Questions to ask before purchasing (not that anyone here has the capital, but just in case you were a businessman looking to buy):
1. Valuation: how is the value of the resort compared to other resorts. Take a look at comprable mountains and see how much they are valued (probalby gonna be hard to value b/c most are not publicly pwned, and thus the information is not available.)
2. Future Revenues: How much money will this place make over the next 5 years. The $4 Mill price tag inclues the price of the land and the potential revenues. Let's assume that the land costs $2 mil... You need to run some calculations that show that you can make up the other $2 million and make a profit over the next few years. $40 a ticket X 100 Snow Days X 1000 skiers a day X 5 years=20 million dollars... minus expenses (salary, insurance, snowmaking, lodging, utilities etc), and hopefully your profit over the next 5 years is around $4 milion. Actually that'd be great... 100% returns over 5 years. 20% a year....
3. You also need to look at other shit like risk of bad weather, effect of 2010 olympics, growth potential, taxes, and ease of selling it to another purchaser over the next 10 years...
Get all those estimates and assumptions in there and you should be able to calculate whether to buy the place or not.