10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

Amendment No. 2

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 31, 2012

( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No.:      Blue Ridge 0-28-44

                                       Big Boulder 0-28-43

BLUE RIDGE REAL ESTATE COMPANY

BIG BOULDER CORPORATION

(exact name of Registrants as specified in their charters)

State or other jurisdiction of incorporation or organization: Pennsylvania

I.R.S. Employer Identification Number:     24-0854342 (Blue Ridge)   

                                                                24-0822326 (Big Boulder)   

          Address of principal executive office:   Route 940 and Moseywood Rd, Blakeslee, Pennsylvania

Zip Code:   18610                         

Registrants’ telephone number, including area code:   (570) 443-8433                                                                         

     Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such period that the registrants were required to file such reports) and (2) have been subject to such filing requirements for the past 90 days.

x YES        o  NO

     Indicate by check mark whether the registrants have submitted electronically and posted on their corporate Web sites, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrants were required to submit and post such files).  

xYES         o NO

     Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers or smaller reporting companies.  See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer  o 

            Accelerated Filer  o               

Non-Accelerated filer    x (Do not check if smaller reporting company)

Smaller reporting company o

     Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act).

o YES       x   NO

     The number of shares of the registrants’ common stock outstanding as of the close of business on September 13, 2012 was 2,450,424 shares.*

*Under a Security Combination Agreement between Blue Ridge Real Estate Company ("Blue Ridge") and Big Boulder Corporation ("Big Boulder") (together, the "Companies") and under the by-laws of the Companies, shares of the Companies are combined in unit certificates, each certificate representing the same number of shares of each of the Companies.  Shares of each Company may be transferred only together with an equal number of shares of the other Company.  For this reason, a combined Blue Ridge/Big Boulder Form 10-Q/A is being filed.  Except as otherwise indicated in this Quarterly Report on Form 10-Q/A, all information applies to both Companies.

EXPLANATORY NOTE

Blue Ridge Real Estate Company and Big Boulder Corporation are filing this Amendment No. 2 on Form 10-Q/A (the “Second Amendment”) to amend and restate the quarterly report on Form 10-Q of the Companies for the period ended July 31, 2012 as originally filed with the Securities and Exchange Commission  (the “SEC”) on September 14, 2012 (the “Original Filing”) and the Form 10-Q/A Amendment No. 1 (the “First Amendment”) filed on November 30, 2012 to furnish Exhibit 101 to the Form 10-Q/A, as required by Rule 405 of Regulation S-T.  Exhibit 101 to this Second Amendment provides the following items from the Form 10-Q/A First Amendment formatted in Extensible Business Reporting Language (XBRL): (i) the Combined Balance Sheets; (ii) the Combined Statements of Operations; (iii) the Combined Statements of Changes in Shareholders’ Equity; and (v) the Combined Statements of Cash Flows and related notes.

This Second Amendment does not amend or update any other item or disclosure contained in the Original Filing or the First Amendment. This Form 10-Q/A is presented as of the filing date of the Original Filing and does not reflect events occurring after that date, or modify or update disclosures in any way other than as specifically noted above. Accordingly, this Form 10-Q/A should be read in conjunction with the Company’s other filings made with the Securities and Exchange Commission subsequent to the date of the Original 10-Q.

- 1 -

Item 6.  EXHIBITS

Exhibit Number	Description
3.1	Restated Articles of Incorporation of Blue Ridge Real Estate Company (filed February 11, 2005 as Exhibit 3.1 to Form 10-K and incorporated herein by reference)
3.2	Restated Articles of Incorporation of Big Boulder Corporation (filed February 11, 2005 as Exhibit 3.2 to Form 10-K and incorporated herein by reference)
3.3	Bylaws of Blue Ridge Real Estate Company, as amended through August 12, 1997 (filed January 5, 2005 as Exhibit 3.3 to Form S-1 (File No. 333-121855) and incorporated herein by reference)
3.4	Bylaws of Big Boulder Corporation, as amended through August 12, 1997 (filed January 5, 2005 as Exhibit 3.3 to Form S-1 (File No. 333-121855) and incorporated herein by reference)
4.1	Revised Specimen Unit Certificate Evidencing Shares of Registrants’ Common Stock (filed August 28, 1990 as an Exhibit to Form 10-K and incorporated herein by reference)
4.2	Security Combination Agreement between Blue Ridge Real Estate Company and Big Boulder Corporation (filed September 23, 1967 as Exhibit b-3 to Form 10 and incorporated herein by reference)
31.1*	Principal Executive Officer’s Rule 13a-14(a) Certification
31.2*	Principal Financial Officer’s Rule 13a-14(a) Certification
32.1*	Principal Executive Officer’s Section 1350 Certification
32.2*	Principal Financial Officer’s Section 1350 Certification
101.INS**	XBRL Instance Document
101.SCH**	XBRL Taxonomy Extension Schema Document
101.CAL**	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF**	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**	XBRL Taxonomy Extension Label Linkbase Document
101.PRE**	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith

**Furnished herewith

-2-

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned thereunto duly authorized:

BLUE RIDGE REAL ESTATE COMPANY

BIG BOULDER CORPORATION

(Registrants)

Dated:   December 7, 2012

                       /s/ Bruce Beaty

Bruce Beaty

Chief Executive Officer and President

Dated:   December 7, 2012

                       /s/ Cynthia A. Van Horn

Cynthia A. Van Horn

Chief Financial Officer and Treasurer

(Principal Financial Officer)

- 3 -

EXHIBIT INDEX

Exhibit Number	Description
3.1	Restated Articles of Incorporation of Blue Ridge Real Estate Company (filed February 11, 2005 as Exhibit 3.1 to Form 10-K and incorporated herein by reference)
3.2	Restated Articles of Incorporation of Big Boulder Corporation (filed February 11, 2005 as Exhibit 3.2 to Form 10-K and incorporated herein by reference)
3.3	Bylaws of Blue Ridge Real Estate Company, as amended through August 12, 1997 (filed January 5, 2005 as Exhibit 3.3 to Form S-1 (File No. 333-121855) and incorporated herein by reference)
3.4	Bylaws of Big Boulder Corporation, as amended through August 12, 1997 (filed January 5, 2005 as Exhibit 3.3 to Form S-1 (File No. 333-121855) and incorporated herein by reference)
4.1	Revised Specimen Unit Certificate Evidencing Shares of Registrants’ Common Stock (filed August 28, 1990 as an Exhibit to Form 10-K and incorporated herein by reference)
4.2	Security Combination Agreement between Blue Ridge Real Estate Company and Big Boulder Corporation (filed September 23, 1967 as Exhibit b-3 to Form 10 and incorporated herein by reference)
31.1*	Principal Executive Officer’s Rule 13a-14(a) Certification
31.2*	Principal Financial Officer’s Rule 13a-14(a) Certification
32.1*	Principal Executive Officer’s Section 1350 Certification
32.2*	Principal Financial Officer’s Section 1350 Certification
101.INS**	XBRL Instance Document
101.SCH**	XBRL Taxonomy Extension Schema Document
101.CAL**	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF**	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB**	XBRL Taxonomy Extension Label Linkbase Document
101.PRE**	XBRL Taxonomy Extension Presentation Linkbase Document

* Filed herewith

** Furnished herewith

-4-

EX-31

EXHIBIT 31.2

RULE 13a-14(a)/15d-14(a) CERTIFICATION

I, Cynthia A. Van Horn, certify that:

1. I have reviewed this Quarterly report on Form 10-Q/A for the period ended July 31, 2012 of Blue Ridge Real Estate Company and Big Boulder Corporation (together, the “Registrants”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrants as of, and for, the periods presented in this report;

4. The Registrants’ other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the Registrants and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrants, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrants’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrants’ internal control over financial reporting that occurred during the Registrants’ most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrants’ internal control over financial reporting; and

5. The Registrants’ other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrants’ auditors and the audit committee of the Registrants’ boards of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrants’ ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants’ internal control over financial reporting.

/s/ Cynthia A. Van Horn

Cynthia A. Van Horn

Chief Financial Officer and Treasurer

(Principal Financial Officer)

Date:  December 7, 2012

EX-31

EXHIBIT 31.1

RULE 13a-14(a)/15d-14(a) CERTIFICATION

I, Bruce Beaty, certify that:

1. I have reviewed this Quarterly report on Form 10-Q/A for the period ended July 31, 2012 of Blue Ridge Real Estate Company and Big Boulder Corporation (together, the “Registrants”);

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrants as of, and for, the periods presented in this report;

4. The Registrants’ other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f))for the Registrants and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrants, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the Registrants’ disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the Registrants’ internal control over financial reporting that occurred during the Registrants’ most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrants’ internal control over financial reporting; and

5. The Registrants’ other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrants’ auditors and the audit committee of the Registrants’ boards of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrants’ ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrants’ internal control over financial reporting.

/s/ Bruce Beaty

Bruce Beaty

Chief Executive Officer and President

Date:  December 7, 2012

EX-32

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

I, Cynthia A. Van Horn, Chief Financial Officer and Treasurer of Blue Ridge Real Estate Company and Big Boulder Corporation (together, the “Registrants”), certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge,that:

(1)

The Registrants’ Quarterly report on Form 10-Q/A for the period ended July 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the ”Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrants.

/s/ Cynthia A. Van Horn

Cynthia A. Van Horn

Chief Financial Officer

and Treasurer

(Principal Financial Officer)

December 7, 2012

EX-32

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

I, Bruce Beaty, Chief Executive Officer and President of Blue Ridge Real Estate Company and Big Boulder Corporation (together, the “Registrants”), certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge,that:

(1)

The Registrants’ Quarterly report on Form 10-Q/A for the period ended July 31, 2012, as filed with the Securities and Exchange Commission on the date hereof (the ”Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrants.

/s/ Bruce Beaty

Bruce Beaty

Chief Executive Officer and President

December 7, 2012

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3. Discontinued Operations (Details) (USD $)			9 Months Ended
	Jul. 31, 2012	Oct. 31, 2011	Jul. 31, 2012 ApplebeesMember	Jul. 31, 2012 JackInTheBoxMember	Jul. 31, 2012 JackFrostMountainSkiAreaMember
Disposal Group, Including Discontinued Operation, Description and Timing of Disposal			On September 30, 2011, the Applebee’s located in Fort Collins, Colorado was sold and as a result the operating activity for the three and nine months ending July 31, 2011 is being reported as a discontinued operation. The operating results of Applebee’s were previously reported in the Rental Operations of the combined statements of operations. At July 31, 2012 there were no remaining assets or liabilities related to Applebee’s.	On November 30, 2011, the Jack in the Box located in Wallisville, Texas was sold and as a result the operating activity for the three and nine months ending July 31, 2012 and 2011 is being reported as a discontinued operation. The operating results of Jack in the Box were previously reported in the Rental Operations of the combined statements of operations. At July 31, 2012 there were no remaining assets or liabilities related to Jack in the Box. At October 31, 2011, there was $1,814,573 of assets related to Jack in the Box included in assets of discontinued operation and $1,010,384 of debt included in liabilities of discontinued operations on the Companies’ combined balance sheet. At July 31, 2012 there were no remaining assets or liabilities related to Jack in the Box.	On December 15, 2011, the Jack Frost Mountain and Big Boulder ski areas were sold and as a result the operating activity for the three and nine months ending July 31, 2012 and 2011 is being reported as a discontinued operation. The ski areas had been leased to an operator and a portion of the leased premises had been capitalized as net investment in direct financing leases. Therefore a portion of the operating results were previously reported in the Rental Operations and a portion of the operating results were previously reported in the Interest and Other Income line of the combined statements of operations. At July 31, 2012 there were no remaining assets or liabilities related to the Jack Frost Mountain and Big Boulder ski areas. At October 31, 2011, there was $8,955,649 of assets related to the two ski areas included in assets of discontinued operations on the Companies’ combined balance sheet and there were no liabilities. At July 31, 2012 there were no remaining assets or liabilities related to the Jack Frost Mountain and Big Boulder ski areas.
Liabilities of discontinued operations	$ 1,010,384	$ 1,010,384

