Speak to a Representative
Green Card By Investment
Talk to us

Category

Legal Drama

Date

Apr 17th, 2023

Share this article

Comments

To leave comments you must Register first

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

Stay informed about EB-5 news.