27-year-old buyer offers $3.8M for bankrupt ski hill

August 08, 2016 / Posted in Denver, Real Estate

Echo Mountain filed for bankruptcy. Photos by Aaron Kremer.

Echo Mountain filed for bankruptcy in February. (Aaron Kremer)

A struggling ski hill 20 minutes west of Evergreen is under contract to be sold to a 27-year-old University of Denver alum.

Echo Mountain, which filed for Chapter 11 bankruptcy protection in February after falling behind on mortgage payments, is under contract to be sold to SkiEcho, LLC for $3.8 million. The ski hill had been searching for a buyer since April 2015, according to court documents.

SkiEcho is managed by Peter Burwell, the son of Rod Burwell – a notable Minnesota philanthropist who also owned several Aspen hotels. Rod Burwelldied last year.

Peter Burwell is listed as the CEO of the family’s Burwell Enterprises, which operates a diverse set of business, according to news reports.

Nora Pykkonen, who owns and operates Echo Mountain through Pykkonen Capital, declined to comment on a pending sale when reached by phone last week. Pykkonen bought the ski hill in 2012.

Court documents claim that the sale price would pay back all the secured and unsecured creditors.

The deal would include 226 acres and also all the facility’s equipment, including snowmaking machines, snow cats and the chairlift.

A sale would have to be approved by the bankruptcy court.

http://www.businessden.com/2016/08/07/27-year-old-buyer-offers-3-8m-for-bankrupt-ski-hill/