Homewood Mountain Resort Redevelopment Finances
Tahoe Homewood > Homewood Mountain Resort Redevelopment >Finances
in 2006 Homewood Mountain Resort (HMR) was loosing over $500,000 per year according to 1 report.
In early 2006, Jeff Yurosek, owner of the Homewood Mountain Resort ski area, had plans to sell the land to the US Forest Service and lease it back. Representative John Doolittle blocked the sale. Art Chapman bought HMR from Yurosek for an undisclosed price.
Yurosek was asking the Forest Service for $22 million
The forest service bought 14 acres for a swath of land around Quail lake and sensitive stream, down to the lake.
According to a news article In 2022 FirstTracks reported Art Chapman said JMA will spend $15 million to replace two lifts that are about 50 years old. 2 chair lifts will be replaced for a cost of over $15 million.

Homewood Response to Tahoe Regional Planning Agency, February, 2023
Homewood had lost over $5 million since their original acquisition.
Since the advent of the Ikon and Epic pass programs (used at Palisades), commuter (non-local) visitor days have fallen by approximately 40%. On weekdays often less than 50-100 paid skiers visited the resort.
JMA has invested another $10 million in resort improvements including a new high speed detachable ski lift. Nevertheless, attendance has continued to decline.
The Madden Chair will be replaced with a 8-passenger, detachable gondola with a capacity of 2,400 persons per hour costing in excess of $15M.

Value of Ski Resorts:
in 2010 Vail Resorts purchases North Star for $63 million and KSL Resorts (Beach resorts and some small ski areas) bought Squaw Valley and Alpine Meadows for an undisclosed price.
Value in developing the whole property:
Value in developing taring down the ski lifts and developing the whole property with roads, utilities, houses.

Rubicon properties, Tahoma 156 acres

Homewood 1,260 acres
Studies suggest that successful mountainside developments can achieve profit margins between 10% and 30%, with some luxury resorts potentially reaching even higher margins.