SAM Magazine-Beaver, Utah, Dec. 11, 2009-Bowman Asset Management has won the bidding for the former Elk Meadows Ski Resort in Beaver County, Utah. The purchase price was approximately $1.6 million. The 1,138-acre property had been valued as high as $5 million.

The purchase does not necessarily end the dream of developers who had hoped to rechristen the resort as Mt. Holly and create an exclusive upscale resort on the site. Bowman Asset Management, headed by Shane Gadbow and Terry Leighton, has some connection with Xe Capital Management, which was involved with the Mt. Holly effort. It's possible that some elements of the old plan will survive, though nothing is known of the new owner's plans.

Elk Meadows, in southern Utah, peaks at 10,300 feet, has a 1,300 foot vertical drop, 36 trails, two lodges, and six lifts on 420 skiable acres. The land backs up to backcountry routes in the Tushar Mountains. The ski resort had liabilities of up to $430,000, which included about $85,000 in back property taxes. SAM has learned that the buyers have made a $290,000 payment, including the back taxes, toward the $430,000 total. \

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