Attorney General Reaches Agreement on Soldier Mountain Sale
BOISE, Idaho (News Release) – Idaho Attorney General Lawrence Wasden has reached agreement with the Soldier Mountain Ski Area, Inc. following the ski area’s recent transition to new ownership.
Under terms of the deal signed this week, Matthew and Diane McFerran, who are working to finalize a purchase agreement, will distribute charitable goods and services worth $13,400 during the next four years.
Those goods and services can include discounts on ski passes and equipment for children, seniors, veterans or special needs customers, according to the agreement.
“I’m pleased we were able to reach such a positive agreement with the new Soldier Mountain owners and board of directors,” Attorney General Wasden said. “But even more, I credit the board and the McFerrans for resolving this case in a way that creates opportunities for the public and for this ski hill to grow and remain an integral part of the community.”
Idaho law gives the Attorney General the authority to supervise and investigate organizations holding property subject to a public or charitable trust. The Fairfield-based ski area had held a variety of charitable assets, including two lifts and a lodge.
Last year, the Soldier Mountain Ski Area board advertised the property for $149,900.
In October, the Attorney General’s Consumer Protection Division launched an investigation focused on whether Soldier Mountain’s charitable assets were adequately valued and marketed at fair market value.
As part of its investigation, Wasden retained an independent consulting firm to appraise the assets and evaluate the ski resort market.
In the settlement, Wasden agreed with Soldier Mountain officials to a fair market value of $162,402, an amount $13,402 higher than the sale price. In turn, the McFerrans will distribute charitable goods and services worth $13,402. The deadline for distributing charitable goods and services is October 31, 2020.
“This ski area is a wonderful asset to the community and I believe this agreement will help keep it that way for generations to come,” Wasden said. “It’s my hope the McFerrans can now focus on preserving and growing this resource for skiers and snowboarders of all ages and skill level.”