BLUE RIDGE REAL ESTATE COMPANY
                            BIG BOULDER CORPORATION

                      ADDENDUM TO STOCK OPTION AGREEMENT


      Michael  J.  Flynn  (the  "Optionee")  has  been  granted  an option (the
"Option") as of July 20, 1993 to purchase 10,000 shares of Common Stock of Blue
Ridge  Real  Estate  Company  and  Big  Boulder  Corporation (collectively  the
"Companies").  In accordance with Paragraph 9 Amendment,  the  Option Agreement
of July 20, 1993 is subject to the following revision:

2.   DURATION  OF  OPTION.   Pursuant  to  the  approval given by the Board  of
Directors of the Companies at a Board Meeting held  on  February  5,  2003, the
Option already granted is extended and shall expire, and all rights to purchase
Shares pursuant thereto shall cease, on July 1, 2008.

      All  other  terms  and  conditions  of  the Option of July 20, 1993 shall
remain the same.

Date of Extension:  February 5, 2003


                                    BLUE RIDGE REAL ESTATE COMPANY
                                    BIG BOULDER CORPORATION


                                    By: /s/ Eldon D. Dietterick
                                           Eldon D. Dietterick
                                           Executive Vice President and
Treasurer

Attest:


/s/ Betty Ann Lopinto         /s/ Michael J. Flynn
                                    Michael J. Flynn, Optionee