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Bank Repossesses Idaho Ski Lift

Chairlift builder tasked with dismantling

Seven years after installing a mile-long high-speed chairlift at Tamarack Resort in Idaho, the ski lift's builder is dismantling it in a repossession by the resort's creditors. Tamarack, which closed in financial ruin in 2009, owes its largest creditor more than $300 million. A separate creditor, Bank of America, has decided to recoup some losses by selling the resort's most expensive lift, a task that contractors describe as "difficult." "I'm in the ski lift business, not the ski lift removal business," said Highlander Ski Lift Services & Construction president Paul Johnston. "Ultimately, as sad as I am to remove it, it's sadder to see a large $4 million machine sit there and grow cobwebs. There are a lot of interested parties. It's like buying a used car."

Read more at the Idaho Press

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Filed To: News