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14. Business Segment Information (Details) (USD $)	9 Months Ended
	Jul. 31, 2012
Segment Reporting Information, Description of Products and Services	The following information is presented in accordance with the accounting pronouncement regarding disclosures about segments of an enterprise and related information. The Companies’ business segments were determined from the Companies’ internal organization and management reporting, which are based primarily on differences in services. Real Estate Management/Rental Operations Real Estate Management/Rental Operations consists of: investment properties leased to others located in Eastern Pennsylvania, New Jersey, Minnesota, Louisiana, Colorado and Texas; recreational club activities; services to the trusts that operate resort residential communities; sales of investment properties; and rental of land and land improvements, which includes the leasing of our two ski areas located in the Pocono Mountains of Northeastern Pennsylvania. The investment property located in Colorado was sold September 30, 2011, the investment property in Texas was sold November 30, 2011 and the Jack Frost Mountain and Big Boulder Ski Areas were sold December 15, 2011. Land Resource Management Land Resource Management consists of: land sales; land purchases; timbering operations; the Jack Frost National Golf Course; and a real estate development division. Timbering operations consist of selective timbering on our land holdings. Contracts are entered into for parcels that have had the timber selectively marked. We rely on the advice of our forester, who is engaged on a consulting basis and who receives a commission on each stumpage contract, for the timing and selection of certain parcels of land for timbering. Our forester gives significant attention to protecting the environment and retaining the value of these parcels for future timber harvests. The Jack Frost National Golf Course is managed by Billy Casper Golf, LLC, an unaffiliated third party. The real estate development division is responsible for the residential land development activities which include overseeing the construction of single and multi-family homes and development of infrastructure. Funds expended to date for real estate development have been primarily for infrastructure improvements and home construction in the Laurelwoods II and Boulder Lake Village communities. Construction of 22 single family homes and four duplex homes in Laurelwoods II has been completed. The construction of 18 condominium units within Building J at Boulder Lake Village on Big Boulder Lake has been completed as well. Other expenditures for our development projects in the planning phases include fees for architects, engineers, consultants, studies and permits.
Proceeds from Sale of Real Estate Held-for-investment	$ 10,911,419
Percent of total revenue	67.00%
JFBB Ski Areas, Inc.
Proceeds from Sale of Real Estate Held-for-investment	9,000,000
Phyllis Enfield Trust
Proceeds from Sale of Real Estate Held-for-investment	$ 1,911,419

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10. Pension Benefits: Components of Net Periodic Pension Cost (Details) (USD $)	3 Months Ended		9 Months Ended
	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012	Jul. 31, 2011
Defined Benefit Plan, Service Cost	$ 12,276	$ 14,000	$ 36,828	$ 42,000
Defined Benefit Plan, Interest Cost	96,235	98,000	288,705	294,000
Defined Benefit Plan, Expected Return on Plan Assets	(102,812)	(95,500)	(308,436)	(286,500)
Amortization of Accumulated Loss	83,568	50,250	250,704	150,750
Net amortization and deferral	83,568	50,250	250,704	150,750
Total net periodic pension cost	$ 89,267	$ 66,750	$ 267,801	$ 200,250

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14. Business Segment Information: Information by Business Segment (Details) (USD $)	3 Months Ended		9 Months Ended
	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012	Jul. 31, 2011	Oct. 31, 2011
Revenues from operations	$ 1,933,407	$ 2,404,624	$ 5,282,125	$ 4,633,298
Operating profit (loss), excluding general and administrative expenses	131,549	24,649	166,552	(134,683)
General and administrative expense	433,303	397,566	1,402,391	1,293,345
Interest and other income, net	150	317	3,091	10,423
Interest expense	262,585	360,267	861,795	1,068,074
Income (loss) from operations before income taxes		(732,867)	(2,094,543)	(2,485,679)
Identifiable Assets	51,199,935		51,199,935		65,105,709
Depreciation and Amortization Expense	932,448		932,448		1,354,830
Capital Expenditures	100,316		100,316		429,557
Real estate management/rental operations
Revenues from operations	710,079	744,586	2,068,706	2,113,979
Operating profit (loss), excluding general and administrative expenses	222,619	238,243	585,914	619,526
General and administrative expense	159,138	123,105	547,431	590,099
Interest Revenue (Expense), Net	38	68	1,145	4,587
Interest expense	260,990	357,763	849,447	1,032,467
Identifiable Assets	26,700,883		26,700,883		20,861,471
Depreciation and Amortization Expense	611,300		611,300		632,556
Capital Expenditures	4,588		4,588		761
Land resource management
Revenues from operations	1,223,328	1,660,038	3,213,419	2,519,319
Operating profit (loss), excluding general and administrative expenses	(91,070)	(213,594)	(419,362)	(754,209)
General and administrative expense	274,165	274,461	854,960	703,246
Interest Revenue (Expense), Net	112	249	1,946	5,836
Interest expense	1,595	2,504	12,348	35,607
Identifiable Assets	24,366,870		24,366,870		33,251,319
Depreciation and Amortization Expense	257,864		257,864		382,539
Capital Expenditures	3,212		3,212		225,105
Corporate and Other
Identifiable Assets	132,182		132,182		222,697
Depreciation and Amortization Expense	63,284		63,284		109,991
Capital Expenditures	92,516		92,516		203,691
Discontinued operations
Identifiable Assets	0		0		10,770,222
Depreciation and Amortization Expense	0		0		229,724
Capital Expenditures	$ 0		$ 0		$ 0

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8. Land and Land Development Costs: Land and Improvements in Progress Held For Development (Details) (USD $)	Jul. 31, 2012	Oct. 31, 2011
Land unimproved designated for development	$ 10,857,296	$ 10,901,859
Residential development	5,084,262	5,084,262
Infrastructure development	4,669,266	4,656,666
Total land and improvements in progress	$ 20,610,824	$ 20,642,787

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9. Land: Land Held For Investment (Tables)

9 Months Ended

Jul. 31, 2012

Tables/Schedules

Land Held For Investment

	07/31/2012	10/31/2011
Land held for investment
Land – Unimproved	$2,287,106	$2,302,492
Land – Commercial rental properties	4,603,176	4,603,176
Total land held for investment	$6,890,282	$6,905,668

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2. Significant Accounting Policies: Discontinued Operations (Policies)

9 Months Ended

Jul. 31, 2012

Policies

Discontinued Operations:

Discontinued Operations:

   A component of the Companies is classified as a discontinued operation when (i) the operations and cash flows of the component of the Companies can be clearly distinguished and have been or will be eliminated from our ongoing operations; (ii) the component has either been disposed of or is classified as held for sale; and (iii) we will not have any significant continuing involvement in the operations of the component of the Companies after the disposal transactions.  Significant judgments are involved in determining whether a component meets the criteria for discontinued operations reporting and the period in which these criteria are met.   If a component of the Companies is reported as a discontinued operation, the results of operations through the date of sale, including any gain or loss recognized on the disposition, are presented on a separate line of the income statement.

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11. Investment in Direct Financing Leases: Net Investment in Direct Financing Leases (Details) (USD $)	Oct. 31, 2011
Minimum Future Lease Payments	$ 7,426,946
Unguaranteed Residual Value of Lease Properties	8,430,879
Gross investment in lease	15,857,825
Unearned Income	(7,567,630)
Valuation allowance	(502,000)
Net Investment in Direct Financing Leases	$ 7,788,195

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4. Restatement: Combined Financial Statements, Adjustments (Details) (USD $)	3 Months Ended		9 Months Ended
	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012	Jul. 31, 2011	Oct. 31, 2011
Land improvements, buildings and equipment, net					$ 22,613,121
Land held for investment, principally unimproved					6,905,668
Long-lived assets held for sale					2,941,148
Prepaid expenses and other assets					483,434
Assets of discontinued operations					10,770,222
Debt					27,113,120
Liabilities of discontinued operations	1,010,384		1,010,384		1,010,384
Rental income costs	244,173	249,351	730,191	732,131
Total costs and expenses	2,235,161	2,777,541	6,517,964	6,061,326
Loss from continuing operations before income taxes	(564,189)	(732,867)	(2,094,543)	(2,485,679)
Net loss before discontinued operations	(372,189)	(481,867)	(1,382,543)	(1,639,679)
Discontinued operations	(173)	161,393	5,333	475,990
Provision for income taxes on discontinued operations	0	57,000	2,000	163,000
Net (loss) income from discontinued operations	(173)	104,393	3,333	312,990
Rental income revenue	432,246	459,722	1,336,339	1,372,253
Revenues from operations	1,933,407	2,404,624	5,282,125	4,633,298
Interest and other income	150	317	3,091	10,423
Interest expense	262,585	360,267	861,795	1,068,074
Total other income and expense	(262,435)	(359,950)	(858,704)	(1,057,651)
Land resource management revenue	1,223,328	1,660,038	3,213,419	2,519,319
As Previously Reported
Land improvements, buildings and equipment, net					22,881,409
Land held for investment, principally unimproved					6,943,374
Long-lived assets held for sale					4,721,303
Net investment in direct financing leases					7,788,195
Prepaid expenses and other assets					1,379,312
Assets of discontinued operations					0
Debt					28,123,504
Liabilities of discontinued operations					0
Rental income costs	244,346	263,040	738,719	787,397
Total costs and expenses	2,235,334	2,791,230	17,437,829	6,116,592
Income (Loss) from Continuing Operations Attributable to Parent	(301,927)	(262,853)	(1,223,120)	(1,105,801)
Loss from continuing operations before income taxes	(564,362)	(571,474)	(2,089,210)	(2,009,689)
Net loss before discontinued operations	(372,362)	(377,474)	(1,379,210)	(1,326,689)
Discontinued operations			0	0
Provision for income taxes on discontinued operations			0	0
Net (loss) income from discontinued operations			0	0
Rental income revenue		583,475	1,357,504	1,749,746
Revenues from operations		2,528,377	16,214,709	5,010,791
Interest and other income		80,734		251,675
Interest expense		(389,355)	(869,181)	(1,155,563)
Total other income and expense		(308,621)	(866,090)	(903,888)
Income Tax Expense (Benefit), Continuing Operations		(194,000)	(710,000)	(683,000)
Land resource management revenue			14,548,727
Reclassified
Land improvements, buildings and equipment, net					(268,288)
Land held for investment, principally unimproved					(37,706)
Long-lived assets held for sale					(1,780,155)
Net investment in direct financing leases					(7,788,195)
Prepaid expenses and other assets					(895,878)
Assets of discontinued operations					10,770,222
Debt					(1,010,384)
Liabilities of discontinued operations					1,010,384
Rental income costs	(173)	(13,689)	(8,528)	(55,266)
Total costs and expenses	(173)	(13,689)	(10,919,865)	(55,266)
Income (Loss) from Continuing Operations Attributable to Parent	173	(110,064)	(12,719)	(322,227)
Loss from continuing operations before income taxes	173	(161,393)	(5,333)	(475,990)
Net loss before discontinued operations	173	(104,393)	(3,333)	(312,990)
Discontinued operations	(173)	161,393	5,333	475,990
Provision for income taxes on discontinued operations	0	57,000	2,000	163,000
Net (loss) income from discontinued operations	(173)	104,393	3,333	312,990
Rental income revenue		(123,753)	(21,165)	(377,493)
Revenues from operations		(123,753)	(10,932,584)	(377,493)
Interest and other income		(80,417)		(241,252)
Interest expense		29,088	7,386	87,489
Total other income and expense		(51,329)	7,386	(153,763)
Income Tax Expense (Benefit), Continuing Operations		(57,000)	(2,000)	(163,000)
Land resource management revenue			(10,911,337)
As Restated
Land improvements, buildings and equipment, net					22,613,121
Land held for investment, principally unimproved					6,905,668
Long-lived assets held for sale					2,941,148
Net investment in direct financing leases					0
Prepaid expenses and other assets					483,434
Assets of discontinued operations					10,770,222
Debt					27,113,120
Liabilities of discontinued operations					1,010,384
Rental income costs	244,173	249,351	730,191	732,131
Total costs and expenses	2,235,161	2,777,541	6,517,964	6,061,326
Income (Loss) from Continuing Operations Attributable to Parent	(301,754)	(372,917)	(1,235,839)	(1,428,028)
Loss from continuing operations before income taxes	(564,189)	(732,867)	(2,094,543)	(2,485,679)
Net loss before discontinued operations	(372,189)	(481,867)	(1,382,543)	(1,639,679)
Discontinued operations	(173)	161,393	5,333	475,990
Provision for income taxes on discontinued operations	0	57,000	2,000	163,000
Net (loss) income from discontinued operations	(173)	104,393	3,333	312,990
Rental income revenue		459,722	1,336,339	1,372,253
Revenues from operations		2,404,624	5,282,125	4,633,298
Interest and other income		317		10,423
Interest expense		(360,267)	(861,795)	(1,068,074)
Total other income and expense		(359,950)	(858,704)	(1,057,651)
Income Tax Expense (Benefit), Continuing Operations		(251,000)	(712,000)	(846,000)
Land resource management revenue			$ 3,637,390

