Exhibit 99.4

                         BLUE RIDGE REAL ESTATE COMPANY
                             BIG BOULDER CORPORATION

                      SHARES OF THE COMPANY'S COMMON STOCK

                    OFFERED PURSUANT TO RIGHTS DISTRIBUTED TO
                      HOLDERS OF RECORD OF COMMON STOCK OF
               BLUE RIDGE REAL ESTATE AND BIG BOULDER CORPORATION

                       _____________________________, 2005

To Our Clients:

      Enclosed for your consideration is a Prospectus, dated ________, 2005 (the
"Prospectus"), and the "Instructions for Use of Blue Ridge and Big Boulder
Rights Subscription Certificates" relating to the offering (the "Rights
Offering") by Blue Ridge Real Estate Company and Big Boulder Corporation
(collectively, the "Company") of non-transferable subscription rights ("Rights")
distributed to the holders of record of the Company's common stock as of the
close of business on March 23, 2005 (the "Record Date") to subscribe for and
purchase shares of the Company's common stock, without par value. The Rights are
described in detail in the Company's Prospectus dated _________, 2005 (the
"Prospectus"), which is attached.

      In the Rights Offering, the Company is offering shares of the Company's
common stock (the "Underlying Shares"), as described in the Prospectus.

      The Rights will expire, if not exercised, at 5:00 p.m., New York City
time, on May 9, 2005, unless extended in the sole discretion of the Company (as
it may be extended, the "Expiration Time").

      As described in the accompanying Prospectus, you will receive one Right
for every 4.798 shares of the Company's common stock held on the Record Date.
Each Right will entitle you to subscribe for one share of the Company's common
stock (the "Basic Subscription Privilege") at a subscription price of $38.00 per
share, payable in cash (the "Subscription Price").

      In addition, each holder of Rights who exercises his or her Basic
Subscription Privilege in full will be eligible to subscribe (the
"Over-Subscription Privilege") at the same cash price of $38.00 per share for
shares of the Company's common stock that are not otherwise purchased pursuant
to the exercise of Rights under the Basic Subscription Privilege (the "Excess
Shares"), subject to availability and pro ration as described below.

      The Over-Subscription Privilege gives a holder of Rights the opportunity
to purchase additional shares in the event that other shareholders do not
exercise all of their Basic Subscription Privileges. The Over-Subscription
Privilege entitles each Rights holder to subscribe for additional shares at a
Subscription Price of $38.00 per share, not to exceed the number of shares
available for purchase by the Rights holder under the Basic Subscription
Privilege, subject to proration. If there are not enough shares available to
fill all subscriptions for additional shares, the available shares will be
allocated pro rata based on the ratio that the number of available shares bears
to the total number of shares that are the subject of over-subscription
requests.

      The Over-Subscription Privilege will only be available to a holder of
Rights if (1) other Company shareholders do not fully exercise their Basic
Subscription Privileges and (2) the holder of Rights exercises his or her rights
pursuant to the Basic Subscription Privilege in full. Although each holder of



                                                                    Exhibit 99.4

Rights is guaranteed the right, pursuant to his or her Basic Subscription
Privilege, to purchase that number of shares equal to the number of Rights
received in the offering, the holder may not be able to purchase any of the
shares that he or she seeks to purchase pursuant to the Over-Subscription
Privilege. The actual number of shares available for purchase pursuant to each
Rights holder's Over-Subscription Privilege will depend upon whether the holder
fully exercises his or her Basic Subscription Privilege and the number of shares
purchased by the other Record Holders pursuant to their Basic Subscription
Privileges, but in no event will that number exceed the number of shares
available to each Record Holder for purchase under his or her Basic Subscription
Privilege. See "The Rights Offering -- Over-Subscription Privilege."

      The Rights will be evidenced by non-transferable Rights certificates (the
"Rights Subscription Certificates") registered in your name or the name of your
nominee and will be null and void and cease to have value at or after the
Expiration Time.

      The materials enclosed are being forwarded to you as the beneficial owner
of the Company's common stock carried by us in your account but not registered
in your name. Exercises of Rights may be made only by us as the record owner and
pursuant to your instructions. Accordingly, we request instructions as to
whether you wish us to elect to subscribe for any shares of the Company's common
stock to which you are entitled pursuant to the terms and subject to the
conditions set forth in the enclosed Prospectus. However, we urge you to read
the Prospectus and other enclosed materials carefully before instructing us to
exercise your Rights. ONCE YOU HAVE EXERCISED YOUR RIGHTS, YOU MAY NOT REVOKE
THAT EXERCISE.

      Your instructions to us should be forwarded as promptly as possible in
order to permit us to exercise Rights on your behalf in accordance with the
provisions of the Rights Offering. The Rights Offering will expire at the
Expiration Time. Once you have exercised your Basic Subscription Privilege and
your Over-Subscription Privilege, such exercise may not be revoked.

      If you wish to have us, on your behalf, exercise the Rights for any shares
of the Company's common stock to which you are entitled, please so instruct us
by completing, executing and returning to us the instruction form on the reverse
side of this letter.

ANY QUESTIONS OR REQUESTS FOR ASSISTANCE CONCERNING THE RIGHTS OFFERING SHOULD
BE DIRECTED TO HSBC BANK USA, NATIONAL ASSOCIATION, THE SUBSCRIPTION AGENT FOR
THE RIGHTS OFFERING, AT (800) 662-9844.