Auction Bids for Sugar Loaf, MI, Rejected

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Sugar Loaf, MI, May 1--The saga of Sugar Loaf, Michigan continues, as a recent auction for theski area produced no sale.

According to the company conducting the auction, Sheldon Good & Company of Chicago, allbids were rejected and the current owners are now in the process ofdeveloping another plan to keep ski operations going.

Last summer, the property was advertised at $8.5 million, but the bidsapparently fell below what the current owners, Pacific XIX, wanted.

The ski resort is located on 470 acres in lower Michigan's LeelanauPeninsula, northwest of Traverse City. It has a 150-room lodge, 20,000feet of convention space, two restaurants, indoor and outdoor pools, 20downhill ski runs and 7 lifts.

However, two golf courses adjacent to the ski operation are no longer owned by the resort. In addition, the owner's application for a liquor license was denied by the Michigan State Liquor Control Commission lastJanuary, costing the resort an estimated $750,000 in potential revenuein February alone. Ski operations were shut down early because of the lost business.

The stalled sale is the latest in history of setbacks encountered by Sugar Loaf, which has experienced ongoing financial difficulties through three owners over two decades.