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      Purchasing agreement made for Sugar Loaf

      A purchasing agreement has been signed to buy the long closed Sugar Loaf ski resort in Leelanau County.

      T he realtor for the property will not disclose who the buyer is , but a website for controversial entrepreneur Liko Smith said he is the one that is buying Sugar Loaf.

      B ack in 2010 , S mith visited the small community of Cedar and tried to sell them on the idea of revamping the resort.

      However, he failed to secure investors and quickly dumped the idea , which left a sour taste in the community's mouth.

      "H e was here before and all he wanted to do , as we saw it , was scam people out of money, " Pat Flynn, Cedar resident said. "H e came in with grandiose plans and he didn't have any money."

      "N obody will pay attention to it around here until it is a done deal, and they see people actually doing something and coming forward in front of the residents ," Martin Schnaepp, Cedar resident said.

      O n Smith's website he announced a plan to build the Rok on this property. A 560 acre winter sports facility that he says will be the snowboarding mecca in America.

      A ccording to the website it will be open as soon as November 2014.

      T he Sugar Loaf Resort has been deteriorating since it closed in 2000 and it has effecting everything from business to property values.

      "I t has not helped the value of our homes, it dragged them right down ," Flynn said.

      E ven though many are skeptical about this sale , they still dream of a new resort that could bring a boost to the local economy.

      " More people would come up and use their summer homes in the winter and come over and ski and get into the different activities ," Schnaepp said.

      Liko Smith was unavailable for comment.

      T he price listed on their website for the S ugar L oaf property is $ 5. 7 million.