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13. Supplemental Disclosure To Statements of Cash Flows: Supplemental Disclosure of Statements to Cash Flows (Tables)

9 Months Ended

Jul. 31, 2012

Tables/Schedules

Supplemental Disclosure of Statements to Cash Flows

	2012	2011
Supplemental disclosures of cash flow information:
Cash paid during the period for Interest	$891,467	$1,306,362
Cash paid during the period for Income taxes	$56,700	$28,899
Supplemental disclosures of non cash operating activities:
Reclassification of assets from long-lived assets held for sale to land improvements, buildings and equipment, net	$388,526	$0
Reclassification of assets from land improvements, buildings and equipment, net to long-lived assets held for sale	$11,741	$0
Timing difference pertaining to the Amended and Restated Term Note dated July 29, 2011 and the receipt of proceeds on August 11, 2011 which resulted in an increase in accounts receivable and mortgages receivable and debt	$0	$2,000,000
Reclassification of assets from land and land development costs to long-lived assets held for sale	$0	$353,234
Reclassification of assets from land held for recreation to land held for investment, principally unimproved	$0	$37,706

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12. Per Share Data: Earnings per share (Details) (USD $)	3 Months Ended		9 Months Ended
	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012	Jul. 31, 2011
Weighted Average Number of Shares Issued, Basic	2,450,424	2,450,424	2,450,424	2,450,424
Net loss	$ (372,362)	$ (377,474)	$ (1,379,210)	$ (1,326,689)
Weighted Average Number of Shares Outstanding, Basic	2,450,424	2,450,424	2,450,424	2,450,424
Basic loss per weighted average combined share	$ (0.15)	$ (0.15)	$ (0.56)	$ (0.54)

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9. Land: Land Held For Investment (Details) (USD $)	Jul. 31, 2012	Oct. 31, 2011
Land - Unimproved	$ 2,287,106	$ 2,302,492
Land - Commercial rental properties	4,603,176	4,603,176
Real Estate Investment Property, at Cost	$ 6,890,282	$ 6,905,668

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1. Basis of Combination

9 Months Ended

Jul. 31, 2012

Notes

1. Basis of Combination

1. Basis of Combination

     The accompanying unaudited combined financial statements include the accounts of Blue Ridge Real Estate Company and its wholly-owned  subsidiaries  (Northeast Land Company, Jack Frost Mountain Company, Boulder Creek Resort Company, Moseywood Construction Company, Jack Frost National Golf Course, Inc., Blue Ridge Acquisition Company, BRRE Holdings, Inc., Coursey Commons Shopping Center, LLC, Coursey Creek, LLC, Cobble Creek, LLC, Flower Fields Motel, LLC, Blue Ridge WNJ, LLC and Blue Ridge WMN, LLC) (collectively “Blue Ridge”) and Big Boulder Corporation and its wholly-owned subsidiaries (Lake  Mountain  Company and BBC  Holdings, Inc.) (collectively “Big Boulder” and, together with Blue Ridge, the “Companies”).

     The combined balance sheet as of October 31, 2011, which has been derived from audited financial statements, and the combined financial statements as of and for the three and nine month periods ended July 31, 2012 and 2011, which are unaudited, are presented pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, these combined financial statements should be read in conjunction with the combined financial statements and notes thereto contained in the Companies’ 2011 Annual Report on Form 10-K. In the opinion of management, the accompanying combined financial statements reflect all adjustments (which are of a normal recurring nature) necessary for a fair statement of the results for the interim periods. All significant intercompany accounts and transactions are eliminated.

     Due to intermittent revenues from land resource management, the results of operations for any interim period are not necessarily indicative of the results expected for the full fiscal year.

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5. Segment Reporting (Details) (USD $)	9 Months Ended
	Jul. 31, 2012
Number of Reportable Segments	2
Proceeds from Sale of Real Estate Held-for-investment	$ 10,911,419
Percent of total revenue	67.00%
JFBB Ski Areas, Inc.
Proceeds from Sale of Real Estate Held-for-investment	9,000,000
Phyllis Enfield Trust
Proceeds from Sale of Real Estate Held-for-investment	$ 1,911,419

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3. Discontinued Operations: Schedule of Disposal Groups, Including Discontinued Operations (Tables)

9 Months Ended

Jul. 31, 2012

Tables/Schedules

Schedule of Disposal Groups, Including Discontinued Operations

The combined assets and liabilities as of October 31, 2011 are summarized as follows:

BALANCE SHEET	10/31/11
ASSETS
Land improvements, buildings & equipment, net	$268,288
Land held for investment, principally unimproved	37,706
Long-lived assets held for sale	1,780,155
Net investment in direct financing leases	7,788,195
Prepaid expenses and other assets	895,878
Total assets of discontinued operations	$10,770,222
LIABILITIES
Debt	$1,010,384
Total liabilities of discontinued operations	$1,010,384

   Operating results, including interest expense incurred, of the discontinued operations in three and nine months ending July 31, 2012 and 2011 are as follows:

	Three months ended 7/31/12	Three months ended 7/31/11	Nine months ended 7/31/12	Nine months ended 7/31/11
Revenues:
Applebee’s	$0	$29,000	$0	$87,000
Jack in the Box	0	33,246	10,971	99,738
Jack Frost Mountain Ski Area	0	40,006	5,097	123,137
Big Boulder Ski Area	0	21,501	5,097	67,618
Total Revenue	0	123,753	21,165	377,493
Expenses (excluding interest):
Applebee’s	0	1,547	0	5,274
Jack in the Box	0	11,894	136	36,299
Jack Frost Mountain Ski Area	0	0	7,730	10,279
Big Boulder Ski Area	173	248	662	3,414
Total Expenses	173	13,689	8,528	55,266
Interest and other income (interest income related to ski area net investment in direct financing lease):
Applebee’s	0	0	0	0
Jack in the Box	0	0	0	0
Jack Frost Mountain Ski Area	0	31,668	0	95,004
Big Boulder Ski Area	0	48,749	0	146,248
Total Interest and Other Income	0	80,417	0	241,252
Interest expense(calculated on debt related to the property):
Applebee’s	0	11,725	0	35,175
Jack in the Box	0	17,363	7,386	52,314
Jack Frost Mountain Ski Area	0	0	0	0
Big Boulder Ski Area	0	0	0	0
Total Interest	0	29,088	7,386	87,489
Gain (Loss) on Disposal:
Applebee’s	0	0	0	0
Jack in the Box	0	0	9,402	0
Jack Frost Mountain Ski Area	0	0	(4,803)	0
Big Boulder Ski Area	0	0	(4,517)	0
Total Gain (loss) on Disposal	0	0	82	0
Income from discontinued operations before income taxes	($173)	$161,393	$5,333	$475,990

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2. Significant Accounting Policies: Cash Held in Escrow (Tables)

9 Months Ended

Jul. 31, 2012

Tables/Schedules

Cash Held in Escrow:

     Cash held in escrow:

     Cash held in escrow consists of deposits held by the Companies for interest payments on lines of credit, golf course memberships and real estate transactions and other funds placed into escrow with a third party intermediary for the purpose of a tax deferred exchange under section 1031 of the Internal Revenue Code of 1986, as amended (the “IRC”).

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6. Income Taxes (Details)	9 Months Ended
	Jul. 31, 2012	Jul. 31, 2011
Effective Income Tax Rate	34.00%	34.00%

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4. Restatement: Combined Financial Statements, Adjustments (Tables)

9 Months Ended

Jul. 31, 2012

Tables/Schedules

Combined Financial Statements, Adjustments

COMBINED BALANCE SHEET

October 31, 2011
ASSETS	As Previously Reported	Reclassified	As Restated
Land improvements, buildings and equipment, net	$22,881,409	($268,288)	$22,613,121
Land held for investment, principally unimproved	6,943,374	(37,706)	6,905,668
Long-lived assets held for sale	4,721,303	(1,780,155)	2,941,148
Net investment in direct financing leases	7,788,195	(7,788,195)	0
Prepaid expenses and other assets	1,379,312	(895,878)	483,434
Assets of discontinued operations	0	10,770,222	10,770,222
LIABILITIES:
Debt	28,123,504	(1,010,384)	$27,113,120
Liabilities of discontinued operations	0	1,010,384	1,010,384

COMBINED STATEMENTS OF OPERATIONS

	For the three months ended July 31, 2012
	As Previously Reported	Reclassified	As Restated
Costs and expenses:
Rental income costs	$244,346	($173)	$244,173
Total costs and expenses	2,235,334	(173)	2,235,161
Loss (profit) from continuing operations	(301,927)	173	(301,754)
(Loss) from continuing operations before income taxes(	(564,362)	173	(564,189)
Net loss before discontinued operations	(372,362)	173	(372,189)
Discontinued operations		(173)	(173)
Provision for income taxes on discontinued operations		0	0
Net income from discontinued operations		(173)	(173)

COMBINED STATEMENTS OF OPERATIONS

	For the three months ended July 31, 2011
	As Previously Reported	Reclassified	As Restated
Revenues:
Rental income revenue	$583,475	($123,753)	$459,722
Total revenues	2,528,377	(123,753)	2,404,624
Costs and expenses:
Rental income costs	263,040	(13,689)	249,351
Total costs and expenses	2,791,230	(13,689)	2,777,541
Loss from continuing operations	(262,853)	(110,064)	(372,917)
Other income and (expense):
Interest and other income	80,734	(80,417)	317
Interest expense	(389,355)	29,088	(360,267)
Total other income and expense	(308,621)	(51,329)	(359,950)
(Loss) from continuing operations before income taxes	(571,474)	(161,393)	(732,867)
Provision for income taxes on continuing operations	(194,000)	(57,000)	(251,000)
Net loss before discontinued operations	(377,474)	(104,393)	(481,867)
Discontinued operations		161,393	161,393
Provision for income taxes on discontinued operations		57,000	57,000
Net income from discontinued operations		104,393	104,393

COMBINED STATEMENTS OF OPERATIONS

	For the nine months ended July 31, 2012
	As Previously Reported	Reclassified	As Restated
Revenues:
Land resource management revenue	$14,124,838	($10,911,419)	$3,213,419
Rental income revenue	1,357,504	(21,165)	1,336,339
Total revenues	16,214,709	(10,932,584)	5,282,125
Costs and expenses:
Land resource management costs	14,548,727	(10,911,337)	3,637,390
Rental income costs	738,719	(8,528)	730,191
Total costs and expenses	17,437,829	(10,919,865)	6,517,964
Loss (profit) from continuing operations	(1,223,120)	(12,719)	(1,235,839)
Other income and (expense):
Interest expense	(869,181)	7,386	(861,795)
Total other income and expense	(866,090)	7,386	(858,704)
(Loss) from continuing operations before income taxes	(2,089,210)	(5,333)	(2,094,543)
Credit for income taxes on continuing operations	(710,000)	(2,000)	(712,000)
Net loss before discontinued operations	(1,379,210)	(3,333)	(1,382,543)
Discontinued operations	0	5,333	5,333
Provision for income taxes on discontinued operations	0	2,000	2,000
Net income from discontinued operations	0	3,333	3,333

