Burke Mountain Resort sale at least a year off

Published: Nov. 5, 2019 at 12:42 PM EST
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The federal receiver overseeing two Vermont ski resorts after their owner was accused of massive fraud says Burke Mountain Resort will not be sold for at least a year.

Michael Goldberg said in court filings earlier this month that he hoped to sell Jay Peak Resort by the summer of 2020. He also wrote that he was "fairly certain" that the investors "will incur a significant loss of their principal investment."

Foreigners invested in various developments at Jay Peak through the EB-5 visa program, which helps them obtain permanent residency by investing at least $500,000 in job-creating developments in the U.S.

Goldberg told the Caledonian Record that projects at Burke may not have created enough jobs under the EB-5 visa program so the resort cannot be sold yet.

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