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Crowns to Buy Out Marvin Davis’ Aspen Skiing Co. Holdings

March 25, 1993

ASPEN, Colo. (AP) _ The Crown family has announced it will buy out Marvin Davis’ remaining 50 percent share of the Aspen Skiing Co., giving the Chicago-based family complete ownership of the posh operation.

The price of the transaction was not revealed, although industry analysts estimate the total value of Aspen Skiing is $80 million.

Aspen Skiing’s properties include Aspen Mountain, Snowmass Mountain, Buttermilk/Tiehack Mountain, the Little Nell Hotel, and the Snowmass Lodge and Club.

The acquisition will be made through Bell Mountain Properties Ltd., which holds the Crowns’ present share in the ski company, Bell Mountain general partner Charles ″Corky″ Goodman said Wednesday.

Davis, the former Denver oil billionaire who now lives in California, acquired the company in 1981 as part of his purchase of 20th Century Fox for $725 million. The Crown family, led by Lester Crown, 67, purchased 50 percent of the company in 1985 from a Davis subsidiary.

The Crowns control more than $400 million worth of General Dynamics, along with other real estate holdings around the country.

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