable buyer” for Burke Mountain Resort. He also told the North Star Monthly that a “significant update” is expected within the next sixty days regarding Burke’s new owner.
“I would encourage people to have faith in the knowledge that active conversations are underway,” Goldberg said to the North Star Monthly. “I am driving to consummate a sale as expeditiously as the market allows. I am fairly confident everyone will be pleased with the timing and the outcome.”
Burke Mountain has been under a federal receivership since 2016 because of the fallout from the EB-5 saga. In what was compared to a ponzi scheme, the owner of Jay Peak and Burke put money that was supposed to be invested in the local community towards his own personal benefit. This owner, Ariel Quiros, and the former President of Jay Peak, Bill Stenger, faced jail time because of this fraud.
One of the weird parts about this sale process is that there were two potential buyers who submitted bids to purchase the ski resort in 2023 and 2024, but these deals never closed. Goldberg provided context to these failed pursuits. Here’s what he said about why they failed:
“The first sale fell through because the anticipated buyer attempted to change the terms of the agreement and renegotiate price at the last minute. The second contract fell through because the anticipated buyer did not have the financing they needed to close.”
However, it isn’t definitive yet who this potential buyer is. Donald and Ken Graham, who have been longtime supporters of Burke Mountain Academy, are rumored to be potential suitors. They may end up partnering with Jon Schaefer, who owns and operates Berkshire East and Catamount ski resorts in Southern New England.
If you want to learn more about this process at Burke, you can read the latest piece from the North Star Monthly here. For additional context on this complex situation, I’d recommend reading her previous article regarding the sale process at Burke.
Despite the noise about its future, Burke’s had a solid season. As of February 25th, the Vermont ski resort has all of its trails open thanks to the frequent snowfall this winter. We’ll see how the trails fare in the coming days, as warmer weather and mixed precipitation are expected.
Image Credits: Burke Mountain
