Ski Resort Area Sold in $50-Million Deal
From United Press International
VERNON, N.J. —
The owner of Action Park and the Vernon Valley-Great Gorge ski area in northwestern New Jersey has agreed to sell the operation for $50 million.
Great American Recreation Inc. announced that it has an agreement in principle to sell the resort area to International Broadcasting Corp. of Minneapolis, the owner of the Harlem Globetrotters and the Ice Capades, which also has interests in amusement parks.
A number of principals in Great American are also part of a development deal involving the former Playboy Hotel at Great Gorge. The partners bought the building from the Wells Fargo Bank of California for $11 million.
Plans call for turning 500 rooms in the former hotel into condominiums for sale and building a $3.5-million tramway.
