The Leelanau Conservancy is on a path to acquire Sugar Loaf through an $8 million campaign, following the initial $6.4 million raised.
"The discussion has been ongoing for quite some time, and it's been a great collaboration to develop a vision that we can all get behind. It's going to be an incredible conservation gem for Leelanau," Leelanau Conservancy Executive Director Tom Nelson said.
Nelson stated the Conservancy has been in talks with SPV45 LLC for roughly three years.
The Conservancy raised $6.4 million in a quiet phase and is "confident" it will raise another $1.6 million by December 31 to complete the transaction.
"We are confident and believe the community is going to rally and support this project idea of public access for everyone for no cost. This is really something we've always had in mind, and it's a once-in-a-lifetime opportunity and an incredible landmark," Nelson said. "The vision for Sugar Loaf is a place where everyone can enjoy the outdoors … Viewing pavilions and trails for hiking, biking, and cross-country skiing. When conditions are right, downhill ski."
The Conservancy will host information sessions in July at Solon Township Hall and on August 5 at Glen Arbor Township Hall, both at 6 p.m.
It's been more than four years since the Sugar Loaf Resort was demolished, but it seems the black eye on Leelanau County, which closed in 2000, has a brighter future ahead.
The Leelanau Conservancy
The owners of SPV 45 remain anonymous, as they are based in Delaware and are not required to disclose their names and addresses.
The only known activity at Sugar Loaf last year was a minimal property line adjustment, recorded July 25 by the Leelanau County Register of Deeds. Since this adjustment affected less than half an acre of land, this was a mundane property line dispute with a neighbor.
Ross Satterwhite, a Leland-based real estate adviser who worked with SPV45 LLC on the purchase of Sugar Loaf and its demolition, was also the primary media contact from 2020 to 2021.
Satterwhite has extensive ties with the Leelanau Conservancy. His job title is currently with Iron Bridge Capital, a private equity real estate investment and development company.
Satterwhite couldn't be reached for comment as of this publication.
Sugar Loaf was inaugurated as a ski park in 1947 and remained one of the largest employers in the area for over half a century before it closed in 2000. Although it was once a successful resort, the cracks had started to show by 1981, when its owners defaulted on their loans.
From there, the property changed hands constantly both before and after its closure. One of the owners, Remo Polselli, was convicted of tax fraud, and the U.S. Supreme Court ruled on a tax collection lawsuit filed by his wife in 2023.
SPV 45 acquired Sugar Loaf from Sweet Bread LLC in December 2020 and began demolishing the resort about a year later. The resort's decaying and unused facilities prompted Cleveland Township officials to adopt a blight ordinance in 2020.
The resort is still fondly remembered, and the Leelanau Historical Society has an exhibit called "Sugar Loaf: A Retrospective" at its museum, located at 203 E. Cedar St. in Leland. It features memorabilia donated or loaned by the community, as well as some oral histories of the resort. The exhibit is still taking contributions from Sugar Loafers and will be open through the end of the year.
