Garnet Lake Lodge sale approved by bankruptcy judge
The Garnet Hill Lodge and Vacation Center in the Adirondacks has a new owner, following approval of the sale last week by a federal bankruptcy judge in Albany.
Pine Meadows Property LLC, owned by Donald Preuninger of North Creek, paid $1.2 million for the 268-acre cross-country ski center and lodge under the sale agreement approved Friday by Bankruptcy Court Judge Robert E. Littlefield Jr.
“We’re looking forward to getting the trails ready for ski season and the restaurant ready to open and serve the guests and community alike,” Preuninger said in a statement on the Garnet Hill web site.
The business located on the mountain overlooking Thirteenth Lake in Johnsburg has been a significant winter tourism draw in the Gore Mountain-North River region for decades, but went into bankruptcy in November when former owners Joseph Fahy and Mary Donnellan-Fahy could not agree on the sale to Preuninger. Court filings indicate the spouses are separated.
In approving the sale, Littlefield said creditor TD Bank must be paid off. The bank is owed $926,000 from a 2006 mortgage, according to court filings.
The bank started a foreclosure in Warren County, but that action was put on hold by the bankruptcy filing.
The lodge business goes back to 1936.