COMBINED STATEMENTS OF OPERATIONS

	For the nine months ended July 31, 2011
	As Previously Reported	Reclassified	As Restated
Revenues:
Rental income revenue	$1,749,746	($377,493)	$1,372,253
Total revenues	5,010,791	(377,493)	4,633,298
Costs and expenses:
Rental income costs	787,397	(55,266)	732,131
Total costs and expenses	6,116,592	(55,266)	6,061,326
Loss from continuing operations	(1,105,801)	(322,227)	(1,428,028)
Other income and (expense):
Interest and other income	251,675	(241,252)	10,423
Interest expense	(1,155,563)	87,489	(1,068,074)
Total other income and expense	(903,888)	(153,763)	(1,057,651)
(Loss) from continuing operations before income taxes	(2,009,689)	(475,990)	(2,485,679)
Provision for income taxes on continuing operations	(683,000)	(163,000)	(846,000)
Net loss before discontinued operations	(1,326,689)	(312,990)	(1,639,679)
Discontinued operations	0	475,990	475,990
Provision for income taxes on discontinued operations	0	163,000	163,000
Net income from discontinued operations	$0	$312,990	$312,990

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7. Stock Based Compensation: Schedule of Stock Option Activity (Tables)

9 Months Ended

Jul. 31, 2012

Tables/Schedules

Schedule of Stock Option Activity

	Shares	Weighted Average Exercise Price	Aggregate Intrinsic Value	Weighted Average Remaining Useful Life (in years)
Outstanding at beginning of period	14,000	$39.00	$546,000	0.42
Granted	0	0.00	0	-
Exercised	0	0.00	0	-
Expired	14,000	$39.00	0	0.00
Outstanding at end of period	0	$0.00	$0	0.00
Options exercisable at end of period	0	$0.00	-	-
Option exercise price range	$0.00	-	-	-

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COMBINED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Jul. 31, 2012	Jul. 31, 2011
Cash Flows Provided By (Used In) Operating Activities:
Net loss	$ (1,379,210)	$ (1,326,689)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	932,448	1,033,464
Impairment	70,700	0
Net book value of properties sold	2,540,624	0
Deferred income taxes	(710,000)	(683,000)
Gain on sale of assets	(4,609)	(5,500)
Changes in operating assets and liabilities:
Cash held in escrow	(42,160)	307,027
Accounts receivable and mortgages receivable	(129,057)	238,628
Prepaid expenses and other current assets	1,145,301	254,008
Land and land development costs	24,963	148,296
Long-lived assets held for sale	1,629,363	1,007,075
Accounts payable and accrued liabilities	(631,089)	(545,409)
Deferred income	80,575	127,637
Net cash provided by operating activities	3,527,849	555,537
Cash Flows Provided By (Used In) Investing Activities:
Proceeds from disposition of assets	5,100	5,500
Additions to properties	(100,316)	(298,512)
Payments received under direct financing lease arrangements	7,788,195	6,449
Net cash provided by (used in) investing activities	7,692,979	(286,563)
Cash Flows Provided By (Used In) Financing Activities:
Proceeds from debt	2,541,850	3,213,405
Payment of debt	(13,807,900)	(3,538,616)
Net cash used in financing activities	(11,266,050)	(325,211)
Net decrease in cash and cash equivalents	(45,222)	(56,237)
Cash and cash equivalents, beginning of period	377,158	389,962
Cash and cash equivalents, end of period	$ 331,936	$ 333,725

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8. Land and Land Development Costs: Land and Improvements in Progress Held For Development (Tables)

9 Months Ended

Jul. 31, 2012

Tables/Schedules

Land and Improvements in Progress Held For Development

Land and improvements in progress held for development consist of the following:

	07/31/2012	10/31/2011
Land unimproved designated for development	$10,857,296	$10,901,859
Residential development	5,084,262	5,084,262
Infrastructure development	4,669,266	4,656,666
Total land and improvements in progress	$20,610,824	$20,642,787

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3. Discontinued Operations: Schedule of Disposal Groups, Including Discontinued Operations (Details) (USD $)	3 Months Ended		9 Months Ended
	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012	Jul. 31, 2011	Oct. 31, 2011
Assets of discontinued operations					$ 10,770,222
Liabilities of discontinued operations	1,010,384		1,010,384		1,010,384
Disposal Group, Including Discontinued Operation, Revenue	0	123,753	21,165	377,493
Disposal Group, Including Discontinued Operation, Operating Expense	173	13,689	8,528	55,266
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	0	80,417	0	241,252
Disposal Group, Including Discontinued Operation, Interest Expense	0	29,088	7,386	87,489
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	0	0	82	0
Discontinued operations	(173)	161,393	5,333	475,990
ApplebeesMember
Disposal Group, Including Discontinued Operation, Revenue	0	29,000	0	87,000
Disposal Group, Including Discontinued Operation, Operating Expense	0	1,547	0	5,274
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	0	0	0	0
Disposal Group, Including Discontinued Operation, Interest Expense	0	11,725	0	35,175
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	0	0	0	0
JackInTheBoxMember
Disposal Group, Including Discontinued Operation, Revenue	0	33,246	10,971	99,738
Disposal Group, Including Discontinued Operation, Operating Expense	0	11,894	136	36,299
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	0	0	0	0
Disposal Group, Including Discontinued Operation, Interest Expense	0	17,363	7,386	52,314
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	0	0	9,402	0
JackFrostMountainSkiAreaMember
Disposal Group, Including Discontinued Operation, Revenue	0	40,006	5,097	123,137
Disposal Group, Including Discontinued Operation, Operating Expense	0	0	7,730	10,279
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	0	31,668	0	95,004
Disposal Group, Including Discontinued Operation, Interest Expense	0	0	0	0
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	0	0	(4,803)	0
BigBoulderSkiAreaMember
Disposal Group, Including Discontinued Operation, Revenue	0	21,501	5,097	67,618
Disposal Group, Including Discontinued Operation, Operating Expense	173	248	662	3,414
Disposal Group, Including Discontinued Operation, Operating Income (Loss)	0	48,749	0	146,248
Disposal Group, Including Discontinued Operation, Interest Expense	0	0	0	0
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax	0	0	(4,517)	0
Audited
Disposal Group, Including Discontinued Operation, Property, Plant, and Equipment, Net					268,288
Disposal Group, Including Discontinued Operation, Inventory					37,706
Disposal Group Including Discontinued Operation Long Lived Assets held for sale					1,780,155
Disposal Group Including Discontinued Operation Investment in direct financing leases					7,788,195
Disposal Group, Including Discontinued Operation, Other Assets					895,878
Assets of discontinued operations					10,770,222
Disposal Group, Including Discontinued Operation, Accrued Liabilities					1,010,384
Liabilities of discontinued operations					$ 1,010,384

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13. Supplemental Disclosure To Statements of Cash Flows: Supplemental Disclosure of Statements to Cash Flows (Details) (USD $)	9 Months Ended
	Jul. 31, 2012	Jul. 31, 2011
Cash paid during the period for interest	$ 891,467	$ 1,306,362
Cash paid during the period for income taxes	56,700	28,899
Reclassification of assets from long-lived assets held for sale to land improvements, buildings and equipment, net	388,526	0
Reclassification of assets from land improvements, buildings and equipment, net to long-lived assets held for sale	11,741	0
Timing difference pertaining to the Amended and Restated Term Note dated July 29, 2011 and the receipt of proceeds on August 11, 2011 which resulted in an increase in accounts receivable and mortgages receivable and debt	0	2,000,000
Reclassification of assets from land and land development costs to long-lived assets held for sale	0	353,234
Reclassification of land held for recreation to land held for investment, principally unimproved	$ 0	$ 37,706

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COMBINED BALANCE SHEETS (USD $)	Jul. 31, 2012	Oct. 31, 2011
ASSETS
Land improvements, buildings and equipment, net		$ 22,613,121
Land held for investment, principally unimproved		6,905,668
Long-lived assets held for sale		2,941,148
Prepaid expenses and other assets		483,434
Assets of discontinued operations		10,770,222
LIABILITIES:
Debt		27,113,120
Liabilities of discontinued operations	1,010,384	1,010,384
COMBINED SHAREHOLDERS' EQUITY:
Total shareholders' equity	28,374,727	29,753,937
Unaudited
ASSETS
Land and land development costs	20,610,824
Land improvements, buildings and equipment, net	21,654,494
Land held for investment, principally unimproved	6,890,282
Long-lived assets held for sale	935,000
Cash and cash equivalents	331,936
Cash held in escrow	254,041
Prepaid expenses and other assets	234,011
Accounts receivable and mortgages receivable	289,347
Total Assets	51,199,935
LIABILITIES:
Debt	16,857,454
Accounts payable	114,849
Accrued liabilities	288,025
Deferred income	814,309
Accumulated deferred income taxes	1,593,708
Accrued pension expense	3,156,863
Total liabilities	22,825,208
COMBINED SHAREHOLDERS' EQUITY:
Capital stock	819,731
Capital in excess of stated value	19,829,475
Earnings retained in the business	12,083,249
Accumulated other comprehensive loss	(2,272,321)
Shareholders' equity before capital stock in treasury	30,460,134
Less cost of shares of capital stock in treasury	2,085,407
Total shareholders' equity	28,374,727
Total liabilities and shareholders' equity	51,199,935
Audited
ASSETS
Land and land development costs		20,642,787
Land improvements, buildings and equipment, net		22,613,121
Land held for investment, principally unimproved		6,905,668
Long-lived assets held for sale		2,941,148
Cash and cash equivalents		377,158
Cash held in escrow		211,881
Prepaid expenses and other assets		483,434
Accounts receivable and mortgages receivable		160,290
Assets of discontinued operations		10,770,222
Total Assets		65,105,709
LIABILITIES:
Debt		27,113,120
Accounts payable		437,783
Accrued liabilities		415,935
Deferred income		733,734
Amounts due to related parties		24,792
Accumulated deferred income taxes		2,303,708
Accrued pension expense		3,312,316
Liabilities of discontinued operations		1,010,384
Total liabilities		35,351,772
COMBINED SHAREHOLDERS' EQUITY:
Capital stock		819,731
Capital in excess of stated value		19,829,475
Earnings retained in the business		13,462,459
Accumulated other comprehensive loss		(2,272,321)
Shareholders' equity before capital stock in treasury		31,839,344
Less cost of shares of capital stock in treasury		2,085,407
Total shareholders' equity		29,753,937
Total liabilities and shareholders' equity		$ 65,105,709

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7. Stock Based Compensation: Schedule of Stock Option Activity (Details) (USD $)	9 Months Ended
	Jul. 31, 2012
Shares, Options Outstanding at beginning of period	14,000
Weighted Average Exercise Price, beginning of period	$ 39.00
Aggregate Intrinsic Value, Outstanding beginning of period	$ 546,000
Shares, Granted	0
Weighted Average Exercise Price, Granted	$ 0.00
Aggregate Intrinsic Value, Granted	0
Shares, Exercised	0
Weighted Average Exercise Price, Exercised	$ 0.00
Aggregate Intrinsic Value, Exercised	0
Shares, Expired	14,000
Weighted Average Exercise Price, Expired	$ 39.00
Aggregate Intrinsic Value, Expired	0
Shares, Options Outstanding at end of period	0
Weighted Average Exercise Price, Outstanding at end of period	$ 0.00
Aggregate Intrinsic Value, Oustanding at end of period	$ 0
Shares, Options exerciseable at end of period	0
Weighted Average Exercise Price, Exercisable at end of period	$ 0.00
Option exercise price range	$ 0.00

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COMBINED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (USD $)	Capital Stock	Capital in Excess of Stated Par	Earnings Retained in the Business	Accumulated Other Comprehensive Loss	Capital Stock in Treasury	Total	Unaudited
Balance, shareholders' equity beginning of period at Oct. 31, 2011	$ 819,731	$ 19,829,475	$ 13,462,459	$ (2,272,321)	$ (2,085,407)	$ 29,753,937
Balance, shares issued beginning of period at Oct. 31, 2011	2,732,442
Comprehensive loss:
Net loss			(1,379,210)			(1,379,210)	(1,379,210)
Balance, shareholders' equity end of period at Jul. 31, 2012	819,731	19,829,475	12,083,249	(2,272,321)	(2,085,407)	28,374,727	28,374,727
Balance, shares issued end of period at Jul. 31, 2012	2,732,442
Balance, shareholders' equity beginning of period at Apr. 30, 2012
Comprehensive loss:
Net loss						(372,362)	(372,362)
Balance, shareholders' equity end of period at Jul. 31, 2012	$ 819,731	$ 19,829,475		$ (2,272,321)	$ (2,085,407)	$ 28,374,727	$ 28,374,727
Balance, shares issued end of period at Jul. 31, 2012	2,732,442

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11. Investment in Direct Financing Leases: Net Investment in Direct Financing Leases (Tables)

9 Months Ended

Jul. 31, 2012

Tables/Schedules

Net Investment in Direct Financing Leases

The Companies net investment in direct financing leases consisted of the following as of October 31, 2011:

	10/31/11
Minimum future lease payments	$7,426,946
Unguaranteed residual value of lease properties	8,430,879
Gross investment in lease	15,857,825
Unearned income	(7,567,630)
Valuation allowance	(502,000)
Net investment in direct financing leases	$7,788,195

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14. Business Segment Information

9 Months Ended

Jul. 31, 2012

Notes

14. Business Segment Information

14. Business Segment Information

   The following information is presented in accordance with the accounting pronouncement regarding disclosures about segments of an enterprise and related information.  The Companies’ business segments were determined from the Companies’ internal organization and management reporting, which are based primarily on differences in services. 

