Powderhorn, a small resort with 1,600 skiable acres near Grand Junction, Colo. has been acquired at auction by three well-known names in the state's ski world: Andy Daly and Ken and Tom Gart. Powderhorn attracts about 75,000 skiers and riders each year.

The three had the high bid of $1.4 million for the resort, along with a 700-acre plus parcel of land nearby that holds the potential for a golf course and real estate development.

Daly was the former president and CEO of Vail Associates before it became Vail Resorts. The company acquired Keystone, Breckenridge, Heavenly, and the Grand Teton Lodging Co. during his tenure with Vail. He left Vail in 2002 to form his own investment company.

The Gart family has been in the retail sports business in Colorado for three generations. Vail paid $31 million in 2010 to acquire the Garts share of Specialty Sports Venture, owners of Colorado Golf & Ski, Bicycle Village, and numerous equipment and rental stores in mountain resorts, according to the Post.

Daly told the Denver Post he believes "Powderhorn is a wonderful gem that has been undercapitalized for a number of years. We want to bring back skiing and capital."

Daly said there will be small improvements to lifts and snowmaking and a tubing park for the coming winter season. Previous co-owner Steve Bailey told the crowd at the auction, "It's been a delightful run."