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November 9, 2012

Wisp ski resort finds a buyer

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.

 

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