Young Entrepreneurs To Buy Utah’s Powder Mountain; Will Remain Open To Public
Consider it a “private camp” for like-minded, mostly 20-something entrepreneurs. Summit Series plans to close on the transaction to purchase Utah's Powder Mountain in early 2013. However, the public won’t be shut out.
Summit Series is a five-year old entrepreneur conference that Forbes.com refers to a group of “nomads.” Their events, packed with A-list speakers like former president Bill Clinton, Virgin billionaire Richard Branson, PayPal chief Peter Theil and others, have been held on cruise ships and at Squaw Valley Resort in California.
The new deal means the Summit Series is setting down roots. The members buy plots of land on Powder Mountain. The price for the early plots, according to Forbes, was about $1 million each.. Members then build a home on the plot and gain access to a private lodge, now under construction, and to the 1,000 acres of skiing, riding, biking and hiking terrain.
Summit membership also includes attendance at a year-round series to top-level speaker programs, conference, and concerts.
The Summit Group was founded by Elliott Bisnow, Brett Lele, Jeff Rosenthal, and Jeremy Schwartz in 2008. The group plans to operate Powder Mountain for the public just as it has been for the past 40 years. The major difference will be the private lodge and event center atop the mountain.
Powder is located in Eden, Utah, about an hour from Salt Lake City. The land was sold in 2005 to a consortium managed by the Daniels Group that had planned to develop the area into a mega-resort with perhaps as many as 10,000 homes. The fall of the nation’s economy and local opposition deep-sixed those plans.
Forbes notes that current plans are for a maximum of 500 homes, a sustainable mountain village, and perhaps a few boutique hotels down the line. No purchase price was released, but Forbes put the “rumored price” to be around $40 million.
Photo: Powder Mountain
Comments
Powder was/is skiing in a "pure" form. Sounds like the end of that era. The only good thing will be most of the people who purchase there WON'T be there.
This is the nail in the coffin for everybody that loved how Powder Mtn. used to be ! PM was such a cool little mom and pop Mtn. The atmosphere and the mtn. were like no other ! Since the Cobabe family no longer runs the mtn. it's no longer the "locals" mtn. Higher prices and shitty attitudes from management and it's employee's.Ask anybody in the valley or Ogden and they will tell don't go to Powder they Suck !I used to save all my vacation and comp time so I could enjoy Utahs little secret which was Powder mtn. I will remember the good old days and be like everybody that loved Powder mtn., hopping that the assholes that run now will go bankrupt and go back to where ever the hell they came from. I'm searching for a new cool place
When the Cobabes sold, things did change... for the better, eventually. It has taken a little time. Trying to ram Powdertown down the throats of the locals was a big mistake that essentially doomed the first group. That said, they did make some positive changes on the mountain, helping some of the homeowners with grading and in general improving morale of the employees. They were profit motivated and it showed with increased lift rates. Did any of the other ski mountains raise their lift prices in the last five years? Word is out that the new guys are NOT ruled by the profit motive. We'll see. For those that are angry that Powder Mountain is no longer a "Mom and Pop" operation, go ski somewhere else. Utah has plenty of great ski mountains, at least one still "family owned." I'll keep skiing straight onto the lift chairs since there are still no lift lines at Powder Mountain.
I have been skiing Powder Mountain for over the last 30 years and it like all the other areas has gone through changes. As long as it is not advertised that much I think it will continue to offer great uncrowded skiing with really great skiing if you know where where to traverse and hike. I do not really care who owns or runs the place since I go there to ski. I have been able to make tracks in the trees a week after it has snowed. I do not think that will change even with new ownership.
Purchase
i'm sorry-the end of powder mountain