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