As The Hermitage Faces Foreclosure, What About the Lifts?

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The Barnstormer lift lies at the center of a ski area and real estate development facing an uncertain future in Vermont.

Berkshire Bank of Massachusetts initiated foreclosure proceedings on the Hermitage Club and related properties last Friday, claiming three loans worth $17 million are in default with $16.3 million in principal still outstanding.  The private club, located next to and once part of Mt. Snow, is open and spinning lifts this weekend but it’s not clear how long that will continue.  While the marketing department feverishly posts pictures of fresh snow and smiling children on social media, what happens next will probably be decided in a court room.  No one knows the eventual outcome but recent ski resort foreclosures and bankruptcies offer some insights.

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