Because of a clerical error, the company now has the rights to a huge amount of land in Park City.
A District Court judge in Utah backed a Park City landowner that recently leased a massive swath of prime ski area to Vail Resorts following a clerical error that killed a previous agreement with another company.
This week's ruling, the Denver Post says, means Vail Resorts now has the rights to more than two-thirds of the land in Utah’s most popular ski area. As the paper reports:
And it means that Park City Mountain Resort owner Powdr Corp. will go down in history as captaining the ski industry's most costly clerical error: a days-late filing to renew their decades-old, sweetheart lease could forever change their flagship ski area, which has seen Powdr invest more than $100 million.
The newspaper reports Powdr has said the failure to renew the lease was an “honest mistake” when it missed the deadline to file paperwork for the land beneath Park City Mountain Resort. The judge apparently disagrees.
The Post reports Powdr was paying Talisker Corp.—which owns the land—roughly $150,000 annually for the property under a series of 20-year leases. The agreement was first signed in the 1970s.
But that’s chump change compared to the $25 million Vail Resorts will pay Talisker each year—plus a percentage of revenue each year to lease an adjacent 4,000-acre Canyons Resort ski area.
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