The bidding war is over at Jay Peak

The bidding war is over at Jay Peak. After years of waiting, and seven hours of intense bidding on Wednesday, a winning bid emerged late in the day from the multi-million dollar closed-door auction. The bidding began yesterday morning at 11 a.m. starting at around $58 million and the interested buyers continued to bid at 15-minute intervals up until close to 5:30 p.m. Now, it’s a waiting game to find out who the winner is, and how much they will pay. The resort has been under the management of a court-appointed receiver since 2016 when the Kingdom Con EB-5 fraud unraveled. Former owner Ariel Quiros and manager Bill Stenger were accused of misspending more than $200 million of foreign investors’ dollars. They are both in prison after pleading guilty earlier this year. Now, there’s the promise of a new owner and a new chapter for Jay Peak. “The employees are all looking forward to having some stewardship, a little security about who was sort of owning the asset and capitalize the right way to get us the things that we need going forward,” said Jay Peak Resort President and GM, Steve Wright.Neighboring Burke Mountain Resort, which was also part of the EB-5 case, remains under the same court-appointed receiver but was not part of Wednesday’s auction. It remains uncertain when it will be sold. Proceeds from Wednesday’s auction will go toward the defrauded investors.