American Skiing Company has agreed to pay more than $5 million to settle a lawsuit after it backed out of a deal to sell Colorado’s Steamboat Ski Area.
A Colorado newspaper reports that American Skiing, which owns Vermont’s Mount Snow and Killington resorts, will make one payment of $3 million and a second of $2.1 million. The money will be paid to Triple Peaks LLC. That company includes the Okemo Mountain resort in Ludlow and is headed up by Tim and Diane Mueller.
American agreed to sell Steamboat to Triple Peaks in February of 2002. It backed out of that deal a month later and decided to sell its Heavenly resort in California to Vail Resorts instead.