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After daylong auction, winning bidder for Jay Peak remains a mystery – Brospar Daily News

After a full day of bidding, Jay Peak Resort won the auction, but neither the identity of the bidder nor the amount he bid for the property in the North East Kingdom was revealed.

The auction starts at 11 a.m. on Wednesday and is closed to the public until 5 p.m.

“More info tomorrow,” Jay Peak general manager Steven Wright wrote in an email to VTDigger around 7 p.m.

A “final sales hearing” will be held September 16 in federal court in Miami, presided over by Judge Darrin P. Gayles. The event will be open to the public.

The Northeast Kingdom Resort has been in receivership since April 2016, when federal and state regulators filed civil lawsuits against then-owner Ariel Quiros and resort chairman Bill Stenger.

Court-appointed catcher Michael Goldberg, announced last month It received a $58 million offer from Pacific Group Resorts Inc. of Park City, Utah.

The judge overseeing the takeover granted Goldberg’s request to solicit other stakeholders who might exceed that bid, if any, to hold an auction to sell the station to the highest bidder.

Wright said tuesday He expects two or “probably” three bidders to participate in Wednesday’s auction.

Goldberg could not be reached for comment on Wednesday.

Quiros and Stenger have settled with state and federal regulators over allegations that the pair misused more than $200 million of the $350 million they raised from foreign investors under the program federal EB-5 visa.

As part of the settlement, Quiros agreed to hand over $81 million in assets, including the Summit Resort.

Stanger and Kiros, along with consultant William Kelly, were later indicted on federal criminal charges for their failed plan to build a biomedical research center in Newport, known as AnC Bio Vermont.

Despite raising more than $80 million from more than 160 investors, the project barely got off the ground before regulators shut it down amid allegations of investor fraud.

Queiroz, Stanger and Kelly have since reached plea agreements with prosecutors in the case and are now in federal prison.

The “final sale hearing” will be held in federal court in Miami, as that is where federal enforcement action is being brought against Quiros and Stenger. The case was brought to Florida because Quiros was living there at the time, where many of his businesses were located.

As of 2020, Jay Peak is valued at $121 million on Jay Town’s Big List. It was later reduced to $85 million in a settlement after station officials appealed.

The proceeds of the sale should be distributed “on a pro rata basis” to the defrauded investors.

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