Trustee begins liquidation process with 54-vehicle sale
By Taylor Anderson
Big Sky Weekly Assistant Editor
More than 250 people filed into the lodge at the now-defunct Spanish Peaks resort to bid on the remaining vehicles once used at the club.
The 54 vehicles included pickups, SUVs, ATVs, snowmobiles and trailers, and drew crowds from as far as New York to bid on cars at discounted price.
In all the vehicles, including a few that didn’t start, raised more than $550,000 after a 15 percent buyer premium was added to purchases.
The sale represents more than cheap Chevys. The sale means those representing the now closed resort have begun liquidating the estimated $10-$50 million assets to pay off a list of debtors valued as much as 10 times that much.
Several members of the Spanish Peaks bid on items during the sale. One member was quoted as saying “it was sad to see them sold, but hopefully we can find a new owner who can return the luster to what was once a great club.”
Also present in the audience Dec. 13 was the trustee, in from New York City, to oversee the sale. He said the representatives are in the process of finding a brokerage to market and hopefully sell the property.
Meanwhile, it’s unclear whether anything else would be sold to pay creditors. The trustee was quoted by the Wall Street Journal as saying Spanish Peaks Holdings, which owned the club, had just $27,000 in cash, with as much as $500 million in debt (although some estimates are as low as $50 million).