Bowman Asset Management is the new owner of the former Elk Meadows Ski Resort in Beaver County, Utah. They grabbed the brass ring in an online auction Dec. 9. The purchase price was approximately $1.6 million for the 1,138-acre property valued at more than $5 million. But while the ownership of Elk has changed names, the location of the owners stays the same.
According to the Beaver County Recorder, title held by Bowman Asset Management is listed at 24 W. 40th St., New York City. That's the same building as AMDS Holdings, which put Elk up for auction last month. AMDS had acquired the property from Utah-based Mount Holly Partners in a foreclosure proceeding earlier this year. Further, Bowman is headed by Shane Gadbaw who was connected with Xe Capital Management, which was involved with the Mount Holly project to turn Elk into an exclusive resort.
No word yet on whether Bowman will subsequently attempt to resurrect those 'private resort' plans, but the potential is there. The new buyers have already paid back more than half of the $430,000 in liabilities (including back taxes) owed by the resort. 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 popular backcountry routes in the Tushar Mountains.