AIG Deconstructed: Stowe Mountain

All in all, AIG has, by now, divested at least 17 subsidiaries, raising about $6 billion, says David Steuber, co-chair of the insurance recovery practice at Howrey LLP. As for Stowe, the company has already received several unsolicited bids from potential buyers and is deep in the process of selling off the slope, a source close to the company said. A time frame on when the deal will close and the asking price were not disclosed.

Still, according to Craig Guttenplan, CFA at Credit Sights, AIG shouldn't count on getting a significant sum for the resort -- as the credit crunch has made it extremely difficult for potential buyers to secure financing. The ski market has also trailed significantly, and Stowe's luxury prices for lodging and ski lifts don't help attract a bidder looking to run a profitable ski slope.

A room at Stowe averages $325 a night, and the newer Stowe Mountain Lodge, charges $750 to $3,552 a night -- a hefty price for consumers looking to cut back on travel and discretionary purchases. A season ski pass costs $1,766, the highest on the East Coast.

While the current value of Stowe Mountain is anyone's guess, experts say the resort will pull in about $100 million for AIG. Killington, a comparable resort in Vermont, sold for $85 million in 2007.

This value pales in comparison to AIG's other assets. The company recently sold off The AIG Otemachi Building in Tokyo for $1.2 billion, and 21 Century Insurance for $2 billion.

But while Stowe Mountain may only be a blip in AIG's massive breadth of holdings, it means a whole lot more to the town of Stowe, Vermont.