Michigan’s Sugar Loaf Resort May Finally Have A Buyer
Sugar Loaf overlooks Leelanau County. (Facebook)
Michigan’s Sugar Loaf Resort has once again generated a new potential buyer. Jeff Katofsky, a California attorney and real estate developer, is reportedly buying the long shuttered resort and hopes to reopen it as a four-season, high-end resort, according to articles in both the Traverse City Record Eagle and the Detroit Free Press.
The plans for refurbishing the tired, old resort that has been shuttered since 2000 are somewhat vague.
“We’re buying it, and plan to redevelop it as a year-round resort,” he told both newspapers. Katofsky declined to disclose the purchase price or give specifics on how much he planned to invest in the resort. Initially he told them that he hopes to have the resort reopened in three to four years, but added, “It’s going to take some time, a lot of time.”
When pressed further on his plans for the once thriving ski resort he replied, “I’m going to keep that to myself for now.”
Winter travel in Michigan — with 2 million to 2.4 million ski visits annually — is a $4.9-billion business, according to the Michigan Snowsports Industries Association. It's a vibrant part of the state's economy — Michigan has the nation's second most ski resorts, second only to New York.
There are a number of areas of code violation, according to Leelanau County, to bring the shuttered property into compliance. The lengthy list included both outside and inside damage that needs to be corrected; roofs, decks, structural damage to buildings, chair lifts and pools were among areas mentioned.
Other buyers have looked at the resort, but no legitimate offers have come forth in the 16 years since it closed. The reported asking price is $8.7 million.
“The location is great and it’s beautiful overlooking Lake Michigan and the Manitou Islands,” says Mickey MacWilliams, executive director of the Michigan Snowsports Industries Association. “We’d all love to see Sugar Loaf come back because it was a really special place.”
In the 1980s and early 1990s it was considered one of Michigan’s top ski areas.