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Sunday, March 04, 2012

"BetaBeat" reports: "Sources: Yep, Summit Series Just Raised $40 Million to Buy That Mountain"

BetaBeat, The Lowdown On High Tech website is reporting,
Two sources have confirmed to Betabeat that Summit Series–the haute entrepreneurship conference attended by high-net-worth types like Peter Thiel, Evan Williams, Richard Branson, Chris Sacca, Sam Lessin, and Dave Morin–has raised $40 million to purchase a mountain. No, we did not take any drugs today. As Business Insider reported last week, the organizers behind Summit Series, which Forbes dubbed, “The Hipper Davos,” were trying to raise money to acquire “some permanent space“  in order to “re-create a culture year-round for innovation, entrepreneurship and kindness.”

Our readers will remember the story we broke in mid February after hearing numerous rumors from strong sources that Powder Mountain was in play.  The BetaBeat article goes on to say:
One of our sources said that Summit Series, which is based in Malibu, purchased Powder Mountain resort in Utah. That was the same mountain named in the organization’s pitch to raise funds, which was leaked to Business Insider, who also reported an unconfirmed $40 million price tag.

Reached by phone, Thayer Walker, Summit Series chief reconnaissance officer, would not confirm that the mountain had been purchased.  “I don’t really have anything to say about that unfortunately,” said Mr. Walker, adding, “At this point, there’s a lot of rumor, hearsay most of it.” We gave Mr. Walker the opportunity to refute that the deal had closed or the price tag, but he declined to deny it, saying Summit Series wasn’t yet ready to talk.
Powder Mountain did not immediately return a request for comment, but we will update you when we hear back.
Read the entire article here: 
Sources: Yep, Summit Series Just Raised $40 Million to Buy That Mountain

Are big changes in store for little ole' Ogden Valley?  We'd say they are already taking place.

Click here to read our previous posts about the suspected purchase.


Littlejohhny said...

judging by the choppers and limo's up there this weekend big changes are indeed coming....reading that article and following the money as they say reveals alot imho....I'm sure there will be an all out pr campaign of community service and donations while all this is going on....question is whats really going to be going on....big changes are coming my friends, count on it....enjoy James Peak, Cobabe Canyon, Powder Country while you can this year, it may very well be your last time to afford it....who knows what is in store for the rest of the valley as the well to do's pop in....I hope I am wrong.

timetomove said...

It does not matter. Valley residents voice does not count. The county commissioners are hell bent to turn this valley into a shthole.Big money can do what they want and make the necessary changes to profit even more. PM,the childrens detention center and the airport are just to name a few.

DickGraham said...

Isn't it ironic that we in West Ogden Valley live in between Eden, Liberty and Paradise.  All well named with Powder Mnt set in the middle of the three and yet we're alowing it to be developed in some very questionable ways.  I for at this time do not even pretend to know which way to row the boat Jim but I do know that if we keep our minds and hearts opened  and are given a clear picture of what the new kids in town hope to bring to our community those us us who have lived here for more than a few seasons and understand the complexities of the task will at least have some idea of the proper direction. Lets applaud the guts, vision and financial strengh to take on a project such as growing powder mnt., our Northern Utah community and their own business. Only time will tell and I hope the boys (and girls) plan to introduce themselves and their ideas to us in an appropriate (snowcrest gym ;) ) forum where they can get to meet their new neighbors, ask questions and get answers. Esse Quam Videre gang! 

jeremy cortez said...

It would be a good way to raise funds.


Hunchy said...

A possible solution would be to have the GEM Committee headed by Steve Clarke establish a contact point and dialog with the new prospective owners. It would be a communications channel for the citizens of Ogden Valley to find out exactly what the new owners may have in mind and for the new ownership to find out how the Ogden Valley citizens feel about their plan.

We know that the Weber County people favor all growth at any price, since none of them live in Ogden Valley and don't have to deal with growth issues such as traffic, pollution, density, and water consumption on a personal level. 

Vince D said...

I just hope the new owners don't trash the mountain and the community. Powder Mt is agreat place and it's character is a huge attraction. Our ski xlub just returned from a vacation to Snowbasin and PM. The consensus was that little, quaint PM was the favorite!

Maybe the community should try to buy it, follow the Denver.Winter Park model of old. Run it as city park for the good of the community. I hope it doesn't turn into anther generic resort...

1970greenie said...

With their post adolescent view of the world which desires to “re-create a culture year-round for innovation, entrepreneurship and kindness.”, since, after all no such place currently exists, you can count on them expecting us to accept their view of how things should be.  And with their vast amount of money it will not be a matter of how much a pass will cost but whether anyone other than a select few will even be allowed to use the mountain.

Vince D said...

And Vail just bought Kirkwood. There goes the neighborhood... The rich folks are pushing everyone else out of this sport, not good.