HAGERSTOWN, Md. (AP) — The financially strapped owners of Maryland's only ski resort say they have found a buyer for the western Maryland property.
D.C. Development filed documents Friday asking the U.S. Bankruptcy Court in Greenbelt to approve a sale of the Wisp Resort in McHenry to a unit of Kansas City-based Entertainment Properties Trust for $20.5 million.
Entertainment Properties is a real estate investment trust with 11 other ski properties, according to its 2011 annual report. Its other investments include megaplex theaters, entertainment retail centers and public charter schools.
D.C. Development filed for Chapter 11 bankruptcy protection last year after defaulting on nearly $30 million in loans it had received to build a golf course community near the ski resort. The home sites didn't sell well in the recession.
Bridge Collapse Survivor: 'Rough Day'
Jersey Shore Open for Business
Raw: Memorial Day Flags Placed at Arlington
New Wheelchair Lift Promises More Access
First Person: Mom Discusses Famous Tornado Photo
Raw Video: Washington State Bridge Collapse
Boy Scouts Approve Plan to Accept Gay Boys
Officials: Truck Hit Bridge Before Collapse
Sheriff: No Sign Killing of 2 Kids Was Planned
Obama Defends Drone Strikes, With Limits
Raw: Jurors Deadlock on Jodi Arias Penalty
Boy Scouts Decision "First Step" Say Activists
Raw: Utah Teen Arrested in Death of His Brothers
Closer Look at Okla. School Where Children Died
Two Suspects in Murder Known to London Police
"Be Ready": NOAA Warns of Busy Hurricane Season
SeaWorld: Penguins Are Coolest Thing in Florida
