JAY, Vt. (WCAX) – A new chapter in the Kingdom Con saga: Six years after the huge development scheme collapsed in scandal, the Jay Peak resort has a possible buyer.
Jay Peak has been under the leadership of a court-appointed receiver since 2016.
The court filing says the receiver seeks to sell the resort to Pacific Group Resorts Inc. for $58 million, subject to court approval and a possible competitive bidding process.
“Well we’re hoping that it’s not going to change too, too much,” said Robyn Houle of Montgomery.
The future of Jay Peak has been in limbo since 2016 when federal authorities seized the resort amid an investigation into a Ponzi scheme.
Former Jay Peak president Bill Stenger and his business partner, Ariel Quirós, misspent more than $200 million of foreign investors’ dollars.
The resort has been operated by a court-appointed receiver ever since. The receiver, Michael Goldberg, says it’s time to sell the resort. In the court filing, he writes: “When the Receiver took over the Jay Peak Resort in April, 2016, it was on the verge of collapse having little money and making very little profit… Now, after more than 6 years, the Jay Peak Resort is significantly more profitable and hundreds of jobs have been saved.”
Jay Peak Resort General Manager Steve Wright says the receivership provided stability.
“We have been in kind of a perpetual limbo for six years. Growth has evened out, and a new owner that comes in and that are capitalized in a way to help us…
