Timberline ski resort sold at auction for $2.2 million

tookapic/MGN
By  | 

CHARLESTON, W.Va. (AP) - A bankrupt West Virginia ski resort has been sold at auction.

The Charleston Gazette-Mail reports Perfect North Slopes Inc. of Lawrenceburg, Indiana, plans to reopen Timberline Four Seasons Resort in Tucker County for the 2020-21 ski season.

Perfect North Slopes was the second-highest bidder at an auction this week, but high bidder First Asset Holding LLC agreed to assign its bid of $2.2 million to Perfect North Slopes in exchange for $30,000 cash.

Timberline filed for Chapter 11 bankruptcy protection last April after closing in February. It had been family operated since 1987.

Joe Stevens, executive dirctor of the West Virginia Ski Areas Association, said in a news release that the purchase "is great news for the ski industry in West Virginia.''