Majella Commits to Opening Saddleback for the 2017-18 Ski Season
Lift projects are slated for completion this year.
Tuesday, September 19, 2017, NewEnglandSkiIndustry.com
Sandy Double (July 2017)
In a series of Facebook posts yesterday, Saddleback's prospective owners announced they "have committed to opening in some capacity for the 2017-18 ski season, assuming Mother Nature does not deliver an early winter with heavy snow."
According to the posts, the Rangeley double will be removed by Saddleback staff. A new Doppelmayr fixed grip quad chairlift will reportedly be installed for this season.
Cupsuptic T-Bar (July 2017)
The posts also indicate a change in plans for the Cupsuptic T-Bar. While a "new Wind Resistant, higher Speed Surface Lift" was announced, the prospective owners will instead attempt to repair the 57 year old lift, stating that "if we had replaced both, there is a chance that there would not be any skiing this year if early snow arrived."
On June 28, 2017, Bill and Irene Berry announced they had reached an agreement to sell the shuttered Saddleback Mountain Resort to the Majella Group. While the sale of Saddleback was expected to be completed this summer, as of September 19, no deeds have been recorded.
Saddleback/Majella did not respond to an inquiry about the lifts, operations, or sale. Non disclosure agreements are reportedly in place.
Majella Global Technologies was registered as a Maine business entity on May 31, 2011 and in Australia on June 8, 2011. Like Berry, Majella's Frank Monsour is a professor.
In December 2011, Monsour formed 32 Thomas Street, LLC as a Maine business entity, which then acquired the Williston-West Church in Portland with plans to use the property for Majella offices and residential space.
In 2012, Majella received approval and started construction on Radius Apartments in Woolloongabba, Australia. The 8 story, reported $47 million project was completed in April 2014.
In 2013, the City of Portland placed a tax lien on the 32 Thomas Street property for unpaid taxes from 2012. The lien was discharged in July 2013. Meanwhile, 32 Thomas Street, LLC entered into a $500,000 mortgage with Coastal Realty Capital.
In 2014, Majella announced a 14 floor Mountview development in Brisbane. Construction was supposed to start in late 2014 or early 2015.
In 2016, Majella announced a $260 million development project at the site of the former Broadway Hotel in Woolloongabba, Australia. Construction was supposed to start in 2017.
In early 2016, a $1.4 million mortgage for 32 Thomas Street, LLC with Coastal Realty Capital was filed. The mortgage was reduced to $1 million when 32 Thomas Street, LLC entered into a $1.4 million mortgage with Camden National Bank in 2017. Meanwhile, in June 2016 another municipal tax lien was placed on the 32 Thomas Street property, this time for unpaid taxes from 2015. The lien was discharged in November 2016.
According to Majella's web site, it offers its clients an "EB-5 investment opportunity."
A United States 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. The ski industry made national headlines in 2016, when the SEC took control of Jay Peak and Burke due to an alleged Ponzi scheme defrauding investors. Subsequently, other EB-5 programs have faced increased scrutiny and delays.