Telemark Resort in 'friendly foreclosure'
A storied ski lodge in Cable, Wis., dating back to the 1940s, is being surrendered to the mortgage holder. Telemark Resort, the location of several high-profile ski and bike races that attract participants from around the world, hit a low point r...
A storied ski lodge in Cable, Wis., dating back to the 1940s, is being surrendered to the mortgage holder.
Telemark Resort, the location of several high-profile ski and bike races that attract participants from around the world, hit a low point recently when a planned sale fell through this spring. Owners now are in the process of "friendly foreclosure."
Susan Wiik, vice president of the owners group, said it's sad surrendering the lodge to the mortgage holder, but the resort has not made a profit in the past 11 years.
Members of the Telemark Interval Owners Association approved the sale of their lodge this spring to Telemark Partners LLC. The Minnesota partnership said it wanted to sink $20 million into renovating the resort and hoped to earn money by drawing athletes to an Olympic-level training center for skiers, mountain bikers and snowboarders.
That would have been a reflection of the resort's past stature: It served as the training ground for the U.S. Nordic Ski team in the 1970s.
With that sale fallen through, it's expected Telemark will be transferred to the mortgage holder in October.
Organizers of two athletic events traditionally held on the property will continue their races this year. One, the Fat Tire Festival, was held Saturday. The other, the American Birkebeiner cross country ski race, is in February.
American Birkebeiner Ski Foundation director Ned Zuelsdorff plans to contact the lien holder for access to Telemark trails. Registration and the skier expo will be moved to Hayward Middle School.
The resort closed in May, but five nearby condominiums still are operating. They are on a separate piece of deeded land, apart from the 1,000 acres that will return to the investor.