   Real Estate Management/Rental Operations

   Real Estate Management/Rental Operations consists of: investment properties leased to others located in Eastern Pennsylvania, New Jersey, Minnesota, Louisiana, Colorado and Texas; recreational club activities; services to the trusts that operate resort residential communities; sales of investment properties; and rental of land and land improvements, which includes the leasing of our two ski areas located in the Pocono Mountains of Northeastern Pennsylvania.  The investment property located in Colorado was sold September 30, 2011, the investment property in Texas was sold November 30, 2011 and the Jack Frost Mountain and Big Boulder Ski Areas were sold December 15, 2011.

   Land Resource Management

     Land Resource Management consists of: land sales; land purchases; timbering operations; the Jack Frost National Golf Course; and a real estate development division.  Timbering operations consist of selective timbering on our land holdings.  Contracts are entered into for parcels that have had the timber selectively marked.  We rely on the advice of our forester, who is engaged on a consulting basis and who receives a commission on each stumpage contract, for the timing and selection of certain parcels of land for timbering.  Our forester gives significant attention to protecting the environment and retaining the value of these parcels for future timber harvests.  The Jack Frost National Golf Course is managed by Billy Casper Golf, LLC, an unaffiliated third party.  The real estate development division is responsible for the residential land development activities which include overseeing the construction of single and multi-family homes and development of infrastructure.

     Funds expended to date for real estate development have been primarily for infrastructure improvements and home construction in the Laurelwoods II and Boulder Lake Village communities.  Construction of 22 single family homes and four duplex homes in Laurelwoods II has been completed.  The construction of 18 condominium units within Building J at Boulder Lake Village on Big Boulder Lake has been completed as well.  Other expenditures for our development projects in the planning phases include fees for architects, engineers, consultants, studies and permits.

     Information by business segment is as follows:

	Three months ended		Nine months ended
	7/31/12	7/31/11	7/31/12	7/31/11
Revenues from continuing operations:
Real estate management/rental operations	$710,079	$744,586	$2,068,706	$2,113,979
Land resource management	1,223,328	1,660,038	3,213,419	2,519,319
Total revenues from operations	$1,933,407	$2,404,624	$5,282,125	$4,633,298
Operating profit (loss) from continuing operations, excluding general and administrative expenses:
Real estate management/rental operations	$222,619	$238,243	$585,914	$619,526
Land resource management	(91,070)	(213,594)	(419,362)	(754,209)
Total operating profit, excluding general and administrative expenses	$131,549	$24,649	$166,552	($134,683)
General and administrative expenses:
Real estate management/rental operations	$159,138	$123,105	$547,431	$590,099
Land resource management	274,165	274,461	854,960	703,246
Total general and administrative expenses	$433,303	$397,566	$1,402,391	$1,293,345
Interest and other income, net:
Real estate management/rental operations	$38	$68	$1,145	$4,587
Land resource management	112	249	1,946	5,836
Total interest and other income, net	$150	$317	$3,091	$10,423
Interest expense:
Real estate management/rental operations	$260,990	$357,763	$849,447	$1,032,467
Land resource management	1,595	2,504	12,348	35,607
Total Interest expense	$262,585	$360,267	$861,795	$1,068,074
Loss from continuing operations before income taxes	$564,189)	$(732,867)	($2,094,543)	($2,485,679)

     Identifiable assets, net of accumulated depreciation at July 31, 2012 and October 31, 2011 and depreciation expense and capital expenditures for nine months ended July 31, 2012 and the fiscal year ended October 31, 2011 by business segment are as follows:

July 31, 2012	Identifiable  Assets	Depreciation and  Amortization Expense	Capital  Expenditures
Real estate management/rental operations	$26,700,883	$611,300	$4,588
Land resource management	24,366,870	257,864	3,212
Other corporate	132,182	63,284	92,516
Discontinued operations	0	0	0
Total Assets	$51,199,935	$932,448	$100,316
October 31, 2011
Real estate management/rental operations	$20,861,471	$632,556	$761
Land resource management	33,251,319	382,539	225,105
Other corporate	222,697	109,991	203,691
Discontinued operations	10,770,222	229,724	0
Total Assets	$65,105,709	$1,354,830	$429,557

For the nine months ended July 31, 2011, no one customer represented more than 10% of total revenues.  During the nine months ended July 31, 2012, the Companies had two material property sales, the revenue from which totaled $10,911,419, which was 67% of total revenue for such period: one sale for $9,000,000 to JFBB Ski Areas, Inc. and one sale for $1,911,419 to Phyllis Enfield Trust.

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12. Per Share Data: Earnings per share (Tables)

9 Months Ended

Jul. 31, 2012

Tables/Schedules

Earnings per share

     Weighted average basic shares, taking into consideration shares issued, weighted average options used in calculating EPS and treasury shares repurchased, and basic loss per weighted average combined share for the three and nine months ended July 31, 2012 and July 31, 2011 are as follows:

	Three months ended		Nine months ended
	07/31/12	07/31/11	07/31/12	07/31/11
Weighted average combined shares of common stock outstanding used to compute basic earnings per combined share	2,450,424	2,450,424	2,450,424	2,450,424
Basic loss per weighted average combined share is computed as follows:
	($372,189)	($481,867)	($1,382,543)	($1,639,679)
	2,450,424	2,450,424	2,450,424	2,450,424
	($0.15)	($0.20)	($0.56)	($0.67)
	($173)	$104,393	$3,333	$312,990
	2,450,424	2,450,424	2,450,424	2,450,424
	$0.00	$0.05	$0.00	$0.13
Net loss	($372,362)	($377,474)	($1,379,210)	($1,326,689)
Weighted average combined shares of common stock outstanding	2,450,424	2,450,424	2,450,424	2,450,424
Basic loss per weighted average combined share	($0.15)	($0.15)	($0.56)	($0.54)

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2. Significant Accounting Policies: Use of Estimates (Policies)

9 Months Ended

Jul. 31, 2012

Policies

Use of Estimates:

     Use of estimates:

     The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.  For example, unexpected changes in market conditions or a continued or further downturn in the economy could adversely affect actual results.  Estimates are used in accounting for, among other things, land development costs, accounts and mortgages receivables, legal liability, insurance liability, depreciation, employee benefits, taxes, and contingencies.  Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the combined financial statements in the period such revisions are determined to be necessary.

     Management believes that its accounting policies regarding revenue recognition, land development costs, long lived assets, deferred income and income taxes among others, affect its more significant judgments and estimates used in the preparation of its combined financial statements.  For a description of these critical accounting policies and estimates, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. There were no significant changes in the Companies’ critical accounting policies or estimates since the Companies’ fiscal year ended October 31, 2011 (“Fiscal 2011”).  Material subsequent events are evaluated and disclosed through the issuance date of this Quarterly Report on Form 10Q.

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COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (PARENTHETICAL) (Unaudited, USD $)	Jul. 31, 2012	Jul. 31, 2011
Unaudited
Capital stock, without par value, per combined share (in dollars)	$ 0.30	$ 0.30
Treasury stock	282,018	282,018

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COMBINED BALANCE SHEETS (PARENTHETICALS) (acre, USD $)	Jul. 31, 2012 Unaudited	Oct. 31, 2011 Audited
Acres per land ledger, Land and land development costs	3,391	3,394
Acres per land ledger, Land held for investment, principally unimproved	10,406	10,719
Capital stock, without par value, per combined share (in dollars)	$ 0.30	$ 0.30
Capital stock, authorized	3,000,000	3,000,000
Capital stock, shares issued	2,732,442	2,732,442
Treasury stock	282,018	282,018

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9. Land

9 Months Ended

Jul. 31, 2012

Notes

9. Land

9.  Land

	07/31/2012	10/31/2011
Land held for investment
Land – Unimproved	$2,287,106	$2,302,492
Land – Commercial rental properties	4,603,176	4,603,176
Total land held for investment	$6,890,282	$6,905,668

«

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Document and Entity Information	9 Months Ended
	Jul. 31, 2012	Sep. 13, 2012
Entity Registrant Name	Blue Ridge Real Estate Company
Document Type	10-Q
Document Period End Date	Jul. 31, 2012
Amendment Flag	true
Entity Central Index Key	0000012779
Current Fiscal Year End Date	--10-31
Entity Common Stock, Shares Outstanding		2,450,424
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3
Amendment Description	Amendment to furnish Exhibit 101 to Form 10-Q/A as required

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10. Pension Benefits

9 Months Ended

Jul. 31, 2012

Notes

10. Pension Benefits

10.  Pension Benefits

Components of Net Periodic Pension Cost:

	Three months ended		Nine months ended
	07/31/12	07/31/11	07/31/12	07/31/11
Service Cost	$12,276	$14,000	$36,828	$42,000
Interest Cost	96,235	98,000	288,705	294,000
Expected Return on Plan Assets	(102,812)	(95,500)	(308,436)	(286,500)
Net amortization and deferral:
Amortization of Accumulated Loss	83,568	50,250	250,704	150,750
Net amortization and deferral	83,568	50,250	250,704	150,750
Total net periodic pension cost	$89,267	$66,750	$267,801	$200,250

            The Companies expect to contribute $564,358 to their pension plan in Fiscal 2012.  As of July 31, 2012, the Companies made contributions totaling $423,258 and anticipate contributing an additional $141,100 to fund their pension plan in Fiscal 2012. The Companies are currently exploring the impact of recent legislation (Moving Ahead for Progress in the 21^st Century Act “MAP-21”) and are intending to utilize the funding relief in the current and future plan years.

