Jeld-Wen selling Silver Mountain Resort in Kellogg for $5 million

Silver Mountain Resort in Kellogg is getting a new owner.

Jeld-Wen Holdings Inc., which has owned the resort for 20 years, is selling the North Idaho property for $5 million, according to a recent filing with the federal Securities and Exchange Commission. The buyer wasn’t disclosed in the Sept. 12 filing, and the company hasn’t identified the buyer.

Silver Mountain includes a ski operation with three-mile gondola, nine-hole golf course, condos and indoor waterpark.

Jeld-Wen sold three central Oregon resorts in 2010 and said at that time it was willing to sell Silver Mountain as well. The company entered into an agreement to sell the Silver Mountain operations in March 2013, but that deal fell through.

On July 26, the company entered into a new agreement to sell the resort and real estate development for $6 million, and it dropped the price to $5 million on Sept. 9. The sale was expected to close last month or early this month. Shoshone County has not yet recorded a change of ownership in Silver Mountain.

As a private corporation in 1996, Jeld-Wen bought the resort from the city of Kellogg for an undisclosed price. The Oregon-based multinational window-and-door manufacturer sold the majority ownership of Jeld-Wen for $871 million to Onex Corp., a private-equity firm based in Toronto, in 2011. The company moved its global headquarters from Klamath Falls to Charlotte, N.C., last year and converted this year to a publicly traded company.

Silver Mountain first opened as Jackass Ski Bowl in 1968. In 1973 the Bunker Hill Co. bought it and changed the name to Silverhorn Ski Area. The city took over management in 1984 and added the gondola and base village in 1990, when the resort was re-named Silver Mountain.

The Gondola Village and condominiums were added starting in 2004, the Silver Rapids water park opened in 2008, and the Galena Ridge Golf Course opened in 2010.