Trust chairman Tom Pryde confirmed to the Otago Daily Times yesterday the trust had met the finance clause deadline in its purchase agreement for the Snow Farm land and business.
The land was sold for $1.7 million, while the price tag for the business and other assets remained a "confidential figure" at this stage, Mr Pryde said.
The Snow Farm land had an agreed valuation between the Lees and the QLDC of about $2 million.
Under the agreement, the trust will pass ownership of the Snow Farm land to QLDC to be held in perpetuity as a recreational reserve. The trust will lease back the land, manage and maintain the proposed reserve and operate the Snow Farm business.
The trust was formed to take over the Snow Farm, assisted by the Lees, who established the field in 1988. The Lees had given the trust, their preferred buyer, until the end of September to come up with funding.
While some contractual conditions are still to be met by the end of December, the purchase is expected to be settled in March 2012.
The land purchase was achieved with funding from the Queenstown Lakes District Council, Central Lakes Trust, New Zealand Lottery Grants Board and Community Trust of Otago. The Lee family assisted with the finance for purchase of the business assets "on generous terms", Mr Pryde said.
The trust gave its "sincere thanks" to the funders, as well as to the Lee family who had "guided and supported the process".
The Lees were keen to see their development of the field have continuity and felt the best buyer to ensure that was the trust, with QLDC backing.
"We're very excited it's been confirmed . . . the trust has done a great job getting to this point," Mrs Lee said.
The trust was thrilled to have secured permanent winter and summer access rights to the Snow Farm for the New Zealand public and overseas visitors, Mr Pryde said.
The purchase also resolved any future risk to winter sports which use the facility and secured a key New Zealand Winter Games venue.
The trust is developing management plans for the Snow Farm for the 2012 winter season and will open the facility as soon as there is sufficient snow. Plans are also in the pipeline to expand the mountain biking and walking trails before the 2012-13 summer.
"The trust will be looking to improve and develop the legacy passed to them by the Lees for all winter and summer recreational users," Mr Pryde said.
He acknowledged the encouragement and support the trust had received from Winter Games chairman Sir Eion Edgar and members of Parliament Bill English and Jacqui Dean.
