A federal bankruptcy judge has approved the $14.8 million sale of Glenwood Caverns Adventure Park to an ownership group controlled by Seattle-based Gondola Ventures, according to reporting from The Denver Post.

United States Bankruptcy Court Chief Judge Kimberly Tyson ruled Tuesday that GVC Glenwood LLC, an ownership group 80% controlled by Gondola Ventures, can purchase the mountaintop amusement park. Glenwood Caverns founder Steve Beckley will retain a 20% stake.

The sale comes about eight months after Glenwood Caverns Holdings LLC, the company that owns and operates the park, filed for Chapter 11 bankruptcy protection in February following a wrongful death judgment tied to the 2021 death of 6-year-old Wongel Estifanos.

A Garfield County jury initially awarded more than $205 million in combined damages following a 2025 trial over Wongel’s death. Post-trial rulings later reduced the final judgment against Glenwood Caverns to just over $116 million. The park filed for bankruptcy after saying the judgment, which far exceeded its available liability insurance, threatened its ability to continue operating.

Wongel died after falling about 100 feet from the Haunted Mine Drop ride in September 2021 after workers failed to notice that she was not properly restrained. The ride later reopened as the Crystal Tower with redesigned safety features.

The sale was opposed by Wongel’s parents, who argued the $14.8 million sale price undervalued the park and raised concerns about Beckley’s involvement in both the current and incoming ownership groups.

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According to The Denver Post, Tyson rejected those arguments, concluding that Beckley did not improperly influence the sale and that the family had not produced evidence supporting allegations of fraud or collusion.

The Denver Post noted that the sale process included outreach to 190 potential buyers, 32 nondisclosure agreements and five park tours. After more than a dozen rounds of bidding, GVC Glenwood LLC submitted the highest offer by $100,000.

In a statement sent to the Post Independent, Glenwood Caverns said the court conducted a “thorough examination” and reached a “well-reasoned conclusion.”

“Glenwood Caverns Adventure Park is pleased to announce that we are currently under contract with a Colorado investor group to purchase our iconic theme park,” the statement said. “The park looks forward to partnering with our new ownership to continue providing memorable experiences for our guests.”

The park said it remains committed to preserving local jobs and continuing to be an important part of the Glenwood Springs community. Additional details will be released once the purchase is final, according to the statement.

In a separate statement sent to the Post Independent, The Estifanos family said the change in ownership would not end their efforts to push for additional safety measures at the park.

“No matter who owns the park we are going to keep doing everything we can to make the park safer,” the statement said. “We don’t want any other child to be killed the way our beautiful daughter was. And we don’t want any other parents to suffer this way.”

The parents also criticized the park for not announcing full criminal background checks and drug testing for ride operators following the jury verdict.

“We will continue to do everything we can to make sure that the jury’s verdict makes this park safer,” they said.