EDEN -- An auction that lasted less than an hour resulted in bids of about $8 million but may have left Wolf Creek Resort in pieces.
The auction took place Friday at the Pineview Lodge while golfers teed off at the nearby golf resort.
The auction was part of a Chapter 11 bankruptcy plan filed in 2010 so Wolf Creek Properties LC could sell assets to deal with debt estimated at $10 million to $50 million.
Attorneys and creditors must decide whether to accept the final bids. It could not be determined Friday night whether that decision had been made.
In 2010, Wolf Creek officials blamed the bankruptcy filing on a downturn in the real estate market and the economy.
Bidders at Friday's auction had to provide a $100,000 cashier's check as a deposit when they checked in. About 60 people, including bankers, developers, brokers and attorneys, attended the event.
Weber County sheriff's deputies provided security at the auction.
Wolf Creek officials had hoped the entire resort would sell in one piece, but a final bid of $7 million for the entire resort was rejected during the first phase of the auction.
The entire resort is appraised at $28 million to $34 million, said Rob Olson, auctioneer and owner of Erklens & Olson Auctioneers.
Olson told bidders, in an effort to get the bidding started at $10 million, "My dad told me long ago there's only so much land, so buy as much as you can."
But those attending showed no interest in bidding that high for the 3,000 acres, which included Wolf Creek Ski Resort and Wolf Creek Golf Course.
The bidding started at $5 million and slowly increased to $7 million. Following the closing of the first phase, attorneys met and decided that amount was too low.
The second round then got under way pieces of the resort auctioned off individually.
America First Credit Union had the high bid of $7.1 million for Wolf Creek Ski Resort, on which it holds the lien.
No bids were made on Wolf Creek Golf Course. Zion's Bank holds a lien on the course.
The Farm Bureau had the top bid of $600,000 for Pineview Lodge and the clubhouse.
About 1,400 acres were sold for $500,000 to the Summit Series group.
Mike Johnson, an attorney for the unsecured creditors, said Summit Series has no lien on any of the properties.
Wolf Creek resort was originally called Patio Springs and opened in the early 1900s.
In 2000, Steve Roberts and Steve Malachowski founded Eden Investments LC and Eden Properties LC for the sole purpose of forming Wolf Creek Properties LC.
Eden Properties is the managing member of Wolf Creek Properties LC.