Clymer, NY – Peek ‘n Peak in Clymer was sold at auction on August 25 to Scott’s Development Co. for $11.3 million, which falls far short of the debts owned by the ski resort in western New York State.

The deal is expected to close by the end of this month, putting the 1,150-acre ski resort in the hands of Erie developer Nick Scott Sr., principal of Scott’s Development which owns more than 20 restaurants and hotels and the Splash Lagoon Indoor Water Park near Erie, Penn.

The closed auction was held in U.S. Bankruptcy Court in Cleveland, Ohio, where Kiebler Recreation LLC, Peek ‘n Peak’s owners since 2006, first sought protection in May 2010 following an unsuccessful reorganization effort. The resort’s former owners owed $1.3 million to Chautauqua County in property taxes and $17 million to Kiebler’s primary lender, Huntington National Bank. The county will get the first crack at the auction proceeds.