Mt. Mancelona saved from foreclosure – for now

By: 
Linda Gallagher, Contributing Writer

Photo by Linda Gallagher

Mt. Mancelona's resurrected logo as it appears on the front of the ski hill's lodge.

 

MANCELONA – The "Mountain Of Dreams" has been saved – just in time.

With just a few hours left until the 75-acre property known as Mt. Mancelona would be claimed by creditors, new owners Sam and Abby Porter were successful as of Monday – the day the note was officially due – in a last-minute, all out effort to raise funds needed to pull the property from the jaws of foreclosure … for now.

And they did it in just over a week’s time.

"We raised $40,000, which was enough to extend the option on our loan for another six months," Sam Porter said Tuesday, crediting a successful crowd-funding effort he dubbed as a "shred equity" program – offering a variety of perks and VIP experiences – along with private donations, for raising the funds.

"Now we can continue with our plans to host winter events such as ‘Live From The Lodge,’ dinner concerts, and rentals for company Christmas parties and weekend family getaways," Porter added.

"We are working with a conventional loan to close on the $375,000 needed to own the property outright and build capital for operations to hire our team and get rocking," he said."We are also still seeking investors, offering equity to other first round valuable options based on our plan.

"This is grassroots, but we feel it is so important for this historic mountain to come back to life and help the local economy."

Read the full story in our regular edition of The Review. To subscribe to the paper for just $34 a year, which includes access to our full online e-edition, please go to the subscription page on this website at: http://www.antrimreview.net/subscribe/

 

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