Wednesday, January 7, 2009

Sugar Loaf- Still Waiting for a Comeback

skier at Sugar Loaf
photo from
from a news release of, "Offers to buy 'Loaf' revealed," by Eric Carlson, Jan 4, 2009

Sugar Loaf Resort has continued to deteriorate since it closed in March 2000. Located in Leelanau County, it was an important piece of the area's winter economy. Since then there have been many rumors of deals, but the future remains uncertain.

In 2005, Leelanau County native Kate Wickstrom bought the resort. But now, a real estate agent has said that the mortgage is held by a bank. Wickstrom's mortgage was held by a corporation controlled by the wife of Remo Polselli who was convicted of felony tax evasion.

The real estate agent stated that he approached Wickstrom 18 months ago with a potential buyer. After negotiations began the process was broken off by Wickstrom.

“Nobody really understands Wickstrom’s relationship with the bank or the people behind the mortgage,” Reed said. “But it’s clear that the person to deal with these days is not Kate Wickstrom.”

None of the parties seemed to be available for comment on why an offer to purchase the resort, made several weeks ago, was turned down. The value of the resort continues to decline from the $6.8 million paid for it in 2005.

See the original article for much more on the legal, economic, and political tangle surrounding Sugar Loaf.

“In some economies, it might not make sense for a county government to get too deeply involved in something like this,” County Commissioner David Shiflett said. “But we’re not in a normal economy right now – and now may be the right time for the county to help spearhead an effort to revive Sugar Loaf.”

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