Donnelly, Idaho – In the same week that lifts began spinning for the first time since March 2009 at Idaho’s bankrupt Tamarack Resort, principal owner J.P. Boespflug announced on Wednesday that the resort now has reached an agreement with a buyer.nBoespflug indicated that his company has accepted a $40 million bid to purchase Tamarack from the heretofore unknown Green Valley Holdings of Eagle, Idaho, over competing bids from JMA Ventures of San Francisco and Pelorus Group of Salt Lake City. JMA, a commercial real estate development firm, owns and operates several ski areas, including Alpine Meadows on the shores of Lake Tahoe, Calif., and Red Lodge in Montana. Pelorus Group recently acquired Tamarack’s conference center.

The deal announced by Boespflug on Wednesday still needs to be approved by the federal bankruptcy judge overseeing proceedings in Boise associated with Tamarack’s default on a $300 million construction loan.

Tamarack is now offering skiing and riding for the first time in two winters thanks to a contingency plan initiated by the Tamarack Municipal Association, a consortium of resort homeowners.