With a week to go before Magic Mountain Ski Area (Londonderry, South Vermont) hits the auction block, four serious bidders have expressed interest in the troubled resort. At the ski area an open inspection of the assets up for sale was conducted on Monday.

“This property’s not for everybody — clearly not everybody is in the position to want to own and operate a ski mountain,” said Eric Nathan, the owner of the auction company. “The money’s not the hard part. I’ve sent information all over the place with one interested party in the U.K.,” Nathan said.

Two of the potential buyers have been from the Stowe area, he said. Of the four “serious” interested parties so far, all are made up of groups of investors. “Every one of them are groups who are trying to make things happen,” he said.

Michael Boraski, a former principal of Glebe Mountain Ski Associates, Inc. — former owners of the resort, said that most of Magic’s problems had to do with a lack of capital investment. “It was an $8 million project and we tried to do it with $4 million,” Boraski said, and that he would like to see a knowledgeable buyer to take over.

“I’d like somebody to come in who knows how to run a mountain and buy it,” he said. “It’s the best skiing in southern Vermont, period.”

[Source: Rutland Herald]

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