"When Netflix's Reed Hastings stepped down from his 25-year role as CEO of the streaming service giant in 2023, he could have done any number of things. He also could have done nothing at all. But the California billionaire, who owns a home in a relatively unknown Utah ski area, decided to buy the whole thing and try his hand at crafting a new type of mountain town experience."
"The public/private business model allows ski enthusiasts who are interested in private skiing to access 40% of the mountain, the sole use of the mountain's homeowner community. The first phase of development, 39 home lots, sold out this year in just five months at an average price of $2.8 million. New residents are subject to annual membership dues of around $25,000, as well as an initiation fee, which will go toward supporting both the private and public sides of the mountain."
"Even the remaining 60% of the mountain open to the public will have limited visitor access, with daily lift tickets capped to control crowd sizes. As an independent resort, the mountain also doesn't participate in popular "mega passes" like the Icon or Epic passes. Hastings has a net worth of $5.8 billion, according to Forbes. It's not always the capital that's the hardest part of crafting a vision like this - it's building on"
Reed Hastings purchased Powder Mountain, a roughly 8,000-acre ski area about 60 miles north of Salt Lake City, and plans to develop an exclusive mountain community. The site sits at about 9,000 feet in the town of Eden, offers almost no facilities and currently contains fewer than 100 homes. The development uses a public/private model granting homeowners exclusive access to 40% of the mountain, while the remaining 60% stays open to the public with capped daily lift tickets. Initial lots sold quickly at an average price of $2.8 million, with annual dues and initiation fees funding operations.
Read at SFGATE
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