Industry News
Tucked away in the Wasatch Mountains sits Powder Mountain, North America’s largest ski area by acreage, with over 8,484 acres of skiable terrain. Just this past month, Reed Hastings, the co-founder of Netflix, became the majority owner of Powder Mountain. Hastings’ latest action as owner has paused the real estate sales of Powder Mountain. This decision has removed 25 of the 57 lots in the Overlook area from the market. Each lot is roughly 0.1 acres and initially listed for $1 million each.
According to the Salt Lake Tribune, Hastings is planning a Powder Next rebrand in the summer of 2024. The twenty-five lots in the Overlook area will most likely be a part of that rebranding plan, as Hastings has gathered notable names in the real estate industry. Amy Dee, the former Netflix director of global real estate, has joined Hastings’ team. As well as Meriwether Companies, most notable for developing Kelly Slater’s surf Ranch, signed a 10-year partnership with Powder Mountain.
Reed Hastings expressed his belief in Powder Mountain in his interview with Julia Jag of the Salt Lake Tribune.
“That’s a big step that you do when you have confidence that it’s going to be a lot more successful in a year. So we kind of don’t want to sell those lots at current prices.”
Powder Mountain is due for lots of change over the next decade. This upcoming 2023-24 season will include additions such as a new beginner surface lift, snowmaking, a cross-country ski trail network, and a temporary ski school building in the Sundown base area. With plans to upgrade the double Timberline chairlift with a fixed-grip quad for the 2024-25 season.
