The Summit Group is made up of several entrepreneurs in their 20's and wealthy individuals. Forbes Magazine reports it has raised $40 million for the purchase.
The purchase would reportedly keep the mountain largely the same, but allow a few upgrades. The changes would likely include 500 new homes, a small mountain village made up of 154 residential units and a few boutique hotels.
Many locals are skeptical about the sale. "What people do with their land is up to them, but I don't want to have the tax payers foot the bill on widening the road up to Powder Mountain," said Ulysses Montgomery who lives near Powder Mountain.
The Mountain is touted as the largest ski resort in America with 10,000 acres of terrain.
Infrastructure construction could begin by late summer.