Tamarack Resort (in Tamarack, ID) has officially shut down all ski operations. I remember first hearing about this resort sometime in 2005 when they started playing radio ads on KFOG, our local San Francisco radio station. It was really interesting to see this aggressive new resort pop onto the scene out of nowhere and immediately start targeting folks in Lake Tahoe’s backyard. Ballsy. Definitely caught my attention.
But then, the stories and rumors coming out of there weren’t so hot. Never really knew what to believe or not, but they always seemed to be in big financial trouble and biting off a bit more than they could chew. Andre Aggasi and Steffi Graf in the mix? Then the real estate bubble bursts, then the credit markets dry up… and it ends up being a really crappy time to try and open a luxury resort from scratch.
Here’s a story from the AP that sums up the current situation pretty well.
Condolences and best of luck to all of the employees who got cut loose. Let’s hope these types of stories don’t become more frequent.
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wow, definitely bad timing.
are there any buyers for this distressed property?
Sad. I hate seeing people trying but not quite managing to realize there dreams.