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MILLIONAIRE
EXEC
TO
SELL
COLORADO
INVESTMENTS
Deal
Made
with
California
Investors
on
Overlook
,
Other
Investments
,
Derwent
Reveals
By
Rodney
Conklin
,
Financial
Editor
In
a
terse
communique
yesterday
from
the
Chicago
offices
of
the
monolithic
Derwent
Enterprises
,
it
was
revealed
that
millionaire
(
perhaps
billionaire
)
Horace
Derwent
has
sold
out
of
Colorado
in
a
stunning
financial
power
play
that
will
be
completed
by
October
1
,
1954
.
Derwent
’
s
investments
include
natural
gas
,
coal
,
hydroelectric
power
,
and
a
land
development
company
called
Colorado
Sunshine
,
Inc
.
,
which
owns
or
holds
options
on
better
than
500
,
000
acres
of
Colorado
land
.
The
most
famous
Derwent
holding
in
Colorado
,
the
Overlook
Hotel
,
has
already
been
sold
,
Derwent
revealed
in
a
rare
interview
yesterday
.
The
buyer
was
a
California
group
of
investors
headed
by
Charles
Grondin
,
a
former
director
of
the
California
Land
Development
Corporation
.
While
Derwent
refused
to
discuss
price
,
informed
sources
…
He
had
sold
out
everything
,
lock
,
stock
,
and
barrel
.
It
wasn
’
t
just
the
Overlook
.
But
somehow
…
somehow
…
He
wiped
his
lips
with
his
hand
and
wished
he
had
a
drink
.
This
would
go
better
with
a
drink
.
He
turned
more
pages
.
The
California
group
had
opened
the
hotel
for
two
seasons
,
and
then
sold
it
to
a
Colorado
group
called
Mountainview
Resorts
.
Mountainview
went
bankrupt
in
1957
amid
charges
of
corruption
,
nest
-
feathering
,
and
cheating
the
stockholders
.
The
president
of
the
company
shot
himself
two
days
after
being
subpoenaed
to
appear
before
a
grand
jury
.
