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Summit To Buy Powder Mountain To Create Entrepreneur Community

Utah’s Powder Mountain is under new management. Very new.

The Summit Series, the five-year old entrepreneur conference run by a gang of mostly twenty-something nomads, is setting down roots. On December 3rd the Summit Group announced that it had taken over management of Utah’s Powder Mountain (rumors have been around for months) and is set to close the transaction in early 2013. With Powder comes an average of 500 inches of annual snowfall and 10,000 plus acres of ski-able terrain–the largest ski mountain in North America. The deal is set to close in early 2013.

Summit in recent years gained notoriety in the start-up world for its annual A-list-packed, weekend conferences that have taken over both a cruise ship and  Squaw Valley, California. These innovation festivals have included speakers and attendees like President Bill Clinton, Virgin Billionaire Richard Branson, Paypal chief and Facebook’s first investor Peter Thiel, Mark Cuban, Russel Simmons, and Ted Turner. Now it’s transforming itself from an annual event to a year-round community. Think entrepreneurial country club.

 

 

Here’s how it works. Members buy plots of land on Powder Mountain (early lots were rumored to have sold for $1 million a pop), build a home and get access to a private lodge and thousands of acres of skiing, riding, biking and hiking.  Membership to Summit also brings a year-round program of speakers, conferences and concerts. The goal is to create a community of like-minded entrepreneurs who dig the Summit ethos of innovation, art and social impact with some hard partying mixed in.

The Summit group, co-founded by Elliott Bisnow , Brett Leve, Jeff Rosenthal and Jeremy Schwartz in 2008, plans to operate Powder Mountain, a long-time local-favorite, for the public just as it has been since the 1970s. The new twist will be a member-only lodge (under construction now) and an event center atop the mountain, and expanded access to adventure skiing and hiking terrain.

Read more: http://www.forbes.com/sites/stevenbertoni/2012/12/03/summit-series-buys-powder-mountain-to-create-entrepreneur-community/

 

 

Summit Series Now Owns A $40 Million Mountain, And One Of The First Things It Built Was A Giant Bird Nest For Humans

It cost them about $40 million, but Summit Series, the destination startup conference for a younger, "cooler" set of entrepreneurs, now owns a mountain in Eden, Utah. It will use Powder Mountain, which the group is calling "Summit Eden," to to host all of its future conferences, retreats and events.

The property is 10,000 acres and includes a lake surrounded 360 degrees by mountains.

"It's a place where a horizon line isn't a boundary, it's a beginning," the founders wrote on their site.

The founders, Elliot Biznow, Brett Leve, Jeff Rosenthal and Jeremy Schwartz, want Summit Eden to become a permanent place of innovation, and they'll be building a few roads and structures to turn the mountain into a community where businesses can flourish. 

The first thing the team built, though, is unusual.

"One of the first structures we actually had built on the mountain is a nest made of 100% natural materials, no nails, woven together in a tree," says Summit's community development leader, Natalie Spilger. "It allows you to stumble upon it in a way that makes you think, 'How can this be possible?'"

Summit Series was founded in 2008 and the first gathering included 19 entrepreneurs who spent three days at a Utah ski resort. The series has grown to hundreds of attendees. Speakers have included Bill Clinton, Sean Parker and investor Peter Thiel.

Business Insider first broke the news that Summit Series was seeking $40 million for Powder Mountain in March; the founders wanted 40 people to invest $1 million each.

Read more: http://www.sfgate.com/technology/businessinsider/article/Summit-Series-Now-Owns-A-40-Million-Mountain-4086869.php#ixzz2E0Ogz9oU

 

It cost them about $40 million, but Summit Series, the destination startup conference for a younger, "cooler" set of entrepreneurs, now owns a mountain in Eden, Utah. It will use Powder Mountain, which the group is calling "Summit Eden," to to host all of its future conferences, retreats and events.

Read more: http://www.sfgate.com/technology/businessinsider/article/Summit-Series-Now-Owns-A-40-Million-Mountain-4086869.php#ixzz2E0OncGxk

 

 

Call Darin Mich'l for area real estate information.

801-888-1800

 

 

Entrepreneurs purchase Powder Mountain for $40 million | Deseret News

http://www.deseretnews.com/article/865567960/Entrepreneurs-purchase-Powder-Mountain-for-40-million.html

 

Summit Series buys Powder Mountain for new HQ

http://fox13now.com/2012/12/03/summit-series-buys-powder-mountain-for-new-hq/

 

 

New owners’ updates to keep Powder Mountain the same

Summit’s young innovators scale back plans as they move forward.

Powder Mountain’s new owners are young, hip, idealistic, accomplished and confident they have a business model that can preserve the throwback character of the upper Ogden Valley ski resort.

Summit, a company that has brought together young entrepreneurs and innovative thinkers at motivational conferences for several years, announced Monday it was buying the resort from the current ownership group for an undisclosed price.

In a two-phase transition, Summit assumes resort management immediately. The actual sale of Powder Mountain’s property is expected to occur early next year.

"We think we can do something great here," said Summit’s 27-year-old founder and CEO, Elliott Bisnow, noting the new owners have jettisoned previous plans to transform Powder Mountain with close to 4,000 dwelling units.

"Our footprint will be more modest," he added — 500 homes in a horseshoe around a village on the resort’s east side, not visible from Powder Mountain’s main facilities.

"I fell in love with every single thing you heard about the character of Powder Mountain and what it stood for. It was the last undeveloped resort," Bisnow said of his first trip to the upper Ogden Valley ski area in July 2011. "I thought, ‘What if we could take this resort and preserve what it is?’ "

Bisnow took his idea to the Summit team, who bought into the concept.

"We’re not trying to shake things up but enhance what’s here," said Thayer Walker, a Summit partner. "If we do things in a smart, incremental, sustainable fashion, we can preserve Powder Mountain’s character for years."

That’s because Summit’s mission is different than most companies, said co-founder Jeff Rosenthal. "We’re looking for a return on community rather than a return on investment."

This approach started in 2008 when Bisnow and his colleagues organized a three-day meeting in Park City of young entrepreneurs who explored ideas, such as what’s good for business can be good for the world.

At a glance

What is Summit?

Information about Summit, its short history and long-term initiatives, is available at www.summit.co

 

 

 

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