Eneliko “Liko” Smith, the Las Vegas-based hotelier who got into both financial and legal trouble in South Lake Tahoe with The Block chain of snowboard-themed hotels is reportedly planning to spend about $10 million to purchase Leelanau County, Michigan’s “long-shuttered Sugar Loaf Resort,” according to a story in the Traverse City Record-Eagle.
Oddly, it appears that few locals knew of unpaid-tax charges against Smith in California’s Eldorado County.
Leelanau County Commissioner Melinda Lautner wonders how plenty of red flags went unnoticed as Sugar Loaf’s owners and some county officials touted Smith as an ideal buyer. . . “I’m greatly concerned that there are people in our county that were this far along in agreements and plans, etcetera, and hadn’t even Googled the guy,” she said. “I’m kind of stunned.” . . . Still, Lautner said, concerned county officials won’t have much say in the matter if Smith doesn’t opt to use brownfield dollars or other public incentives. . . . “On a totally private deal, the county has absolutely no involvement,” she said. . . Commission Chair Mary Tonneberger agrees. . . . “I don’t think we have the ability on a private sale to examine the financial status of the buyer,” she said.
County offices apparently received many emails questioning the sale. The guy certainly keeps business rolling no matter what.
[Link: Traverse City Record-Eagle via Transworld Business]
While the new owner of Sugar Loaf may come with a tainted history, the financial status of Michigan should welcome a new ownership that in fact may bring some life to its economy. Any business coming in to the state should be recieved as good news. It is better than seeing it get run down and close up.
We’re not that desperate (or stupid) up here. By the way it’s been shut down for 10 years. Liko’s selling t-shirts and holding “fundraisers” prior to the sale of the property, saying that the money will go towards buying a new lift. It’s quite funny, actually.
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