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Elk Meadows auction extended until 6 p.m. today

Published December 1, 2009 11:22 am

Foreclosure sale » $1.5 million bid late Monday kept it going
This is an archived article that was published on sltrib.com in 2009, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

The online auction of Elk Meadows Ski Resort was extended until 6 p.m. today after a bid was submitted an hour before Monday's deadline.

That offer of $1,580,000 -- an increase of $100,000 over the previous high bid -- remains far below the auction's suggested price of $5.1 million for the 1,138-acre resort, 18 miles east of Beaver in southwestern Utah.

Grandiose plans to turn the ski area, closed since 2002, into an exclusive, gated resort worth $3.5 billion did not materialize. The owner, AMDS Holdings, obtained the property in a foreclosure proceeding after its Holladay-based developers, Mount Holly Partners, failed to pay off an $18 million debt, according to auction disclosure documents.

Jeff Lunnen, auction manager for The LFC Group of Companies, said that if a bid is submitted before today's deadline, the auction will be extended again. When it resumes at 11 a.m. Wednesday, shorter deadlines will be implemented until no new bids are forthcoming.