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COMBINED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012	Jul. 31, 2011
Revenues:
Real estate management revenue	$ 277,833	$ 284,864	$ 732,367	$ 741,726
Land resource management revenue	1,223,328	1,660,038	3,213,419	2,519,319
Rental income revenue	432,246	459,722	1,336,339	1,372,253
Total Revenues	1,933,407	2,404,624	5,282,125	4,633,298
Costs and expenses:
Real estate management costs	243,287	256,992	752,601	762,322
Land resource management costs	1,319,007	1,879,132	3,637,390	3,279,028
Rental income costs	244,173	249,351	730,191	732,131
General and administrative expense	433,303	397,566	1,402,391	1,293,345
Gain on sale of assets	(4,609)	(5,500)	(4,609)	(5,500)
Total costs and expenses	2,235,161	2,777,541	6,517,964	6,061,326
Operating loss from continuing operations	(301,754)	(372,917)	(1,235,839)	(1,428,028)
Other income and expense:
Interest and other income	150	317	3,091	10,423
Interest expense	(262,585)	(360,267)	(861,795)	(1,068,074)
Total other income and expense	(262,435)	(359,950)	(858,704)	(1,057,651)
Loss from continuing operations before income taxes	(564,189)	(732,867)	(2,094,543)	(2,485,679)
Credit for income taxes	(192,000)	(251,000)	(712,000)	(846,000)
Net loss before discontinued operations	(372,189)	(481,867)	(1,382,543)	(1,639,679)
Discontinued operations	(173)	161,393	5,333	475,990
Provision for income taxes on discontinued operations	0	57,000	2,000	163,000
Net (loss) income from discontinued operations	(173)	104,393	3,333	312,990
Net loss	$ (372,362)	$ (377,474)	$ (1,379,210)	$ (1,326,689)
Net (loss) before discontinued operations	$ (0.15)	$ (0.20)	$ (0.56)	$ (0.67)
Income from discontinued operations	$ 0.00	$ 0.05	$ 0.00	$ 0.13
Total Basic loss per weighted average combined share	$ (0.15)	$ (0.15)	$ (0.56)	$ (0.54)

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4. Restatement

9 Months Ended

Jul. 31, 2012

Notes

4. Restatement

4. Restatement

     In the fourth quarter of Fiscal 2012 Management determined to restate the financial statements for the fiscal year ended October 31, 2011, 2010 and 2009, the three months ended January 31, 2012 and 2011, the six months ended April 30, 2012 and 2011 and the nine months ended July 2012 and 2011.  The restatement is to reclassify the financial results from certain properties sold or held for sale by the Companies in 2011 which should have been, but were not, reported in discontinued operations for the periods prior to the respective dates of their disposition.  The properties include:

1.      approximately 1 acre of land in Fort Collins, Colorado on which an Applebee’s restaurant was located, sold by Blue Ridge on September 30, 2011;

2.      1.2 acres of land in Wallisville, Texas on which a Jack in the Box restaurant was located, sold by Blue Ridge on November 30, 2011;

3.      201 acres of land comprising the Jack Frost Mountain Ski Area, sold by Blue Ridge on December 15, 2011; and

4.      approximately 110 acres of land comprising the Big Boulder Ski Area, sold by Big Boulder on December 15, 2011.

The restatement did not impact the Companies’ total net loss for the relevant periods.  The following are the previously reported and restated balances on the combined balance sheet as of October 2011 and the combined statement of operations for the nine months ended July 31, 2012 and 2011:

COMBINED BALANCE SHEET

October 31, 2011
ASSETS	As Previously Reported	Reclassified	As Restated
Land improvements, buildings and equipment, net	$22,881,409	($268,288)	$22,613,121
Land held for investment, principally unimproved	6,943,374	(37,706)	6,905,668
Long-lived assets held for sale	4,721,303	(1,780,155)	2,941,148
Net investment in direct financing leases	7,788,195	(7,788,195)	0
Prepaid expenses and other assets	1,379,312	(895,878)	483,434
Assets of discontinued operations	0	10,770,222	10,770,222
LIABILITIES:
Debt	28,123,504	(1,010,384)	$27,113,120
Liabilities of discontinued operations	0	1,010,384	1,010,384

COMBINED STATEMENTS OF OPERATIONS

	For the three months ended July 31, 2012
	As Previously Reported	Reclassified	As Restated
Costs and expenses:
Rental income costs	$244,346	($173)	$244,173
Total costs and expenses	2,235,334	(173)	2,235,161
Loss (profit) from continuing operations	(301,927)	173	(301,754)
(Loss) from continuing operations before income taxes(	(564,362)	173	(564,189)
Net loss before discontinued operations	(372,362)	173	(372,189)
Discontinued operations		(173)	(173)
Provision for income taxes on discontinued operations		0	0
Net income from discontinued operations		(173)	(173)

COMBINED STATEMENTS OF OPERATIONS

	For the three months ended July 31, 2011
	As Previously Reported	Reclassified	As Restated
Revenues:
Rental income revenue	$583,475	($123,753)	$459,722
Total revenues	2,528,377	(123,753)	2,404,624
Costs and expenses:
Rental income costs	263,040	(13,689)	249,351
Total costs and expenses	2,791,230	(13,689)	2,777,541
Loss from continuing operations	(262,853)	(110,064)	(372,917)
Other income and (expense):
Interest and other income	80,734	(80,417)	317
Interest expense	(389,355)	29,088	(360,267)
Total other income and expense	(308,621)	(51,329)	(359,950)
(Loss) from continuing operations before income taxes	(571,474)	(161,393)	(732,867)
Provision for income taxes on continuing operations	(194,000)	(57,000)	(251,000)
Net loss before discontinued operations	(377,474)	(104,393)	(481,867)
Discontinued operations		161,393	161,393
Provision for income taxes on discontinued operations		57,000	57,000
Net income from discontinued operations		104,393	104,393

COMBINED STATEMENTS OF OPERATIONS

	For the nine months ended July 31, 2012
	As Previously Reported	Reclassified	As Restated
Revenues:
Land resource management revenue	$14,124,838	($10,911,419)	$3,213,419
Rental income revenue	1,357,504	(21,165)	1,336,339
Total revenues	16,214,709	(10,932,584)	5,282,125
Costs and expenses:
Land resource management costs	14,548,727	(10,911,337)	3,637,390
Rental income costs	738,719	(8,528)	730,191
Total costs and expenses	17,437,829	(10,919,865)	6,517,964
Loss (profit) from continuing operations	(1,223,120)	(12,719)	(1,235,839)
Other income and (expense):
Interest expense	(869,181)	7,386	(861,795)
Total other income and expense	(866,090)	7,386	(858,704)
(Loss) from continuing operations before income taxes	(2,089,210)	(5,333)	(2,094,543)
Credit for income taxes on continuing operations	(710,000)	(2,000)	(712,000)
Net loss before discontinued operations	(1,379,210)	(3,333)	(1,382,543)
Discontinued operations	0	5,333	5,333
Provision for income taxes on discontinued operations	0	2,000	2,000
Net income from discontinued operations	0	3,333	3,333

COMBINED STATEMENTS OF OPERATIONS

	For the nine months ended July 31, 2011
	As Previously Reported	Reclassified	As Restated
Revenues:
Rental income revenue	$1,749,746	($377,493)	$1,372,253
Total revenues	5,010,791	(377,493)	4,633,298
Costs and expenses:
Rental income costs	787,397	(55,266)	732,131
Total costs and expenses	6,116,592	(55,266)	6,061,326
Loss from continuing operations	(1,105,801)	(322,227)	(1,428,028)
Other income and (expense):
Interest and other income	251,675	(241,252)	10,423
Interest expense	(1,155,563)	87,489	(1,068,074)
Total other income and expense	(903,888)	(153,763)	(1,057,651)
(Loss) from continuing operations before income taxes	(2,009,689)	(475,990)	(2,485,679)
Provision for income taxes on continuing operations	(683,000)	(163,000)	(846,000)
Net loss before discontinued operations	(1,326,689)	(312,990)	(1,639,679)
Discontinued operations	0	475,990	475,990
Provision for income taxes on discontinued operations	0	163,000	163,000
Net income from discontinued operations	$0	$312,990	$312,990

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3. Discontinued Operations

9 Months Ended

Jul. 31, 2012

Notes

3. Discontinued Operations

3.  Discontinued operations

   On September 30, 2011, the Applebee’s located in Fort Collins, Colorado was sold and as a result the operating activity for the three and nine months ending July 31, 2011 is being reported as a discontinued operation.  The operating results of Applebee’s were previously reported in the Rental Operations of the combined statements of operations.  At July 31, 2012 there were no remaining assets or liabilities related to Applebee’s.

   On November 30, 2011, the Jack in the Box located in Wallisville, Texas was sold and as a result the operating activity for the three and nine months ending July 31, 2012 and 2011 is being reported as a discontinued operation.  The operating results of Jack in the Box were previously reported in the Rental Operations of the combined statements of operations.  At July 31, 2012 there were no remaining assets or liabilities related to Jack in the Box.  At October 31, 2011, there was $1,814,573 of assets related to Jack in the Box included in assets of discontinued operation and $1,010,384 of debt included in liabilities of discontinued operations on the Companies’ combined balance sheet.  At July 31, 2012 there were no remaining assets or liabilities related to Jack in the Box.

   On December 15, 2011, the Jack Frost Mountain and Big Boulder ski areas were sold and as a result the operating activity for the three and nine months ending July 31, 2012 and 2011 is being reported as a discontinued operation.  The ski areas had been leased to an operator and a portion of the leased premises had been capitalized as net investment in direct financing leases. Therefore a portion of the operating results were previously reported in the Rental Operations and a portion of the operating results were previously reported in the Interest and Other Income line of the combined statements of operations.  At July 31, 2012 there were no remaining assets or liabilities related to the Jack Frost Mountain and Big Boulder ski areas.  At October 31, 2011, there was $8,955,649 of assets related to the two ski areas included in assets of discontinued operations on the Companies’ combined balance sheet and there were no liabilities.  At July 31, 2012 there were no remaining assets or liabilities related to the Jack Frost Mountain and Big Boulder ski areas.

The combined assets and liabilities as of October 31, 2011 are summarized as follows:

BALANCE SHEET	10/31/11
ASSETS
Land improvements, buildings & equipment, net	$268,288
Land held for investment, principally unimproved	37,706
Long-lived assets held for sale	1,780,155
Net investment in direct financing leases	7,788,195
Prepaid expenses and other assets	895,878
Total assets of discontinued operations	$10,770,222
LIABILITIES
Debt	$1,010,384
Total liabilities of discontinued operations	$1,010,384

   Operating results, including interest expense incurred, of the discontinued operations in three and nine months ending July 31, 2012 and 2011 are as follows:

	Three months ended 7/31/12	Three months ended 7/31/11	Nine months ended 7/31/12	Nine months ended 7/31/11
Revenues:
Applebee’s	$0	$29,000	$0	$87,000
Jack in the Box	0	33,246	10,971	99,738
Jack Frost Mountain Ski Area	0	40,006	5,097	123,137
Big Boulder Ski Area	0	21,501	5,097	67,618
Total Revenue	0	123,753	21,165	377,493
Expenses (excluding interest):
Applebee’s	0	1,547	0	5,274
Jack in the Box	0	11,894	136	36,299
Jack Frost Mountain Ski Area	0	0	7,730	10,279
Big Boulder Ski Area	173	248	662	3,414
Total Expenses	173	13,689	8,528	55,266
Interest and other income (interest income related to ski area net investment in direct financing lease):
Applebee’s	0	0	0	0
Jack in the Box	0	0	0	0
Jack Frost Mountain Ski Area	0	31,668	0	95,004
Big Boulder Ski Area	0	48,749	0	146,248
Total Interest and Other Income	0	80,417	0	241,252
Interest expense(calculated on debt related to the property):
Applebee’s	0	11,725	0	35,175
Jack in the Box	0	17,363	7,386	52,314
Jack Frost Mountain Ski Area	0	0	0	0
Big Boulder Ski Area	0	0	0	0
Total Interest	0	29,088	7,386	87,489
Gain (Loss) on Disposal:
Applebee’s	0	0	0	0
Jack in the Box	0	0	9,402	0
Jack Frost Mountain Ski Area	0	0	(4,803)	0
Big Boulder Ski Area	0	0	(4,517)	0
Total Gain (loss) on Disposal	0	0	82	0
Income from discontinued operations before income taxes	($173)	$161,393	$5,333	$475,990

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15. Subsequent Events

9 Months Ended

Jul. 31, 2012

Notes

15. Subsequent Events

15. Subsequent Events

     The Companies have evaluated and disclosed subsequent events from July 31, 2012 through the issuance date of the Form 10Q.

