Burke Mountain Resort Under New Ownership After EB-5 Scandal
BURKE, Vt. — In a significant turn of events, Burke Mountain Resort has officially transitioned to new ownership, marking the end of nearly a decade of federal receivership stemming from the notorious EB-5 scandal. Northeast Kingdom-based Bear Den Partners finalized the $11.5 million purchase on Friday, according to a recent media release.
The ownership group, comprised of several local families and Burke Mountain Academy, aims to restore the resort’s independence from corporate oversight. This acquisition comes after a federal judge approved the sale last month, bringing new hope for the resort and its community.
Burke Mountain Resort had been under federal receivership since 2016 due to the fallout from the EB-5 immigration investment program scandal, which defrauded foreign investors of billions of dollars. This incident is one of the most significant fraud cases in Vermont’s history and was also linked to other projects like Jay Peak and AnC Bio Vermont. In connection with the scandal, three officials from Jay Peak admitted guilt to felony charges, resulting in substantial prison sentences. Ariel Quiros received five years, while Bill Kelly and Bill Stenger each received 18-month sentences.
The successful sale to Bear Den Partners is expected to redefine the resort’s trajectory, fostering local investment and community engagement. A press conference is scheduled for Tuesday, May 6, to provide additional insights and details regarding the purchase. This marks a new chapter for Burke Mountain Resort, aiming to revive its legacy and enhance the experience for visitors and locals alike.
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