Boston firm renews offer to buy Saddleback
Courtesy / Saddleback Mountain Resort
Plans to reopen the Saddleback took another turn. Boston-based Arctaris Impact Fund said it will move forward with plans by the ski resort, without an incentive it had sought earlier.
Saddleback Mountain in Rangeley, closed since 2015, may have a buyer — one who previously planned to buy the resort but backed off last year.
Arctaris Impact Fund, of Boston, has renewed its offer to the Berry family to buy the resort, the Portland Press Herald reported Saturday.
The Berrys have owned the resort since 2003 and closed it in 2015.
The Boston investment firm last year planned to buy the resort, but had a setback in June, when the area wasn’t included in Gov. Paul LePage’s 32 designated Opportunity Zones.
Winning an Opportunity Zone designation was a key to the firm's purchase plans last year, Arctaris Managing Partner Jonathan Tower had said.
The firm has pledged to invest up to $30 million in the resort once the sale is complete.
Saddleback has 2,000 vertical feet of skiing and at one time was the third-biggest resort in the state, and employed more than 300 during the ski season.
According to the Portland Press Herald, the Outdoor Sport Institute, of Caribou, has been helping to facilitate the sale for the past four years.
The resort was almost sold in 2017 to Sebastian Monsour, of Australia, of the Australian Majella Group, but the sale hadn’t closed before Monsour was arrested as part of a long-running investigation into a $5 million investment fraud.
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