Summit, a group of young entrepreneurs, have raised $40 million to purchase Powder Mountain, planning to turn the 10,000-acre property into a conference center. The resort itself will remain open to the public.

Summit, which launched the Summit Series leadership conferences, took over management of the resort on Nov. 5 and hopes to assume ownership in early 2013.

Forbes magazine described Summit as a “gang of mostly twenty-something nomads” that gained the attention of the start-up world through its annual weekend innovation conferences that have included speakers such as President Bill Clinton, Virgin billionaire Richard Branson, Paypal chief and Facebook’s first investor Peter Thiel and Mark Cuban.

Summit plans to build Summit Eden, which will be a group headquarters and the event center, which Forbes describes as an “entrepreneurial country club.”

Summit Chief Reconnaissance Officer Thayer Walker told the Ogden Standard-Examiner that other than improving the dining facilities, the resort itself will stay the same. “This is a local mountain, this is a people’s mountain and we’re basically just trying to enhance it.”

The group's goals for the resort, Summit Founder and Chief Executive Officer Elliott Bisnow said, are focused more on preservation than development: “We don’t want to change a lot, we want to preserve and respect the tradition of Powder Mountain.”