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The Pit Finally Sold After EB-5 Scandal | Burlington News
The long-awaited sale of Newport’s infamous “pit” lot—once at the heart of a massive EB-5 scandal—is finally closing, with the Northern Vermont Development Association buying it for $1.1 million, backed by state and federal funds. This marks a turning point for the community, as proceeds will return to defrauded investors and creditors, while plans for mixed-use development—including housing and a hotel—take shape. After a decade of fallout from a failed project and years of asset liquidation, this deal signals the end of an era in the Northeast Kingdom’s financial turmoil. Listen in…
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