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Sale of Vermont ski resort in fraud case delayed by virus

May 30, 2020 GMT

JAY, Vt. (AP) — The sale of the northern Vermont ski resort that was involved in the largest fraud cases in the state’s history has “ground to a halt” due to the COVID-19 pandemic, according to court documents.

Vermont Public Radio reports that Michael Goldberg, the court-appointed receiver who took charge of the Jay Peak Resort, wrote that prior to the crisis, 12 potential buyers had expressed interest, but none had submitted bids.

Goldberg said that he’s unsure when a sale could take place.

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Jay Peak Resort was put up for sale after its former owner and president were accused of defrauding foreign investors.

The pandemic forced Jay Peak to close for the season in mid-March, typically one of the most profitable months, according to the court documents.

While the sale of the Jay Peak has stalled, Goldberg said he hoped summer operations at the resort would resume soon.

Burke Mountain Resort, which Goldberg also manages, is expected to see losses as well.