Wednesday, May 30, 2012

(F)ailing Wintergreen Resort Rescued By Magnate Who Paid Top $ For Albemarle Acreage, and Rescued WV's Greenbrier Resort

Jim Justice is rescuing the 11,000 acre resort in Nelson County, which has been slammed by the Great Recession as well as by Mother Nature: lack of snow.  As The Hook reports,
Wintergreen Resort– stung by a pair of weak snowsports seasons, challenged by state officials over tax credits, and losing its credit line– has found salvation in the arms of one of the region's richest people, James C. Justice II, the billionaire who yanked the venerable Greenbrier resort out of bankruptcy by building a glitzy casino.
Justice also paid $23.75M for 4,500 acres of Albemarle County in April 2011; plans have not yet been revealed for the Albemarle County acreage, in the historic "viewshed" of Monticello.

3 comments:

Anonymous said...

I am one of 300 people on a list to receive a return of a portion of the ownership equity for which I wrote a check to Wintergreen of $15,000. My check was for an equity interest. It was not a gift to the resort. According to this article, the resort is being sold for 16.5 million and there are no plans to honor the return of my equity investment.

Be very careful it anyone tries to sell you on the value of an equity investment at the resort. The resort was all smiles and great predictions for the resort and the return of my money when I bought my membership. I lost all my money.

If the resort sells itself for 16.5 million the first thing it should do is make good on the promises for return of equity to people who gave the resort interest free loans for all these years. The assets that are being sold were purchased with our money. Anything else totally lacks integrity.

If any of the other 300 people who are losing their money want to work with me to stop this atrocity, please contact me.

Anonymous said...

It wasn't a loan. We are/you were an owner. Owner's equity is always going to be last in line, so we get what's left after the bills are paid, bonds are paid off, and the tax credit is satisfied. At best you'd share in the $2.5M, which if the 300 of you were added to the pool, would mean $1250 each. If that's worth it to you, contact the board or WPI management, but I think they can legally limit it to active members. 0 or $1250 or $1500, we made a bad investment.

btw, was it WPI membership, or a realtor that painted that rosy picture for you? And how does someone contact you anyway, when you posted anonymously?

Anonymous said...

I and everyone else who bought real estate since 2004 has lost half of its value. You are very lucky to have only "lost" $15,000. I lost all my equity in 4 resort area properties and my Wintergreen home and no one offered me 10% of that equity when I sold them! I assume you still have your condo or home at Wintergreen and you should be thankful that the resort did not have to file bankruptcy. Eventually our properties will regain their value and with this new venture sooner than later I expect. I don't see you getting any sympathy from any other more informed owners.