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Jay Peak Sale Process Kicks Into Gear
Pacific Group Resorts, owner of Ragged Mountain, has placed a $58 million bid for the Vermont resort.
Tuesday, August 2, 2022, NewEnglandSkiIndustry.com

Jay Peak, 2022


Over half a dozen years after the U.S. Securities and Exchange Commission raided Jay Peak over an EB-5 Ponzi scheme, the government-appointed receiver has filed a motion to start the bidding process to sell the resort.

According to the August 1 filing, Pacific Group Resorts has placed a $58 million bid for the 2,500 acre resort, including the assumption of $5.8 million in debt. Pacific Group Resorts will have to provide a $3 million deposit if the bid is accepted by the court.

If court approved, bids will be accepted for a period of 30 days, starting at $59,750,000, in increments of $250,000. If another entity assumes ownership, Pacific Group Resorts will be paid a breakup fee of $1.25 million, plus up to $140,000 in expenses.

Pacific Group


Pacific Group acquired its first ski area in 2007, when it acquired Ragged Mountain Resort in Danbury. Pacific Group took over Wisp, Maryland in 2012, followed by Wintergreen, Virginia and Mount Washington, British Columbia in 2015, and Powderhorn, Colorado in 2018.

Jay Peak EB-5


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 investors. Stenger is currently serving at Devens FMC prison with a release date of September 15, 2023, while Quiros is at Pensacola FPC prison with a release date of October 27, 2026.

No government officials involved in the EB-5 immigrant investment scheme have been charged.



Related Stories on NewEnglandSkiIndustry.com
  • Former Jay Peak Owner Sentenced to Prison - April 29, 2022
  • Former Jay Peak CEO to Sentenced to 18 Months in Prison - April 14, 2022
  • Three New New Hampshire General Managers - October 21, 2021
  • Ragged Mountain General Manager Jay Gamble Departing - September 9, 2021
  • Former Jay Peak CEO to Plead Guilty - August 11, 2021
  • Former Jay Peak Owner Pleads Guilty to Federal Charges - August 14, 2020
  • Former Jay Peak Owner to Plead Guilty - July 11, 2020
  • Former Jay Peak, Burke Owners Indicted - May 22, 2019
  • Multi-Area Passes Growing in Popularity - March 6, 2019
  • Musical Chairs at Vail and Pacific Owned New England Ski Areas - November 26, 2018


  • More Information
  • Jay Peak Resort on NewEnglandSkiIndustry.com
  • Ragged Mountain Resort News on NewEnglandSkiIndustry.com
  • Jay Peak Resort on NewEnglandSkiHistory.com
  • Ragged Mountain Resort on NewEnglandSkiHistory.com


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