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Judge OKs Sale Of Md. Ski Resort To Kansas Group

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(credit: wispresort.com)

(credit: wispresort.com)

HAGERSTOWN, Md. (AP) — A bankruptcy court judge has approved the sale of Maryland’s only ski resort to a unit of a Kansas City-based real-estate investment trust for $23.5 million.

A judge in Greenbelt, Md., approved the sale of the Wisp resort to EPT Ski Properties, a unit of EPR Properties, on Tuesday. The judge also approved the sale of a golf course and other land to National Land Partners for $6.1 million.

The resort filed for Chapter 11 bankruptcy protection in 2011 after defaulting on nearly $30 million in loans it had received from BB&T Corp. of Winston-Salem, N.C., to build a golf course community near the ski hill. Home sites in the Lodestone golf-course development didn’t sell as well as expected.

Formal closing dates for the sales are expected in December.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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