Blue Ridge Real Estate Company and Big Boulder Corporation Commence Rights Offering.

BLAKESLEE, Pa. -- Blue Ridge Real Estate Company and Big Boulder Corporation (OTC:BLRGZ) announced today that the company intends to sell up to 407,894 new shares of common stock in a "rights offering" to its shareholders of record as of 5:00 p.m. EST on March 23, 2005, the record date for the rights offering. The Securities and Exchange Commission declared the registration statement for the company's rights offering effective as of 4:00 p.m. EST on March 28, 2005.

On or about April 7, 2005, the company will distribute to shareholders of record that own at least five shares of the company's common stock rights subscription certificates evidencing the right to purchase the new shares, together with a copy of the prospectus, which describes the terms of the rights offering in detail. Under the terms of the rights offering, each holder of at least five shares of common stock will be granted one non-transferable right for each 4.798 shares of common stock held on the record date. The number of rights granted to each holder of common stock will be rounded down to the nearest whole number, and each right will be exercisable for one share of common stock at a cash subscription price of $38.00 per share. In addition, in the event the company's shareholders subscribe for less than an aggregate of 407,894 shares of common stock, holders of rights may purchase additional shares through the exercise of an over-subscription privilege, subject to certain conditions.

Kimco Realty Services, Inc., a wholly-owned subsidiary of Kimco Realty Corporation, has agreed to act as a standby purchaser in the rights offering, and, in addition to the subscription rights it will receive as a shareholder, will purchase any and all shares not subscribed for by the company's shareholders.

The rights offering, which the company may cancel at any time, is scheduled to expire at 5:00 p.m. EDT on May 9, 2005, unless extended, at the company's discretion, to a later date.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. This press release shall not constitute a prospectus. The rights offering will be made only by means of a prospectus.

Requests for copies of the prospectus may be made by writing to the subscription agent, HSBC Bank USA, National Association, One Hanson Place, Lower Level, Brooklyn, NY 11243, or by telephone [phone].

About Blue Ridge Real Estate Company and Big Boulder Corporation

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. As of January 31, 2005, Blue Ridge owned 16,425 acres of land which were predominately located in the Pocono Mountains. Of this acreage, as of January 31, 2005, 11,687 acres were held for investment and 4,738 were 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 8 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.

This press release may contain forward-looking statements, which by their nature involve risks and uncertainties that could significantly impact operations, markets, products and expected results. For further information please refer to the Special Note Regarding Forward-Looking Statements included in the company's most recent Form 10-K on file with the Securities and Exchange Commission.