BURKE, Vt. (AP) — An attorney for the Burke Mountain ski resort is appealing a decision to uphold the market value of the resort at $18.7 million.
William Roger Prescott, an attorney with Downs Rachlin Martin, wrote to town officials recently contesting the ruling by the the town assessor, the Caledonian Record reported. Prescott is seeking a hearing before the Burke Board of Civil Authority.
The ski resort, whose former owner was charged with fraud, remains in the hands of a federal-appointed receiver until it is sold to new owners. The resort’s value was contested earlier this year but upheld by the assessor.
“The Vermont Supreme Court has long recognized that the most appropriate methods for valuing a commercial enterprise like Burke Mountain is one that accounts for its income producing potential because ‘income is the very reason for the purchaser to acquire the property,'" wrote Prescott in the seeking the hearing this month.
“Burke Mountain operated at significant loss in each year during the 2017-2019 period, and will have a loss for the 2020 period,” he wrote.