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March 23, 2004LELAND: Sugar Loaf sold to only auction bidder for $900,000It has been closed since 2000ByRecord-Eagle staff writer LELAND - The company of a former Sugar Loaf owner submitted the lone bid at a sheriff's auction for the closed ski resort. Sugar Loaf Service Co. submitted a $900,000 bid at a Monday auction held at the county building, reported court officer Philip C. Williams, who conducted the sale. The company is a partnership that owns the 7-acre sewer plant site adjacent to the resort. Among the partners is John D. Sills, a former owner of the resort, who put a similar-sized lien on the resort more than three years ago for money owed for construction and maintenance of the sewer system. Authorities postponed the auction on several occasions over the past two years because of a web of financial problems involving former owners, and officials said this week's auction will do little to resolve the long-term problems facing the resort. It's been closed since 2000 following two poor ski seasons that worsened its earlier financial problems. "Everything, I'd say, is in turmoil," Williams said. "I asked one of the attorneys (involved) who owned (the resort), and he wasn't sure." Williams said the sale went ahead after a federal bankruptcy judge in Detroit on Friday rejected a motion to postpone the auction. The motion was filed by a Florida real estate investment group that purchased a mortgage on the resort in late 2002 from Huntington National Bank. Sills could not be reached for comment late Monday.
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