     On September 6, 2012, Blue Ridge and The Conservation Fund (the “Purchaser”) entered into a Third Amendment (the “Third Amendment”) to the Agreement of Sale between Blue Ridge and the Purchaser dated February 17, 2011 (the “Initial Phase 3 Agreement”), as amended by the First Amendment dated August 15, 2011 (the “First Amendment”), and as amended by the Second Amendment dated February 20, 2012 (the “Second Amendment”, and the Initial Phase 3 Agreement as amended by the First and Second Amendment, the “Phase 3 Agreement”) for raw land owned by the Company.  Under the Phase 3 Agreement, Blue Ridge agreed to sell the Purchaser land located in Thornhurst Township, Lackawanna County, Pennsylvania, consisting of approximately 376 acres (the “Property”), for a purchase price of $1,600,000, $5,000 of which was paid by the Purchaser as a deposit (the “Deposit”) within five business days of the effective date of the Phase 3 Agreement, and the remainder of which is payable to the Company at the closing. 

     Prior to the Third Amendment, the Phase 3 Agreement provided that (i) the Purchaser had until November 30, 2012 (the “Inspection Period”) to perform any due diligence it deemed necessary to satisfy itself as to the feasibility of proceeding with its acquisition of the Property; (ii) the closing for the sale of the Property would occur on December 31, 2012 and (iii) if the parties are unable to reach an agreement on the final terms of the Surface Use Agreement prior to the expiration of the Inspection Period (as extended by the terms of the Second Amendment), then either party may terminate the Agreement on ten days written notice, and upon such termination the Deposit will be refunded to Purchaser.  The Third Amendment provides that (i) the end of Inspection Period be extended from November 30, 2012 to May 30, 2013; and (ii) closing shall occur on July 1, 2013.  All other terms and conditions of the Phase 3 Agreement in effect prior to the Third Amendment remain in effect.

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11. Investment in Direct Financing Leases

9 Months Ended

Jul. 31, 2012

Notes

11. Investment in Direct Financing Leases

11.  Investment in Direct Financing Leases (Included in assets of discontinued operations at October 31, 2011)

During Fiscal 2011, the Companies leased the Jack Frost and Big Boulder ski areas to a third party under direct financing leases that extended through 2034. 

The Companies net investment in direct financing leases consisted of the following as of October 31, 2011:

	10/31/11
Minimum future lease payments	$7,426,946
Unguaranteed residual value of lease properties	8,430,879
Gross investment in lease	15,857,825
Unearned income	(7,567,630)
Valuation allowance	(502,000)
Net investment in direct financing leases	$7,788,195

On December 15, 2011, the Jack Frost and Big Boulder ski areas were sold to the previous third party lessee, therefore the operating activity for the three months ended July 31, 2012 and 2011 is being reported as discontinued operations.  The transaction resulted in a loss of approximately ($502,000) primarily related to the reversal of the accrued rent receivable based on the straight line amortization of the lease.  The valuation allowance was recorded as impairment at October 31, 2011.  The interest income which resulted from the direct financing lease is reported as a portion of the discontinued operations..

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7. Stock Based Compensation

9 Months Ended

Jul. 31, 2012

Notes

7. Stock Based Compensation

7.  Stock Based Compensation

   During the nine months ended July 31, 2012 and July 31, 2011 no stock options were issued or exercised.

   Option activity during the nine month period ended July 31, 2012 is as follows:

	Shares	Weighted Average Exercise Price	Aggregate Intrinsic Value	Weighted Average Remaining Useful Life (in years)
Outstanding at beginning of period	14,000	$39.00	$546,000	0.42
Granted	0	0.00	0	-
Exercised	0	0.00	0	-
Expired	14,000	$39.00	0	0.00
Outstanding at end of period	0	$0.00	$0	0.00
Options exercisable at end of period	0	$0.00	-	-
Option exercise price range	$0.00	-	-	-

   The Companies do not expect to recognize any compensation expense related to non-vested awards during Fiscal 2012.

   The Companies’ policy regarding the exercise of options requires that optionees utilize an independent broker to manage the transaction, whereby, following the option exercise, the broker sells the exercised shares on the open market.

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5. Segment Reporting

9 Months Ended

Jul. 31, 2012

Notes

5. Segment Reporting

5. Segment Reporting

   The Companies currently operate in 2 business segments, which consist of Real Estate Management/Rental Operations and Land Resource Management.

During the nine months ended July 31, 2012, the Companies had two material property sales, the revenue from which totaled $10,911,419, which was 67% of total revenue for such period: one sale for $9,000,000 to JFBB Ski Areas, Inc. and one sale for $1,911,419 to Phyllis Enfield Trust.

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6. Income Taxes

9 Months Ended

Jul. 31, 2012

Notes

6. Income Taxes

6.  Income Taxes

   The benefit for income taxes for the three and nine months ended July 31, 2012 and 2011 is estimated using the estimated annual effective tax rate for the fiscal years ending October 31, 2012 and 2011.  The effective income tax rate for the first nine months of the Companies’ fiscal year ending October 31, 2012 (such fiscal year “Fiscal 2012”) and Fiscal 2011 was estimated at 34%. 34%

   The Companies’ practice is to recognize interest and/or penalties related to income tax matters as income tax expense in its combined financial statements. As of and for the nine months ended July 31, 2012, no interest and penalties have been accrued in the combined balance sheet and no expense is reflected in the combined statement of operations.  At July 31, 2012, federal and state tax returns for fiscal years ending October 31, 2009 and later are subject to future examination by the respective tax authorities.

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8. Land and Land Development Costs

9 Months Ended

Jul. 31, 2012

Notes

8. Land and Land Development Costs

8.  Land and Land Development Costs

Land and improvements in progress held for development consist of the following:

	07/31/2012	10/31/2011
Land unimproved designated for development	$10,857,296	$10,901,859
Residential development	5,084,262	5,084,262
Infrastructure development	4,669,266	4,656,666
Total land and improvements in progress	$20,610,824	$20,642,787

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10. Pension Benefits: Components of Net Periodic Pension Cost (Tables)

9 Months Ended

Jul. 31, 2012

Tables/Schedules

Components of Net Periodic Pension Cost:

Components of Net Periodic Pension Cost:

	Three months ended		Nine months ended
	07/31/12	07/31/11	07/31/12	07/31/11
Service Cost	$12,276	$14,000	$36,828	$42,000
Interest Cost	96,235	98,000	288,705	294,000
Expected Return on Plan Assets	(102,812)	(95,500)	(308,436)	(286,500)
Net amortization and deferral:
Amortization of Accumulated Loss	83,568	50,250	250,704	150,750
Net amortization and deferral	83,568	50,250	250,704	150,750
Total net periodic pension cost	$89,267	$66,750	$267,801	$200,250

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11. Investment in Direct Financing Leases (Details) (USD $)	Oct. 31, 2011
Valuation allowance	$ (502,000)

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13. Supplemental Disclosure To Statements of Cash Flows

9 Months Ended

Jul. 31, 2012

Notes

13. Supplemental Disclosure To Statements of Cash Flows

13.  Supplemental Disclosure to Statements of Cash Flows

The following are supplemental disclosures to the statements of cash flows for the nine months ended July 31, 2012 and 2011:

	2012	2011
Supplemental disclosures of cash flow information:
Cash paid during the period for Interest	$891,467	$1,306,362
Cash paid during the period for Income taxes	$56,700	$28,899
Supplemental disclosures of non cash operating activities:
Reclassification of assets from long-lived assets held for sale to land improvements, buildings and equipment, net	$388,526	$0
Reclassification of assets from land improvements, buildings and equipment, net to long-lived assets held for sale	$11,741	$0
Timing difference pertaining to the Amended and Restated Term Note dated July 29, 2011 and the receipt of proceeds on August 11, 2011 which resulted in an increase in accounts receivable and mortgages receivable and debt	$0	$2,000,000
Reclassification of assets from land and land development costs to long-lived assets held for sale	$0	$353,234
Reclassification of assets from land held for recreation to land held for investment, principally unimproved	$0	$37,706

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2. Significant Accounting Policies: Reclassification (Policies)

9 Months Ended

Jul. 31, 2012

Policies

Reclassification

Reclassification

In the second quarter of 2011, Land held for recreation was reclassified to Land held for investment, principally unimproved.  The 311 acres that were reclassified house our ski areas which were leased to a third party operator during Fiscal 2011 and sold on December 15, 2011.  Operating activities relating to this land are part of the discontinued operations.

      The Companies report the results of discontinued operations as a separate component of income on the combined statements of operations under the caption Discontinued operations.  This reporting resulted in certain reclassifications of the 2011 financial statement amounts.

   Certain amounts in the Fiscal 2011 combined financial statements have been reclassified to conform to the Fiscal 2012 presentation.

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10. Pension Benefits (Details) (USD $)	3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2012	Jul. 31, 2012	Oct. 31, 2012
Pension Contributions	$ 141,100	$ 423,258	$ 564,358

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4. Restatement (Details)	9 Months Ended
	Jul. 31, 2012
Error Corrections and Prior Period Adjustments, Description	In the fourth quarter of Fiscal 2012 Management determined to restate the financial statements for the fiscal year ended October 31, 2011, 2010 and 2009, the three months ended January 31, 2012 and 2011, the six months ended April 30, 2012 and 2011 and the nine months ended July 2012 and 2011. The restatement is to reclassify the financial results from certain properties sold or held for sale by the Companies in 2011 which should have been, but were not, reported in discontinued operations for the periods prior to the respective dates of their disposition. The properties include: 1. approximately 1 acre of land in Fort Collins, Colorado on which an Applebee’s restaurant was located, sold by Blue Ridge on September 30, 2011; 2. 1.2 acres of land in Wallisville, Texas on which a Jack in the Box restaurant was located, sold by Blue Ridge on November 30, 2011; 3. 201 acres of land comprising the Jack Frost Mountain Ski Area, sold by Blue Ridge on December 15, 2011; and 4. approximately 110 acres of land comprising the Big Boulder Ski Area, sold by Big Boulder on December 15, 2011. The restatement did not impact the Companies’ total net loss for the relevant periods. The following are the previously reported and restated balances on the combined balance sheet as of October 2011 and the combined statement of operations for the nine months ended July 31, 2012 and 2011:

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COMBINED STATEMENTS OF OPERATIONS (PARENTHETICAL) (Unaudited, USD $)	3 Months Ended		9 Months Ended
	Jul. 31, 2012	Jul. 31, 2011	Jul. 31, 2012	Jul. 31, 2011
Unaudited
Interest expense, capitalized interest	$ 0	$ 47,518	$ 0	$ 158,532
Gain on disposals, Discontinued operations	$ 82	$ 0	$ 82	$ 0

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2. Significant Accounting Policies

9 Months Ended

Jul. 31, 2012

Notes

2. Significant Accounting Policies

2. Significant Accounting Policies

     Use of estimates:

     The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.  For example, unexpected changes in market conditions or a continued or further downturn in the economy could adversely affect actual results.  Estimates are used in accounting for, among other things, land development costs, accounts and mortgages receivables, legal liability, insurance liability, depreciation, employee benefits, taxes, and contingencies.  Estimates and assumptions are reviewed periodically and the effects of revisions are reflected in the combined financial statements in the period such revisions are determined to be necessary.

     Management believes that its accounting policies regarding revenue recognition, land development costs, long lived assets, deferred income and income taxes among others, affect its more significant judgments and estimates used in the preparation of its combined financial statements.  For a description of these critical accounting policies and estimates, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. There were no significant changes in the Companies’ critical accounting policies or estimates since the Companies’ fiscal year ended October 31, 2011 (“Fiscal 2011”).  Material subsequent events are evaluated and disclosed through the issuance date of this Quarterly Report on Form 10Q.

     Cash held in escrow:

     Cash held in escrow consists of deposits held by the Companies for interest payments on lines of credit, golf course memberships and real estate transactions and other funds placed into escrow with a third party intermediary for the purpose of a tax deferred exchange under section 1031 of the Internal Revenue Code of 1986, as amended (the “IRC”).

Discontinued Operations:

   A component of the Companies is classified as a discontinued operation when (i) the operations and cash flows of the component of the Companies can be clearly distinguished and have been or will be eliminated from our ongoing operations; (ii) the component has either been disposed of or is classified as held for sale; and (iii) we will not have any significant continuing involvement in the operations of the component of the Companies after the disposal transactions.  Significant judgments are involved in determining whether a component meets the criteria for discontinued operations reporting and the period in which these criteria are met.   If a component of the Companies is reported as a discontinued operation, the results of operations through the date of sale, including any gain or loss recognized on the disposition, are presented on a separate line of the income statement.

