A Utah judge on Friday ruled Park City Mountain Resort must post a $17.5 million bond to operate for the 2014-15 ski season.
That’s 112 times more than the resort paid its landlord, Talisker Land Holdings annually during the decades-long lease it mistakenly let expire in 2011.
The lease dispute has enthralled the ski industry and threatened the upcoming ski season in the tourist-dependent town of Park City, which hosts the most skiers in Utah.
Talisker had asked the judge to force the resort to set aside as much as while the resort appeals its Talisker wants to install Vail Resorts, which leases Talisker’s neighboring Canyons ski area for $25 million a year, as the operator on the Park City Mountain Resort land.
Park City Mountain Resort last week asked District Judge Ryan Harris to consider a bond between $1 million and $6.6 million. To set the bond, Harris used a formula based on Vail Resorts’ $58.7 million valuation of the 2,852 acres of Park City Mountain Resort terrain in
. (Vail’s 50-year lease for the Canyons with Talisker included the opportunity to operate the Park City Mountain Resort terrain.)
Talisker attorney John Lund said there would be no appeal of Harris’ bond ruling. Lund, in a statement, said any suggestion that Park City Mountain Resort owner John Cumming is unable to post the bond is “foolishness.”
“PCMR has generated over tens of millions in profits over the past three years using Talisker’s land without a right to do so,” Lund said. “And of course, the Cummings have considerable resources and should have no trouble at all posting a bond in the amount if they truly wish to do right by the Park City community.”
Talisker and the resort continue to work through court-ordered mediation to reach a deal that would prevent a trial over remaining issues in the eviction.
A spokeswoman with Park City Mountain Resort said a statement was pending Friday afternoon.
Jason Blevins: 303-954-1374, jblevins@denverpost.com or twitter.com/jasonblevins
