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.)