The sale of Burke Mountain was approved by a Federal judge last month.
Monday, May 5, 2025, NewEnglandSkiIndustry.com
Bear Den Partners has officially taken operational control of Burke Mountain, ending a nine-year period of limbo for the northern Vermont ski area.
In a statement issued today, Bear Den Partners CEO Jon Schaefer announced that the group has taken over Burke Mountain following the April 24, 2025 approval by United States District Judge Darrin P. Gayles of the proposed $11.5 million sale. Bear Den Partners is composed of the Graham family, the Schaefer family, and Burke Mountain Academy. According to Schaefer, he had been working on the acquisition plan for the past five years.
According to Schaefer's statement, the group will be "going after the systemic issues that have plagued the resort for generations to improve what most people do at ski areas: ride lifts up, ride trails down, eat good food and sleep."
Currently limited by water withdrawal permits, the group plans to improve on-mountain snowmaking infrastructure to maximize the use of the water, reportedly purchasing the equipment before the sale was finalized. The group also plans to immediately address deferred maintenance.
According to receiver Michael Goldberg, Bear Den Partners committed to invest $10 million in short-term improvements and $20 million in the longer term, including "snowmaking, adding lifts and cutting new trails and building out the summer recreational offerings, as well as improving the guest experience by making hotel renovations."
Established as a Vermont business entity on April 4, 2025, Bear Den Partners LLC's organizer is Kenneth Graham. The Graham family's trusts are the only entity with at least a 25% stake in the company. Other owners include Burke Mountain Academy and the Schaefer family (owners of Berkshire East, Catamount, and Big Red Cats). According to the receiver, "every principal of Bear Den Partners is a lifelong skier and outdoor enthusiast and has deep roots in the Northeast Kingdom."
Bear Den Operations Company LLC, Bear Den Water Utility Company LLC, and Bear Den Road Company LLC were established on April 14, 2025. A purchase and sale agreement was executed with the receiver on April 17, 2025. The agreement includes a clause that ensures continuity of existing employees as part of the sale.
Located in northeastern Vermont, Burke features two high-speed quads that serve a vertical drop of 2,011 feet. Ariel Quiros' Q Burke Mountain Resort, LLC acquired the area in May 2012 for $7.26 million, breaking ground on a $50 million hotel two years later.
The SEC took control of Jay Peak and Burke on April 13, 2016, alleging that Ariel Quiros and Bill Stenger were running a Ponzi scheme that was defrauding EB-5 investors. A Federal program created by Senator Ted Kennedy and championed by Senator Patrick Leahy, EB-5 allows immigrants to obtain a green card in exchange for investing $500,000 in a government endorsed business that creates ten jobs. In the case of the Jay Peak program, 20% to 25% of the investment was taken by developers and agents as fees. Stenger was released from prison on May 8, 2023, while Quiros is at Pensacola FPC prison with an expected release date of December 16, 2025.
No government officials involved in the EB-5 immigrant investment scheme have been charged.
According to VTDigger, the receiver and associated consultants have collected nearly $12 million for their services thus far.
