Historic Conneaut Lake Park will soon be owned by a new private company

Pennsylvania

Keldon Holdings LLC will soon be the new owner of Conneaut Lake Park

(WJET) – The historic Conneaut Lake Park will soon be owned by a new private company.

The sale price in bankruptcy court was $1.2 million. It’s news out of Crawford County.

Earlier today, we attended the park’s virtual auction and sale hearing.

Here is what is in store for the park.

Keldon Holdings LLC will soon be the new owner of Conneaut Lake Park. Details of the sale were discussed during a morning Zoom court hearing on Tuesday.

The trustees of Conneaut Lake Park asked the bankruptcy judge to sell the amusement park property to Keldon Holdings LLC.

The court approved the sale, however, Judge Jeffery Deller requested a few changes to the proposed sale order to address technical issues.

“So we just wanted to make it abundantly clear to the taxing authority that we were relying on that provision, and that if they disagree with that, they have an opportunity to file an objection and we’ll deal with it at that time,” said Attorney Jeanne Lofgren, trustee lawyer, Council of Trustees for Conneaut Lake Park.

Lofgren said that while Keldon Holdings LLC will soon be the owner of Conneaut Lake Park, there is just one step to close the deal.

“You have to have the bankruptcy court tell a debtor that it’s OK for them to sell their property and then you have to move to what most people think of as a real estate closing transaction and actually close on the property and transfer the title. So that part hasn’t happened yet,” Lofgren said.

Lofgren said that the Economic Progress Alliance of Crawford County has played a huge role in assisting Conneaut Lake Park.

“I would want to recognize the Economic Progress Alliance of Crawford County, it’s just been integral in managing the debtors’ operations for the last six years. I don’t think we would have gotten to a sale without their involvement,” Lofgren said.

“The alliance is excited about the sale almost coming to a close and see the bid placed back into November come into fruition, allowing the alliance to move onto other economic development projects,” said Jim Becker, executive director of the Economic Progress Alliance of Crawford County.

Later on in the day, Judge Deller approved the sale confirming that Keldon Holdings LLC is the new owner of the park.

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