![]() The Tribune reports that Bisnow approached Hastings about buying the Summit Series founders’ stake only two weeks ago. “And I think now it’s: have an incredible ski mountain that’s uncrowded where you can get multiday powder.” “At some point, it was save-the-world stuff,” Hastings told The Salt Lake Tribune in a conversation following his recent splurge. In January, he told Fortune that he and his wife love the mountain's isolation and "pioneer" vibe, and that he sees Powder now as a traditional real estate project “without pretensions to Summit’s ‘We're going to change the world with our interactions’” ethos. Hastings doesn't seem to share the original developers' utopian ambitions for a bustling ski resort for socially conscious movers and shakers. ![]() Neither responded to requests for comment Monday evening.) An impulse buy? (Both men denied that there was bad blood, claiming they may have had ups and downs, but not more so than in any such complex project. But several sources told Fortune that bitter power struggles between Bisnow and Mauro explained most of the delays. To make matters worse, the resort developers clashed with some in the local largely Mormon community in Eden, Utah. What went wrong? Building a community at 9,000 feet accessible only by one of the steepest roads in the country is no easy feat, and the COVID pandemic and supply chain problems didn't help. The jobs and economic development that the out-of-town developers promised county officials when pitching their plan also didn’t pan out. A decade after the mountain purchase, fewer than 50 of the promised 500 single-residence homes on the mountain have been constructed and the village exists only in architects' renderings: There are no restaurants, hotels, or shops. Summit Series events are known for talks by the likes of Jeff Bezos and Bill Clinton performances by The Roots and other stars epic dance parties and celebrity-chef prepared meals and immersive seminars on lucid dreaming or psychedelic mushrooms.Īlthough the project attracted hundreds of investors and buyers, including business executives, sports stars, and founders, most of what was promised has not materialized. Powder Mountain was a fading ski resort in 2013 when it was purchased by the four twenty-something founders of Summit Series, a hedonistic invitation-only conference for entrepreneurs, venture capitalists, and celebrities. Reed did not respond to requests for further comment Monday evening. He is “looking forward to being a part of Powder Mountain’s future” and wants to “safeguard what makes this place special,” the Netflix cofounder and executive chair said in the release. Now Hastings has bought out those founders' stake and will play a central role in deciding what comes next for Powder, according to a news release on Monday. They were among a long list of prominent business figures drawn to the vision for an alpine Shangri-la laid out by the young founders of a glitzy conference series. ![]() ![]() Avid skiers and snowboarders, the couple become seasonal neighbors to Martin Sorrell, founder of the marketing behemoth WPP, and Ken Howery, a cofounder of PayPal. Hastings, who is worth an estimated $3.5 billion, and his wife, Patty Quillin, bought a plot on the mountainside and built a modernist wooden cylindrical home there eight years ago. More from Fortune: 5 side hustles where you may earn over $20,000 per year-all while working from home Looking to make extra cash? This CD has a 5.15% APY right now Buying a house? Here's how much to save This is how much money you need to earn annually to comfortably buy a $600,000 home Three months after announcing that he’d step down as CEO of Netflix, Reed Hastings has found his next project: He just became a co-owner of Powder Mountain, a troubled Utah ski resort that, as Fortune recently reported, was once touted as an eco-friendly utopia-in-the-making for socially conscious founders, stars, and ultra-wealthy ski enthusiasts. ![]()
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