On the ridge above Glenwood Springs, the wind usually whips off the peaks before it reaches the parking lots

Glenwood Springs —On the ridge above Glenwood Springs, the wind usually whips off the peaks before it reaches the parking lots. For years, that wind carried the roar of the coaster and the shrieks of kids on the drop rides. Now, as the summer crowd thins out, the park stands quiet, waiting for a new set of keys to turn in the lock.

The silence is broken by a gavel. In a federal courtroom, United States Bankruptcy Court Chief Judge Kimberley Tyson ruled Tuesday that the park is sold. The buyer is GVC Glenwood LLC, an ownership group 80% controlled by Seattle-based Gondola Ventures. The price tag is $14.8 million.

It’s a steep climb for a company that fell hard. Glenwood Caverns Holdings LLC filed for Chapter 11 bankruptcy in February, eight months after a Garfield County jury handed down a verdict that nearly broke the bank. The case stemmed from the 2021 death of 6-year-old Wongel Estifanos, who fell about 100 feet from the Haunted Mine Drop ride. Workers missed a restraint. The ride is now the Crystal Tower.

The jury initially awarded more than $205 million. Post-trial rulings trimmed that to just over $116 million. To hear them tell it, that number was a chasm the park couldn’t jump. Their liability insurance didn’t cover the gap. So, they filed.

The sale process wasn’t a quiet handshake. The Denver Post reported that the park reached out to 190 potential buyers. Thirty-two signed nondisclosure agreements. Five groups got a tour of the mountain. After more than a dozen rounds of bidding, GVC Glenwood LLC edged out the competition by $100,000.

Not everyone is cheering. Wongel’s parents opposed the deal. They argued the $14.8 million price undervalued the asset. They also pointed to Steve Beckley, the park’s founder, who retains a 20% stake in the new group. That dual role raised eyebrows about potential conflicts of interest.

Tyson looked at those concerns and shook her head. She rejected the arguments, concluding Beckley didn’t improperly influence the sale. The family hadn’t produced evidence of fraud or collusion, she decided. The math holds up, at least legally.

Glenwood Caverns is keeping its tone upbeat. In a statement to the Post Independent, the park called the court’s review a “thorough examination” and the result a “well-reasoned conclusion.”

“The park looks forward to partnering with our new ownership to continue providing memorable experiences for our guests,” the statement said. They’re promising to preserve local jobs and stay part of the community fabric.

The Estifanos family sees it differently. They said the change in ownership won’t stop them. They’re still pushing for safety measures. The ride is fixed, but the fight isn’t over.

For now, the park belongs to the new group. The old guard is stepping back, though not entirely. The mountain stays the same. The people running it are different. That’s the deal.