Foreclosure » Plans for $3.5B project east of Beaver fell apart.
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After an online auction, ownership of Elk Meadows ski area near Beaver has changed names but not addresses.
Beaver County Recorder Bruce Brown said Friday that title to the 1,138-acre resort -- it has not operated since 2002 -- now is held by Bowman Asset Management, which listed its address as 24 W. 40th St. in New York City.
That is in the same building as AMDS Holdings, which had put Elk Meadows up for auction last month after acquiring it in a foreclosure proceeding earlier this year from Holladay-based Mount Holly Partners.
Mount Holly's principal figures had ambitious, but controversial, plans to turn the property in the Tushar Mountains, 18 miles east of Beaver, into a posh gated community with a private ski mountain, a Jack Nicklaus-designed golf course and multimillion-dollar residences. They claimed it would be worth $3.5 billion.
But the development, approved by county officials but opposed by many residents who were turned off by its exclusivity, never materialized.
When an online auction ended last week, the high bid was just under $1.6 million -- far below the property's suggested value of $5.15 million.
Brown said Bowman Asset Management "did send the county enough money to pay back taxes and special service district assessments and clean all of that up. That's progress. AMDS hadn't done that. They were letting them go delinquent."
He was referring to liabilities, described in disclosure documents for the online auction, of $85,000 to the county and $202,000 to the Elk Meadows service district.
How this transaction impacts long-term plans for Elk Meadows is unclear.
Officials of AMDS Holdings did not respond to a request for comment.