$7.5M offer could start auction of Hermitage Club assets

January 15, 2020 GMT

BURLINGTON, Vt. (AP) — A $7.5 million offer could start the auction process for the properties formerly owned by the Hermitage Club, according to bankruptcy court documents.

Rainmaker Mountain LLC has offered $4 million for properties including the Haystack Mountain ski area, two inns in West Dover, and undeveloped parcels of land in Wilmington, the Brattleboro Reformer reported Tuesday. The company also proposed purchasing the Barnstormer chairlift for $3.5 million.

Raymond J. Obuchowski, a trustee assigned to oversee the Hermitage Club bankruptcy, describes the sale as valuable to both the creditors and the estate.

“The Trustee and the secured lenders believe that the total consideration to be paid by Stalking Horse (Rainmaker Mountain) is fair and reasonable and, moreover, the Auction will establish the highest and best offer for the Sale Property,” Obuchowski wrote in a filing.

The trustee is looking for a bid deadline of Feb. 20 with a sale on Feb. 25.