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Show Treasure Mountain Resort Co. Takes Over Resort Facilities Park City Ski Resort, 27 miles east of Salt Lake City, is being purchased from United Park City Mines Company by Treasure Mountain Resort Company, a wholly owned subsidiary sub-sidiary of RoyalStreet Development Develop-ment Company, Inc., of Newport Beach, California, The purchase price is over $5,500,000 payable over fifteen years. The purchase is pursuant to an option granted to Treasure Mountain Resort Company by United Park City Mines Company, Com-pany, which was exercised today. to-day. In addition to the existing resort facilities, over 10,000 acres are included in the transaction. trans-action. Approximately 4,200 acres are being purchased, and the remaining acres are under a long term lease. Preliminary plans call for extensive development of residential, res-idential, recreational and commercial com-mercial facilities. Park City Ski Resort was begun in 1962 by United Park City Mines Company. The mining min-ing company, which has an option op-tion to buy up to 42.5 of Treasure Trea-sure Mountain Resort Company over a three year period, retains mineral rights to the property, and has leased the mining operations to a partnership partner-ship consisting of The Anaconda Company and American Smelting Smelt-ing and Refining Company. Treasure Mountain Resort Company will assume operation of the Park City resort onFef ruary 16, 1971. Further plans for the development will be announced an-nounced at a later date. |