A pair of investors are making headlines as they seek to purchase the Burke Mountain ski area for a whopping $10 million. With the property in the hands of a receiver since the EB-5 fraud scheme was exposed in 2016, Todd Firestone and Mark Greenberg are determined to acquire the Northeast Kingdom ski resort. Their efforts have been met with silence from Florida lawyer Michael Goldberg, the individual currently controlling the fate of Burke Mountain.
Firestone, a Stockbridge resident, and Greenberg, who resides in Jamaica, Vermont, have been met with radio silence from the attorney in charge of the property. Despite offering $10 million for the resort, the duo has received no response to their bid, submitted last summer. The lack of communication from Goldberg has left the investors feeling like they are negotiating with a ghost, as Greenberg puts it. In response, they are organizing a public forum in Burke to garner community support for their bid.
Firestone has a strong background in the ski industry, owning Wisconsin Resorts, Inc., which manages six ski areas in the Midwest and Ontario, Canada. With a successful track record in operating ski resorts, Firestone believes that Burke Mountain, historically unprofitable, could thrive under his management. He plans to bring in a manager from his family company if the acquisition is successful.
The Burke Mountain saga began with the uncovering of a massive fraud case involving Ariel Quiros, Bill Stenger, and William Kelly, who pleaded guilty to defrauding investors through the EB-5 visa program. Following their convictions, the ski resort, along with Jay Peak Resort, was placed under Goldberg’s management. Despite the sale of Jay Peak for $76 million in 2022, Burke Mountain and other assets remain unsold.
Burke Mountain is not only a ski resort but also houses the Burke Mountain Academy, a ski racing boarding school, and a 116-room hotel and conference center built as part of the EB-5 program. The local community is eager for a resolution, with over 900 residents signing a petition urging the properties to be listed on the open market.
Greenberg and Firestone are driven by both personal and practical motivations to acquire Burke Mountain. For Firestone, the purchase signifies a transition from his Wall Street career to spending more time in Vermont. Greenberg, on the other hand, has deep family connections to the resort, with four of his children having raced at Burke. His desire to have one of his children work at the resort adds a sentimental layer to the investment.
The investors’ proposed improvements to the resort include significant investments in snowmaking and lift upgrades, along with a renovation of the lodge layout. While the pair initially offered $12 million for Burke in 2021, they have since reduced their bid to $10 million, hoping to expedite the purchase process. Despite the financial implications of the investment, both Firestone and Greenberg view the acquisition as a labor of love, driven by personal connections to the resort and the community it serves.
While the fate of Burke Mountain remains uncertain, the dedication of Firestone and Greenberg underscores their commitment to revitalizing the ski area and fostering a thriving community around it. As they navigate the complex landscape of property acquisition, the investors are driven by a shared vision of transforming Burke Mountain into a profitable venture that benefits both the local community and ski enthusiasts alike.
