CMBR Sale Falls Through
It has been reported by The Crested Butte News, and the Gunnison Country Times – and confirmed in those reports by Ethan Mueller (Vice President and General Manager of CBMR) that the current negotiations with the potential buyers of the Ski Area Operations and Real Estate held by CBMR and the Muellers has fallen through.
Perhaps the recent listing of the 255 Acre North Village Parcel was an early indicator that the deal was on thin ice. As previously posted – there are 255 Acres at the base of Snodgrass Mountain that is now for sale at an asking price of $12.6M. This land has been approved by the Town of Mt. Crested Butte for residential zoning supporting between 800 and 1,600 residences. This property referred to as “The Promontory” is being listed by a ranch broker on the front range (Mirr Ranch Group of Denver). Interesting that the property is now for sale in light of the possible sale of the ski area and all the real estate, and also that CBMR did not list with their own real estate office here in Crested Butte.
The Buyer(s) were not confirmed (citing confidentiality agreement) – but the rumor was that it was Cypress Equities out of Dallas in partnership with Intrawest. Cypress Equities (formerly a part of Staubach’s real estate company) is headed by CEO Chris Maguire – who has a beautiful ski-in/out home in the Prospect development here on Mt. Crested Butte, and they also recently acquired a parcel of land near downtown Crested Butte. Of course Denver based Intrawest is a quality ski area operator with six ski resorts in North America including Winterpark and Steamboat here is Colorado.
As I have said I respect the Mueller’s, the management team, their work ethic and I believe they do a good job running the ski area. But any new owners of the ski area would be a good thing. Primarily because like when the Mueller’s bought the ski area – they did so with a capital improvement plan and enthusiasm to make those improvements. Whether this is focused on expansion or terrain (Teocalli drainage expansion) or base area development (replacing the old Gothic Building that was torn down and the Cimarron building did not get built due to market/economy downturn), or any of the many other options.
Everything is for Sale at some price – Since the word has spread that the Muellers were even interested in entertaining an offer – there will likely be others who may want to look under the covers and certainly additional rumors of a bonafide buyer coming to visit – we will have to wait and see…
Many have wondered – If CBMR were to sell How Would this Affect the Crested Butte Real Estate Market? Click the link to see my previous post on this subject.
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Author: Chris Kopf