Reclassification

In the second quarter of 2011, Land held for recreation was reclassified to Land held for investment, principally unimproved.  The 311 acres that were reclassified house our ski areas which were leased to a third party operator during Fiscal 2011 and sold on December 15, 2011.  Operating activities relating to this land are part of the discontinued operations.

      The Companies report the results of discontinued operations as a separate component of income on the combined statements of operations under the caption Discontinued operations.  This reporting resulted in certain reclassifications of the 2011 financial statement amounts.

   Certain amounts in the Fiscal 2011 combined financial statements have been reclassified to conform to the Fiscal 2012 presentation.

New Accounting Pronouncements

In January 2010, the FASB issued ASU No. 2010-06, “Fair Value Measurements and Disclosures (“Topic 820”): Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”). ASU 2010-06 requires certain new disclosures and clarifies some existing disclosure requirements regarding fair value measurement as set forth in Accounting Standards Codification (“ASC”) Subtopic 820-10. ASU 2010-06 amends ASC Subtopic 820-10 to now require that (1) a reporting entity disclose separately the amounts of significant transfers in and out of Level 1 and Level 2 fair value measurements and describe the reasons for the transfers; (2) in the reconciliation for fair value measurements using significant unobservable inputs, a reporting entity present separately information about purchases, sales, issuances, and settlements, and (3) a reporting entity provide disclosures about the valuation techniques and inputs used to measure fair value for both recurring and nonrecurring fair value measurements. ASU 2010-06 is effective for interim and annual reporting periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements. Those disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. The adoption of ASU No. 2010-06 did not have a material impact on the Companies’ combined financial statements.

In December 2009, the FASB issued ASU No. 2009-16, “Accounting for Transfers of Financial Assets” (“ASU 2009-16”), which is an amendment of ASC 860, “Transfers and Servicing.”  ASU 2009-16 requires more information about the transfers of financial assets.  More specifically, ASU 2009-16 eliminates the concept of a “qualified special purpose entity”, changes the requirements for derecognizing financial assets, and enhances the information reported to users of financial statements.  ASU 2009-16 is effective for fiscal years beginning on or after November 15, 2009. ASU 2009-16 is effective for the Companies’ financial statements for fiscal years beginning November 1, 2010. The adoption of ASU 2009-16 did not have a material impact on the Companies’ combined financial statements.

In December 2009, the FASB issued ASU No. 2009-17, “Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities” (“ASU 2009-17”). ASU 2009-17 changes how a reporting entity determines when an entity that is insufficiently capitalized or is not controlled through voting (or similar rights) should be consolidated. The determination of whether a reporting entity is required to consolidate another entity is based on, among other things, the other entity’s purpose and design and the reporting entity’s ability to direct the activities of the other entity that most significantly impact the other entity’s economic performance. The new standard will require a number of new disclosures, including additional disclosures about the reporting entity’s involvement with variable interest entities and any significant changes in risk exposure due to that involvement. A reporting entity will be required to disclose how its involvement with a variable interest entity affects the reporting entity’s financial statements. ASU 2009-17 is effective for fiscal years beginning after November 15, 2009. The adoption of ASU 2009-17 did not have a material impact on the Companies’ combined financial statements.

In June 2011, the FASB issued Accounting Standards Update No. 2011-05, “Statement of Comprehensive Income” (“ASU 2011-05”), which requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income.  The adoption of this guidance, which relates to presentation only, is not expected to have a material impact on the Companies’ combined financial statements.  ASU 2011-05 will be effective for the Companies’ fiscal year beginning November 1, 2012.  In December 2011, the FASB issued Accounting Standards Update No. 2011-12 (ASU 2011-12) which is a deferral of the effective date for the amendments to the presentation of reclassifications of items out of accumulated other comprehensive income in Accounting Standards Update No. 2011-05 effective for fiscal years and interim periods within those years beginning after December 1, 2011.

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2. Significant Accounting Policies: New Accounting Pronouncements (Policies)

9 Months Ended

Jul. 31, 2012

Policies

New Accounting Pronouncements

New Accounting Pronouncements

In January 2010, the FASB issued ASU No. 2010-06, “Fair Value Measurements and Disclosures (“Topic 820”): Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”). ASU 2010-06 requires certain new disclosures and clarifies some existing disclosure requirements regarding fair value measurement as set forth in Accounting Standards Codification (“ASC”) Subtopic 820-10. ASU 2010-06 amends ASC Subtopic 820-10 to now require that (1) a reporting entity disclose separately the amounts of significant transfers in and out of Level 1 and Level 2 fair value measurements and describe the reasons for the transfers; (2) in the reconciliation for fair value measurements using significant unobservable inputs, a reporting entity present separately information about purchases, sales, issuances, and settlements, and (3) a reporting entity provide disclosures about the valuation techniques and inputs used to measure fair value for both recurring and nonrecurring fair value measurements. ASU 2010-06 is effective for interim and annual reporting periods beginning after December 15, 2009, except for the disclosures about purchases, sales, issuances, and settlements in the roll forward of activity in Level 3 fair value measurements. Those disclosures are effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. The adoption of ASU No. 2010-06 did not have a material impact on the Companies’ combined financial statements.

In December 2009, the FASB issued ASU No. 2009-16, “Accounting for Transfers of Financial Assets” (“ASU 2009-16”), which is an amendment of ASC 860, “Transfers and Servicing.”  ASU 2009-16 requires more information about the transfers of financial assets.  More specifically, ASU 2009-16 eliminates the concept of a “qualified special purpose entity”, changes the requirements for derecognizing financial assets, and enhances the information reported to users of financial statements.  ASU 2009-16 is effective for fiscal years beginning on or after November 15, 2009. ASU 2009-16 is effective for the Companies’ financial statements for fiscal years beginning November 1, 2010. The adoption of ASU 2009-16 did not have a material impact on the Companies’ combined financial statements.

In December 2009, the FASB issued ASU No. 2009-17, “Improvements to Financial Reporting by Enterprises Involved with Variable Interest Entities” (“ASU 2009-17”). ASU 2009-17 changes how a reporting entity determines when an entity that is insufficiently capitalized or is not controlled through voting (or similar rights) should be consolidated. The determination of whether a reporting entity is required to consolidate another entity is based on, among other things, the other entity’s purpose and design and the reporting entity’s ability to direct the activities of the other entity that most significantly impact the other entity’s economic performance. The new standard will require a number of new disclosures, including additional disclosures about the reporting entity’s involvement with variable interest entities and any significant changes in risk exposure due to that involvement. A reporting entity will be required to disclose how its involvement with a variable interest entity affects the reporting entity’s financial statements. ASU 2009-17 is effective for fiscal years beginning after November 15, 2009. The adoption of ASU 2009-17 did not have a material impact on the Companies’ combined financial statements.

In June 2011, the FASB issued Accounting Standards Update No. 2011-05, “Statement of Comprehensive Income” (“ASU 2011-05”), which requires entities to present net income and other comprehensive income in either a single continuous statement or in two separate, but consecutive, statements of net income and other comprehensive income.  The adoption of this guidance, which relates to presentation only, is not expected to have a material impact on the Companies’ combined financial statements.  ASU 2011-05 will be effective for the Companies’ fiscal year beginning November 1, 2012.  In December 2011, the FASB issued Accounting Standards Update No. 2011-12 (ASU 2011-12) which is a deferral of the effective date for the amendments to the presentation of reclassifications of items out of accumulated other comprehensive income in Accounting Standards Update No. 2011-05 effective for fiscal years and interim periods within those years beginning after December 1, 2011.

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14. Business Segment Information: Information by Business Segment (Tables)

9 Months Ended

Jul. 31, 2012

Tables/Schedules

Information by Business Segment

     Information by business segment is as follows:

	Three months ended		Nine months ended
	7/31/12	7/31/11	7/31/12	7/31/11
Revenues from continuing operations:
Real estate management/rental operations	$710,079	$744,586	$2,068,706	$2,113,979
Land resource management	1,223,328	1,660,038	3,213,419	2,519,319
Total revenues from operations	$1,933,407	$2,404,624	$5,282,125	$4,633,298
Operating profit (loss) from continuing operations, excluding general and administrative expenses:
Real estate management/rental operations	$222,619	$238,243	$585,914	$619,526
Land resource management	(91,070)	(213,594)	(419,362)	(754,209)
Total operating profit, excluding general and administrative expenses	$131,549	$24,649	$166,552	($134,683)
General and administrative expenses:
Real estate management/rental operations	$159,138	$123,105	$547,431	$590,099
Land resource management	274,165	274,461	854,960	703,246
Total general and administrative expenses	$433,303	$397,566	$1,402,391	$1,293,345
Interest and other income, net:
Real estate management/rental operations	$38	$68	$1,145	$4,587
Land resource management	112	249	1,946	5,836
Total interest and other income, net	$150	$317	$3,091	$10,423
Interest expense:
Real estate management/rental operations	$260,990	$357,763	$849,447	$1,032,467
Land resource management	1,595	2,504	12,348	35,607
Total Interest expense	$262,585	$360,267	$861,795	$1,068,074
Loss from continuing operations before income taxes	$564,189)	$(732,867)	($2,094,543)	($2,485,679)

     Identifiable assets, net of accumulated depreciation at July 31, 2012 and October 31, 2011 and depreciation expense and capital expenditures for nine months ended July 31, 2012 and the fiscal year ended October 31, 2011 by business segment are as follows:

July 31, 2012	Identifiable  Assets	Depreciation and  Amortization Expense	Capital  Expenditures
Real estate management/rental operations	$26,700,883	$611,300	$4,588
Land resource management	24,366,870	257,864	3,212
Other corporate	132,182	63,284	92,516
Discontinued operations	0	0	0
Total Assets	$51,199,935	$932,448	$100,316
October 31, 2011
Real estate management/rental operations	$20,861,471	$632,556	$761
Land resource management	33,251,319	382,539	225,105
Other corporate	222,697	109,991	203,691
Discontinued operations	10,770,222	229,724	0
Total Assets	$65,105,709	$1,354,830	$429,557

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12. Per Share Data

9 Months Ended

Jul. 31, 2012

Notes

12. Per Share Data

12.  Per Share Data

     Earnings per share (“EPS”) is based on the weighted average number of common shares outstanding during the period.  The calculation of diluted EPS assumes weighted average options have been exercised to purchase shares of common stock in the relevant period, net of assumed repurchases using the treasury stock method.   For the three and nine months ended July 31, 2012 and 2011 all outstanding unexercised stock options would be excluded from the calculation of diluted EPS because the exercise price of all such options exceeded the market price of the Companies’ common stock.  As a result, the calculation of diluted EPS has been excluded from the table below since diluted EPS for these periods is equal to EPS.

     Weighted average basic shares, taking into consideration shares issued, weighted average options used in calculating EPS and treasury shares repurchased, and basic loss per weighted average combined share for the three and nine months ended July 31, 2012 and July 31, 2011 are as follows:

	Three months ended		Nine months ended
	07/31/12	07/31/11	07/31/12	07/31/11
Weighted average combined shares of common stock outstanding used to compute basic earnings per combined share	2,450,424	2,450,424	2,450,424	2,450,424
Basic loss per weighted average combined share is computed as follows:
	($372,189)	($481,867)	($1,382,543)	($1,639,679)
	2,450,424	2,450,424	2,450,424	2,450,424
	($0.15)	($0.20)	($0.56)	($0.67)
	($173)	$104,393	$3,333	$312,990
	2,450,424	2,450,424	2,450,424	2,450,424
	$0.00	$0.05	$0.00	$0.13
Net loss	($372,362)	($377,474)	($1,379,210)	($1,326,689)
Weighted average combined shares of common stock outstanding	2,450,424	2,450,424	2,450,424	2,450,424
Basic loss per weighted average combined share	($0.15)	($0.15)	($0.56)	($0.54)