Bank Reclaims Elk Meadows
SAM Magazine--Beaver, Utah, Dec. 28, 2004--The Nimbus Loan Fund has repossessed Elk Meadows ski area in southwestern Utah from former owner Wayne Case for $1 million, with hopes that new management can turn it into a going concern. Nimbus is said to be seeking a new management group for the 450-acre area, located 250 miles northeast of Las Vegas.
Founded in 1971, Elk last operated in the 2001-02 season. According to an AP report, Nimbus had invested $3.6 million with Case. The area owes Beaver County nearly $200,000 in back taxes and another $800,000 on bond payments stemming from road improvements, water lines and a new water tank that were installed a few years ago.
The area could have long-term potential, according to Ski Utah president Kip Pitou. It currently has a 1,400 vertical drop, but that could double with expansion to the summit of 12,000-foot Mt. Holly. Annual snowfall averages 400 inches. And the property includes 1,400 acres of private land, so real-estate development is a distinct possibility. \