The financially strapped owners of Wisp Resort in McHenry, Md. say they have found a buyer. D.C. Development filed documents asking the U.S. Bankruptcy Court in Greenbelt to approve the sale the of Kansas City-based Entertainment Properties Trust for more than $20 million.
Entertainment Properties is a real estate investment trust with nearly a dozen other ski properties, according to its annual report. Its other investments include Megaplex Theaters, entertainment retail centers and public charter schools.
The owners of Wisp ski resort filed for Chapter 11 bankruptcy protection last year, after defaulting on nearly $30 million in loans it had received to build a golf course community near the ski resort.