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Holding company buys Maclay ski-area land for $22.5 million – Bitterroot Resort

February 22, 2012 /

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A financial holding company bought back its own loan on Tom Maclay’s proposed Bitterroot Resort http://www.bitterrootresort.us/ski area at a sheriff’s auction on Wednesday.

Metropolitan Life Insurance Co. Asset Holdings bid $22.5 million to recover its investment in the 3,000-acre property southwest of Lolo. One other unidentified person bid $1 million for the property before Met Life attorney Allen Karell ended the sale.

"That’s not everything we’re owed," Karell said. "That’s what we ended up bidding."

By ROB CHANEY of the Missoulian

Full Story: http://missoulian.com/news/local/holding-company-buys-maclay-ski-area-land-for-million/article_c88912a8-5d80-11e1-a7ca-0019bb2963f4.html

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