Sunlight Mountain Resort in Glenwood Springs has finally gone under contract, its owners announced Saturday.

The buyer is Exquisite Development of Destin, Fla.

The deal includes 470 acres of skiable acres as well as 450 acres of land zoned for up to 780 residential units and a retail village. The purchase price was not disclosed.

The rustic ski area, located about 10 miles southwest of Glenwood, was originally listed at $50 million in October 2005.

The final price will be set once it is determined what kind of easements the new owners can get from Garfield County, said Jerry Jones, the Avon real estate broker who listed the property.

"Because of its great location … between the Vail Valley and the Aspen Valley, and with its tremendous transportation connections, the development here could really be a trendsetter for future ski areas," Jones said.

Sunlight is celebrating its 40th anniversary this winter. It has been owned by Sunlight Inc., a Colorado corporation consisting of 34 shareholders, since 1992.

Minority owner Richard Schafstall, who served as Sunlight’s president and chief executive, said last winter that the ski area was profitable, but he declined to discuss financial details.

At least $10 million of investment is necessary just to keep Sunlight’s three lifts up and running, he said.

Exquisite Development has several other condo resort developments in the works in Florida, Alabama and Tennessee. They did not return calls for comment Saturday.

Sunlight hosted 80,139 skiers last winter, according to Colorado Ski Country USA. Business will continue as usual for the foreseeable future, general manager Tom Jankovskyn said.

Season pass sales were up 20 percent this fall, he said.