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Members OK Wintergreen Resort Sale to Jim Justice

Posted: 7:28 AM Jun 25, 2012

Wintergreen Partners Inc. members have approved the $16.5 million sale of the Virginia resort to Jim Justice.

The Daily Progress reports that members voted 1,219-to-21 on Sunday to approve Justice's acquisition of Wintergreen Resort.

Justice also owns The Greenbrier resort in West Virginia.

Justice will pay $2.5 million in member consideration and $14 million at closing.

Wintergreen attorney Dion Hayes says the deal will be good both for Wintergreen and Central Virginia's economy.

Wintergreen encountered financial problems earlier this year because of a mild winter, the loss of its $3 million line of credit with Bank of America and a now-settled tax-credit dispute with the state.