Saddleback Mountain

Maine Public File 2015

A Boston investment firm has officially purchased Saddleback Mountian ski area.

Arctaris Impact Fund completed the reported $6.5 million sale Friday afternoon.

The mountain is expected to reopen at the end of this year.

The firm has said it plans to invest $38 million into Maine's third-largest ski mountain. Upgrades will include replacing an old chairlift, expanding daycare and retail space and installing new snowmaking equipment. The company also plans to hire about 200 to 240 full- and part-time employees.

Saddleback Buyer Gets Final Piece Of Financing Package

Jan 27, 2020
Susan Sharon / Maine Public

PORTLAND, Maine — The Finance Authority of Maine’s board has approved loan guarantees and a loan necessary for a Boston investment group to complete the purchase of Saddleback Mountain.

The board on Monday approved $2.5 million in loan insurance on a $12.5 million loan along with a $1 million direct loan. Arctaris Impact Fund also raised private funds and received a separate $1 million loan through the Maine Rural Development Authority.

The loans will help Arctaris Impact Fund purchase the ski resort and new equipment, including chairlifts, housing and base lodge.

RANGELEY, Maine - The Boston-based group that wants to revive the idled Saddleback ski area needs to line up $2 million ahead of a deadline for closing the deal on Dec. 23.

Fred Bever / Maine Public/File

A deal that could bring the Saddleback Mountain Ski Resort back to life is in the works — again.

Fred Bever / Maine Public

RANGELEY, Maine - The Australian developer who's buying Maine's Saddleback Mountain ski resort has been arrested after a raid on his offices in his home country.
 
Australian news media report that Sebastian Monsour was charged Thursday with investment fraud after a search warrant was executed.
 
Monsour is CEO of the Majella Group, which is in the process of buying Saddleback.
 
The Rangeley ski resort has been closed for several seasons. Owners Bill and Irene Berry announced a year ago that they were selling to Majella Group.
 

Fred Bever / Maine Public

The Saddleback ski area is changing hands, and the new owners say they have the resources to turn the struggling mountain into a four-season recreational magnet.

SANDY RIVER PLANTATION, Maine - Fire swept through a development at the shuttered Saddleback Ski resort in Sandy River Plantation Tuesday night.

Rangeley Fire Chief Tim Pellerin says the call came in just after 4 p.m., and once units arrived parts of the Rock Pond condominium development were ablaze.

"So it was basically a three-story wood-frame building, fully-engulfed fire coming out every window and every door," Pellerin says. "I mean, I could see it from town - when we were leaving town in Rangeley to Saddleback Mountain we could see it."

Susan Sharon / Maine Public

A coalition of nonprofits, business owners and ski lovers is pushing to create a community cooperative to buy and reopen the shuttered Saddleback ski area. But there may be some other potential buyers on the horizon.

The energized coalition turned out for a Portland press conference announcing that after months of mystery about the resort’s future, a verbal deal had been struck that could get it back on track. The president of the newly minted Saddleback Mountain Foundation, Peter Stein, says the group will pay a total of $6 million, plus royalties, for the shuttered resort.

Susan Sharon / MPBN

RANGELEY, Maine — With just ten days before Christmas and the fate of the Saddleback ski area still unknown, some Rangeley Lakes business owners' hopes are fading that there will be a robust winter tourist season this year. Compounding their worries is the warm weather and lack of ice and snow.

Wikimedia Commons

RANGELEY, Maine - Saddleback Mountain in Rangeley needs to raise $3 million by the end of the month in order to open for the winter ski season. That's the message today from the owners of the resort, who hope that a viable funding source will come forward and secure what many say is a critical anchor for the economy of western Maine.