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Apr 17th, 2023

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Creators of Summit Series celebrity conferences tried to build utopia in the mountains with EB-5 money — but the plan ends in failure and lawsuits

The four young men behind the headline-grabbing Summit Series made plans to build a utopia of do-gooders in a massive Utah ski resort. After spending $40 million to buy nearly 10,000 acres, the group needed capital to build 500 homes and infrastructure. Chinese EB-5 investors agreed to provide $120 million. But after raising $40 million, conflict started over loan details, and the investors issued a default notice; the developers sued the investors. Today, most of the planned super-community remains unbuilt.

Read the Fortune story

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