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Wednesday, February 22, 2012

BREAKING: Summit Series trying to raise $40 million to purchase Powder Mountain

Business Insider just posted this article on their website:

 Summit Series, The Exclusive Retreat For Bigshots, Is Trying To Raise Money To Buy A Mountain

From the article:
A source passed along this pitch from Summit Series:
I wanted to reach out to let you know about our next exciting project. We would love to get you in the game. It is completely private information at this point (so please keep the contents of this email and all attachments private), but Summit Series is in the process of acquiring some permanent space; we are buying Powder Mountain, UT. The goal is to re-create a culture year-round for innovation, entrepreneurship and kindness. We're in the process of bringing in our founding members, offering very aggressive financial incentive for those coming in that early and it would be great to have you out to the mountain to check it out.
We're hearing that Summit is looking for 40 investors to kick in $1 million each to pay $40 million for Powder Mountain, but we haven't been able to confirm that.

Our sources have said that the Summit Series group has put down between $10 and $20 million dollars on the property, and it looks like they are trying to raise a bit more.

The Business Insider story continues with:
A local blog, the Ogden Valley Utah Forum, also reported that Summit Series is a rumored suitor for the deal. But it didn't have a price tag for the deal, either.

Do you have a spare $1 million you wish to invest?  Are big changes in store for Ogden Valley?


Bingoman said...

Good news or bad news?  I would be helpful if Ogden Valley residents expressed their views on what this would mean to the lifestyle up here, both pros and cons.

Smattguy said...

There goes Pow Mow imho....private yuppy ranch here we come....and you thought closing off the Wolf Creek area was elitest....jmho

$40 Million?..really....wasnt the last group in for 5 or 6?

Colonel Johann said...

If PowMow goes private I'll be royally pissed.

Ogden Valley said...

 We never heard the numbers of the previous selling price and $40 million seems outrageous.  Maybe the actual number is a large number, but $40 million includes extra cash for improvements, retreats, etc.