Blakeslee, PA (Monday, May 16, 2005) - Blue Ridge Real Estate Company and Big Boulder Corporation announced late last week that the Company raised an aggregate of approximately $15.5 million in new cash from the sale of common stock to its existing shareholders in connection with a rights offering. 407,894 shares of common stock will be issued pursuant to the rights offering. Shareholders' basic subscriptions totaled approximately $12.6 million and over-subscriptions totaled approximately $9.7 million.

Blue Ridge Real Estate Company, one of the largest land owners in Northeastern Pennsylvania, owns the Jack Frost Mountain Ski Area, which is leased to Jack Frost Mountain Company, a retail store leased to Wal-Mart, two shopping centers and eight residential investment properties. Big Boulder's principal source of revenue is derived from the Big Boulder Ski Area which is leased to Lake Mountain Company.

Pursuant to the terms of the rights offering, the Company will promptly return approximately $6.8 million in over-subscriptions. The amount to be returned represents the aggregate amount of over-subscriptions delivered by shareholders that exceeded such shareholders maximum total subscription amount.

Pursuant to the rights offering, each shareholder of the Company of record as of March 23, 2005 who held at least five shares of common stock was granted one non-transferable right for each 4.798 shares of common stock held. Each right was exercisable for one share of common stock at a cash subscription price of $38.00 per share. The rights offering expired at 5:00 p.m. EDT on May 9, 2005.