Timberline Resort sold for $2.2M
PHILADELPHIA — Timberline Four Seasons Resort has been sold in a bankruptcy court auction to Perfect North Slopes, Inc. for $2.2 million, it was announced Wednesday.
Perfect North Slopes is a ski area in Southeast Indiana.
Joe Stevens, spokesperson for the West Virginia Ski Areas Association, said of the sale, “That really bodes well to hear that a ski operator has purchased the property. Having someone in the industry (to buy it) is certainly great news.”
The Tucker County resort went on the auction block in Philadelphia Tuesday.
The auction process took place in the office of Timberline’s attorneys, Ciardi, Ciardi & Astin, after an order was filed in U.S. Bankruptcy Court for the Eastern District of Pennsylvania.
Chip Perfect of Perfect North Slopes released the following press release to skisoutheast.com on Wednesday afternoon:
“The land and assets of Timberline Four Seasons Resort were sold in Bankruptcy court today in Philadelphia. The top bidder was a group who has operated a successful Midwest ski area for 40 years,” the release states.
“Members of the Perfect North Slopes management team will be forming a new management group, with the intent to revitalize the Timberline Ski Area to its fullest potential.
“We are excited to bring our extensive ski area operation experience to the Timberline property” said Chip Perfect speaking for the group,” the release reads.
“The property has great potential, a stunning West Virginia setting and some fabulous terrain and ski runs.” “The property however is not without its challenges. It is going to take some time to overcome those obstacles”. The team’s current plan would be to reopen the ski area for the 20-21 season,” the release states.
“Exceeding the expectations of our customers has been the key to our success in the Ski Industry. Our goal will be to do the same at Timberline in the future!”
Frederick Herz, Tracy Edmonds Herz and Dr. Frederick Reichle filed for chapter 11 bankruptcy for Timberline Four Seasons Resort Management Company, Long Run Realty, and Herz, Herz & Reichle, on April 30 in federal court in Pennsylvania.
Timberline Four Seasons Utilities, also owned by Fred and Tracy Herz, was placed into receivership following an order in March in circuit court in Tucker County.
Judge Lynn Nelson’s order appointed Canaan Valley Public Service District as the receiver, with the control and responsibility of Timberline Four Seasons Utilities water and sewer utility operations to remain with Canaan Valley Public Service District until further order of the court.