Traverse City Record-Eagle

Archive: Friday

March 14, 2014

Polselli optimistic on Sugar Loaf

TRAVERSE CITY — Former Sugar Loaf owner Remo Polselli voiced excitement about future prospects for the shuttered ski resort in Leelanau County.

Polselli, who calls himself a principal of current owner Troy-based Rock Investment Advisors LLC, believes the long-dormant property can still be successful with the right owner. He expects to announce new ownership in the relatively near future.

A county inspection of the property last month led to an order that the owners fix roofs and better maintain the grounds.

Since the inspection the county received payments of $136,000 from Troy-based Talmer Bank and Trust to pay Sugar Loaf’s delinquent taxes, and Polselli has been in touch with Steve Haugen, the building official at the county’s Construction Code Authority.

“We will be addressing the issues with the proper parties; we’ve paid the taxes in full,” Polselli said. “Now that’s behind us, we are moving forward and will hopefully be announcing a new owner in the coming weeks.”

Polselli would not say who might be in line to purchase the resort, or if any person or group has shown serious interest. He said he thought a local owner would be best for the resort.

“There’s no guarantee because every time we think, ‘you’re close,’ the people have not performed,” said Polselli, whose ownership was interrupted by a prison sentence for federal tax crimes.

John Peppler, a real estate agent who holds the property listing, said potential buyers are interested.

“It takes a specific individual with some certain skills to be involved in a project like Sugar Loaf,” Peppler said. “The percentage of people who can step up and have the money and expertise is very few.”

Egan McGlynn, a member of Friends of Sugar Loaf Inc., said she’s weary of hearing false reports of an interested buyer.

“When the title transfers at the county building, that will mean something to me,” McGlynn said.

Kate Wickstrom continues to be listed as Sugar Loaf’s owner, according to county Register of Deeds records. Polselli said the owners intend to switch the name over soon. The outstanding tax delinquency had held up the ownership change, he said.

Rock Investment Advisors has owned the property for about a year, Polselli said.

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