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Wolf Creek Resort fails to sell at auction

Posted: 5:18 PM, Jun 01, 2012
Updated: 2012-06-01 20:06:49-04
Wolf Creek Resort fails to sell at auction

EDEN, Utah — The Wolf Creek Resort went on the auction block Friday and was only able to reach a high bid amount of $7 million — a price rejected by its creditors.

The ski resort and golf course failed to sell so auctioneers decided to try and sell it piece by piece. However, only a few parcels of surrounding land sold, each fetching about $500,000.

Wolf Creek is valued from $28 million to $34 million. It was expected that Wolf Creek would likely sell for much less that its valued.

The resort’s creditors and lawyers are meeting to decide how they will go forward with the property.

Wolf Creek has been in bankruptcy since 2010 after the bad economy sent the resort into the red.

Details of the auction can be found here.