SAM Magazine--September 25, 2011-- The venerable 40-year-old Royal Gorge Ski Resort at Donner Summit, Calif., is in receivership after defaulting on its loan.

The area's lender, Armed Forces Bank, first issued a default notice in June on a $16.7 million loan, according to published reports. For the time being, the bank will not assume ownership from the development group led by Kirk Syme, but operations will be handled by the Douglas Wilson Companies of San Diego.

The receivership includes the Rainbow Lodge restaurant and inn in addition to the 2,900-acre property.

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