Jefferson, NC (Friday, October 7, 2005) - Are you looking for a mountain upon which to build your own ski resort? A Chicago-area real estate auctioneer may have just the property for you.

Sheldon Good & Company International, the nation's largest real estate auction company, announced that the auction deadline of a 477-acre tract of land on the summit of Phoenix Mountain is Nov. 15th. The property is one of the last, vast undeveloped tracts of property for sale in the northwest mountains of North Carolina. With an altitude of approximately 4,600 feet on Phoenix Mountain's summit plateau, a mile of highway frontage, only two miles from a high-growth, historic village, no zoning restrictions, and an airport that can accommodate corporate jets within three miles, Sheldon Good officials state that the property offers unlimited development potential -- including the possibility for a ski and snowboard resort.

Along with the benefit of no zoning regulations for the county in which this property is located, Sheldon Good President Alan R. Kravets further noted that the nearby Town of Jefferson has allocated up to an estimated 150,000 gallons per day of water and sewer capability for a development at this site. This will support a large ski resort, an estimated 1,800 residents and a large hotel complex.

"This unprecedented land auction offers the astute investor and/or developer an outstanding opportunity to name their price on a premium 477-acre mountaintop property that is highly versatile" Kravets said. "It has an unparallel potential as a ski resort and for a host of hotel and resort uses.

"Due to new information regarding the availability of city water and sewer allocated to the development of the property; and therefore an expressed need from a number of interested parties for more time, the auction date has been postponed for 30 days," Kravets said in announcing the extension of the auction deadline.

The property's open zoning provides the new owner unlimited development options, including the potential to build a ski and snowboard destination with a ski-in, ski-out village, corporate retreat, a residential development opportunity for luxury vacation or retiree and family residences and villas or to preserve the land as a sportsman's club or nature conservancy.

As an investment, certain portions of the property that would not affect its value as a development could be donated to provide significant immediate tax benefits for the purchaser.

In considering the property for ski resort utility, the property has the potential for a three-mile single run, which would be the longest ski slope in the region. The length of the run, the mountain's elevation, excellent interstate access, close proximity to major southeast cities, and only three miles from Ashe County airport capable of accommodating most corporate jets, would immediately separate the property from its competition.

In addition, multiple financial models are available to support the property's outstanding potential for resort and/or community development.

The property lies in the Appalachian Mountain Range and is flush with unique and highly distinctive natural characteristics, including unspoiled trout streams, lush forestlands, a three-quarter mile, 300- to 400-foot cliff face, elevations from 3,000 ft. to 4,600 ft. and numerous indigenous species of flora, including wild orchids and morel mushrooms. The mountain is also home to an abundance of wildlife including quail, grouse, turkey, red-tailed hawks, whitetail deer and black bear.

Phoenix Mountain is well situated in the tri-state area of North Carolina, Tennessee, and Virginia. The property is easily accessed via interstate or by air via Ashe County Regional Airport. Nearby cities include Charlotte (two hours), Greensboro-Winston-Salem-High Point (one-and-one-half hours), Raleigh- Durham-Chapel Hill (three hours), Atlanta, Hilton Head (five-six hours), and Cincinnati (six hours).

Bids are due no later than 3 p.m. CST on Tuesday, November 15th at Sheldon Good's Chicago office, 333 W. Wacker Drive, Chicago IL 60606. A certified or cashier's check in the amount of 5% of the total bid amount is required for bid consideration. On-site inspection dates are scheduled for October 8th, 14th and 24th and November 3rd and 9th at noon with 48-hour advance notice to ensure an available number of four-wheel drive vehicles.