Rumors abound over possible sale of Powder Mountain Resort - UPDATED

It was assumed by many that when the owners of Powder Mountain purchased the property a few years ago, they likely planned to get their property rezoned to maximize the number of building lots then flip the property to make millions.  Our readers will remember the tumultuous times over the last few years with the Powderville saga.  Ultimately, the owners worked out a deal with the Weber County Commission whereas Powder Mountain Town plan would be dropped in exchange for increased zoning.

Well, the day of flipping may be near.

We first heard strong rumors of a potential sale a few weeks ago, but kept quiet.  As time went on, we began to hear more and more rumors from many reliable sources.  Reliable enough that we will share some of the rumor but will note that Powder Mountain is staying quiet for now.

The word on the street is that a group of young (under 30), wealthy entrepreneurs are interested in purchasing Powder Mountain as a site for a retreat.  A place where they can gather, share ideas, and do great things.  Apparently these investors care about communities, give millions to charity and believe in partnering to do good things to protect the environment.

The rumor goes on to state that the group has been in the valley the past few weeks and have put down a very large sum of money on the property and has submitted a letter of intent to purchase the property.  Supposedly, their desire is to build a few homes (substantially less than the 5,000 or so that was approved), construct a retreat or convention center, and keep the rest of the mountain relatively status quo.  In other words, preserve the land.

This sounds like a potential win for Ogden Valley, and we are crossing our fingers (and a couple of toes) in hopes that at least part of the rumor is true - especially the part about preserving the land.

Have others heard about the rumor?  Who will be the first to comment.

UPDATE:  2/17/12 @ 10:40 AM  Several of our humble readers have added to the rumor mill, and we will share some of it here:

The Summit Group or Summit Series is rumored to be the "investor."

Here is their web site.

One of the Summit Series founders was at Pow Mow last weekend.

This verifies it- scroll down to see someone (presumably Josh) on a Pow Mow Snowmobile.

http://joshzabar.tumblr.com/

Word is that there is a balloon payment of some sort due in April for one or more of the current investors.  There are several interested parties and the Summit Group is one.  

Rumor also has it that Gregg Greer, Powder Mountain CEO, attended a meeting in Squaw Valley put on by this group last month.