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Three Thousand Buy A Piece Of Red Mountain Resort
First chair at Red Mountain. (Red Mountain/Facebook)
British Columbia’s Red Mountain has always gone its own way – and soon it will have $10 million to upgrade facilities while maintaining its iconoclastic, anti-corporate spirit.
The Rossland, B.C., resort recently offered public shares in the mountain – through a “crowdfunding” method – and reached its goal of $10 million in February.
Next step is a legal equity offering, expected this fall, according to resort ownership.
Here’s CEO Howard Katkov’s pitch: “Why not join us on this big mountain, big community, love-driven adventure. We’ll keep investing in this community and these fantastic people with or without your help, but dropping in on this could change your life -- just like it changed mine.”
Some 3,000 people took up Red Mountain’s offer, reserving shares ranging from $1,000 minimum to $25,000. The higher the commitment, the more perks, like free season passes and equipment.
If all $10 million reservations come through and the legal offering succeeds, Red Mountain will use the money for Paradise Lodge renovation, expanded snowcat terrain on Mount Kirkup, summer trail-building, and construction of new restaurant, private clubhouse and cabins atop Grey Mountain, according to resort management.
The mountain has more than 2,800 skiable acres served by seven lifts, plus another 1,200 acres that require either a hike or a snowcat ride. With nearly 3,000 vertical feet, Red Mountain tops out at 6,800 feet above sea level.
The resort has always gone counter to the flow, promoting itself as an alternative to “corporate resorts” that it contends have priced many families out of the sport.