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[Skiing#1]

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EDEN — It is one of northern Utah’s scenic gems, just minutes from downtown Ogden, and it’s for sale.
In the town of Eden, in Weber County, sits Wolf Creek Utah, a resort that’s been around for decades in various forms. Today it’s a 3,000 acre, year-round destination resort that offers golf, skiing, hiking, fishing and most other outdoor recreational activities.
Facing debts of about $20 million, it went into Chapter 11 bankruptcy protection two years ago. It has been sold and the new owner is putting the resort up for auction June 1. A $100,000 cashier’s check is required to bid on the property, which is about 50 miles north of Salt Lake City and 20 minutes east of Ogden.
“That's basically the result in the downturn in the economy,” chief executive officer Rob Thomas said. “A lot of this was funded by the real estate market, and when that changed and went south, that changed things for us here at the resort.”
Next month, the 18-hole Mark Ballif championship golf course, the 110-acre ski resort with three chairlifts, the lodge, banquet facilities, roughly 900 undeveloped lots, and all amenities will be offered for sale at auction. And a number of bidders, foreign and domestic, are showing interest.
The auction will work two ways: first they'll try a method of auctioning off the entire property, then switch to auctioning off individual parcels.
“You'll have the golf course selling on its own,” said Rob Olson, owner of Erkelens and Olson Auctioneers of Salt Lake. “You'd have the ski resort selling on its own and then the other parcels of land selling on their own."
The current owners hope the resort will sell as one piece instead of by individual parcel. Whichever way brings in the most money will then be presented to the creditors and court to consider.
"It's better for the community, better for jobs, the cohesion of being a turn-key resort is here", says Wolf Creek's finance and marketing director Jeremy Maughan. "And someone can just come in and this place can still function as it is."
No matter who ultimately takes over, it will be a seamless transition.
“This place is open for business", Olson said. "It is operating and ready to go, and I think that's a big selling point to a lot of bidders.”
So what’s Wolf Creek Utah worth?
“We believe that with the appraisals that we’ve had done and what’s out there that’s been unappraised, that number is somewhere in the area of $30 million,” said Maughan. “Best guess is somewhere between $27 million and $34 million.”
It will most likely sell for much less than that.
For more information on the auction go to www.salesandauction.com.