Exhibit 99.1

PRESS RELEASE

January 10, 2005

Blue Ridge Real Estate Company and Big Boulder Corporation Report Financial Results for the Fiscal Year 2004.

BLAKESLEE, PA. Blue Ridge Real Estate Company and Big Boulder Corporation (OTC:BLRGZ) today announced that revenues for its fiscal year ended October 31, 2004 were $18,095,471, down 9%, compared to $19,861,618 in the comparable period in 2003. The change is primarily related to reduced revenues in ski (down approximately $528,000), timber (down approximately $895,000) and land sales (down approximately $404,000). Ski revenue decreased due to adverse weather conditions. Timber and land sales are dependent upon the timing of when management enters into contracts.

Net income was $6,246,107 or $3.26 basic earnings per share. For the comparable 2003 period, the company reported a net loss of $879,137 or $.45 basic loss per share. The change is primarily attributed to the sale of the Dreshertown Shopping Center resulting in a pretax gain of $12,026,867 and the sale of four communication towers resulting in a pretax gain of $1,086,356. These gains were offset by an accounting principle change regarding deferred ski operating costs which are no longer being deferred and are expensed as incurred. The proceeds from the sale of the Dreshertown Shopping Center were used to purchase two new properties valued at approximately $20,000,000 completing a 1031 tax deferred exchange. The new properties are Oxbridge Square Shopping Center, located in Richmond, VA and Coursey Commons Shopping Center, located in Baton Rouge, LA.

Blue Ridge Real Estate Company, incorporated in Pennsylvania in 1911, is believed to be one of the largest owners of investment property in Northeastern Pennsylvania. Blue Ridge owns 18,690 acres of land predominately located in the Pocono Mountains. Of this acreage, 13,952 acres are held for investment and 4,738 are held for development. Income is derived from these lands through leases, selective timbering by others, condemnation, sales and other dispositions. Blue Ridge also owns the Jack Frost Mountain Ski Area, which is leased to Jack Frost Mountain Company, a retail store leased to Wal-Mart, two shopping centers and 11 residential investment properties.

Big Boulder Corporation was incorporated in Pennsylvania in 1949. Big Boulder’s major assets are 925 acres of land, which includes a 175-acre lake, the Big Boulder Ski Area, and the Mountain’s Edge Restaurant. Of the 925 acres, 539 acres are held for investment and 386 acres are held for development. The principal source of revenue for Big Boulder is derived from the Big Boulder Ski Area which is leased to Lake Mountain Company.

CONTACT: Blue Ridge Real Estate Company, Christine A. Liebold, Corporate Secretary, Phone: 570-443-8433

BLUE RIDGE REAL ESTATE COMPANY and SUBSIDIARIES
AND
BIG BOULDER CORPORATION and SUBSIDIARIES

COMBINED STATEMENTS OF OPERATIONS
AND EARNINGS RETAINED IN THE BUSINESS
for the years ended October 31, 2004, 2003 and 2002 and
the seven months ended October 31, 2001

	10/31/04			10/31/03			10/31/02
Revenues:
Ski operations	$	9,742,230		$	10,269,984		$	10,015,075
Real estate management		3,236,598			3,129,394			3,029,396
Summer recreation operations		1,944,023			1,876,724			2,439,963
Land resource management		1,321,443			2,620,907			1,280,021
Rental income		1,851,177			1,964,609			1,871,456
		18,095,471			19,861,618			18,635,911
Costs and expenses:
Ski operations		12,454,119			10,669,427			10,108,567
Real estate management		2,986,785			2,750,152			2,585,552
Summer recreation operations		1,660,939			1,738,786			2,250,002
Land resource management		1,125,127			585,137			523,542
Rental income		981,635			3,256,216			968,084
General and administration		898,315			1,055,746			703,976
Asset impairment loss		1,021,034			0			0
		21,127,954			20,055,464			17,139,723
(Loss) income from operations		(3,032,483	)		(193,846	)		1,496,188
Other income (expense):
Interest and other income		13,103,831			22,475			18,066
Interest expense		(661,241	)		(424,766	)		(374,905	)
		12,442,590			(402,291	)		(356,839	)
(Loss) income before income taxes		9,410,107			(596,137	)		1,139,349
Provision (credit) for income taxes:
Current		18,000			(14,000	)		14,000
Deferred		3,146,000			297,000			438,591
		3,164,000			283,000			452,591
Net (loss) income		6,246,107			(879,137	)		686,758
Earnings retained in business:
Beginning of year		9,287,074			10,166,211			9,479,453
End of year	$	15,533,181		$	9,287,074		$	10,166,211
Basic earnings (loss) per weighted average combined share	$	3.26			($0.45	)	$	0.36
Basic and diluted (loss) earnings per weighted average combined share	$	3.19			($0.45	)	$	0.36

BLUE RIDGE REAL ESTATE COMPANY and SUBSIDIARIES
AND
BIG BOULDER CORPORATION and SUBSIDIARIES

COMBINED BALANCE SHEETS
October 31, 2004 and 2003

ASSETS	10/31/04		10/31/03
Current Assets:
Cash and cash equivalents (all funds are interest bearing)	$	89,739	$	178,315
Accounts receivable and notes receivable		506,993		705,408
Inventories		246,394		295,828
Prepaid expenses and other current assets		833,658		822,537
Deferred operating costs		0		2,509,778
Deferred tax asset		85,000		0
Total current assets		1,761,784		4,511,866
Cash held in escrow		134,907		309,308
Notes receivable noncurrent		299,986		353,238
Land and land development costs (5,124 acres per land ledger)		4,527,937		918,860
Properties:
Land held for investment, principally unimproved (14,615 and 14,389, respectively, acres per land ledger)		6,366,791		1,791,594
Land improvements, buildings and equipment		71,363,736		53,309,527
		77,730,527		55,101,121
Less accumulated depreciation and amortization		38,993,172		35,944,275
		38,737,355		19,156,846
Assets held for sale		0		2,710,292
	$	45,461,969	$	27,960,410

LIABILITIES AND SHAREHOLDERS' EQUITY	10/31/04		10/31/03
Current Liabilities:
Notes payable — line of credit	$	1,493,000	$	1,188,000
Current installments of long-term debt and capital lease obligations		3,510,746		7,101,661
Accounts and other payables		1,708,615		979,509
Accrued claims		99,282		250,942
Deferred revenue		747,638		737,533
Accrued pension expense		615,198		733,710
Accrued liabilities		691,167		824,998
Deferred income taxes		0		832,000
Total current liabilities		8,865,646		12,648,353
Long-term debt and capital lease obligations, less current installments		14,871,062		3,889,095
Deferred income non-current		515,631		515,631
Other non-current liabilities		5,764		12,572
Deferred income taxes		5,434,000		1,371,000
Commitments and contingencies
Combined shareholders’ equity:
Capital stock, without par value, stated value $.30 per combined share, Blue Ridge and Big Boulder each authorized 3,000,000 shares, each issued 2,198,148 shares		659,444		659,444
Capital in excess of stated value		1,461,748		1,461,748
Compensation recognized under employee stock plans		200,900		200,900
Earnings retained in the business		15,533,181		9,287,074
		17,855,273		11,609,166
Less cost of 282,018 shares of capital stock in treasury as of October 31, 2004 and 2003, respectively.		2,085,407		2,085,407
		15,769,866		9,523,759
	$	45,461,969	$	27,960,410