Sun Valley was founded in the 1930s as America’s first destination ski resort. Photo: Cooper Morton/Courtesy Sun Valley Resort

(Editor’s note: This article was originally published on June 16, 2025.) For over 40 years, some of the world’s most prominent figures in business and media have made the trek to Sun Valley, Idaho, for the annual Allen & Company conference—a mogul-packed summer gathering of dealmaking and networking. But long before Sun Valley became synonymous with “Summer Camp for Billionaires,” the idyllic ski resort attracted Hollywood icons, literary luminaries and adventure-seeking visitors. One of the town’s most prominent fans was Ernest Hemingway, who first visited Sun Valley in 1939 and wrote parts of his 1940 novel, For Whom the Bells Toll, in the Sun Valley Lodge—a four-story resort with a starting nightlate rate of $519 that offers a “Celebrity Suite” dedicated to the author. Hemingway spent the last years of his life in the adjacent town of Ketchum.

These days, many guests arrive via private jet at the nearby Friedman Memorial Airport. Yet, Sun Valley’s story begins not with planes, but trains. In the early 1930s, W. Averell Harriman, then-chairman of the Union Pacific Railroad, set out to transform the area—a once-sleepy mining town known for lead and silver—into America’s first luxury ski resort. Eager to create a remote and exclusive destination that would boost train travel among affluent Americans, Harriman tapped Count Felix von Schaffgotsch, an Austrian nobleman and banker, to scout potential sites. In 1936, von Schaffgotsch discovered Sun Valley. “This combines more delightful features than any place I have ever seen in Switzerland, Austria or the U.S. for a winter resort,” von Schaffgotsch wrote in a wire to Harriman.

The Sun Valley Lodge was constructed in the 1930s. Drew Angerer/Getty Images

The Sun Valley Lodge opened for business a year later, and the region quickly began attracting big names to its snowy slopes and scenic trails. Hollywood stars like Clark Gable, Ingrid Bergman and Marilyn Monroe all came flocking. The lodge “has been at the heart of it all since the very beginning,” Tayt Knowles, director of sales at the resort, told Observer. “The lodge’s history, combined with its thoughtful modern updates, continues to draw guests who are looking for a truly unique and timeless mountain experience.”

Given its ties to one of America’s most acclaimed writers, it shouldn’t come as a surprise that Sun Valley has been home to the annual Sun Valley Writers’ Conference for three decades. This conference brings famed authors to the resort each July and attracts thousands of attendees. Other events hosted by the resort town include retreats, corporate meetings and gatherings dedicated to photography, film, music and dance.

Bill Gates and Warren Buffett pictured at the 2013 Allen & Co. conference in Sun Valley. Photo by Kevork Djansezian/Getty Images

Sun Valley’s most well-known conference also happens to be the one shrouded in the most secrecy. Since 1983, investment firm Allen & Co. has gathered tech executives, media titans and politicians for an exclusive summer event filled with private lectures and behind-closed-doors meetings. While little is known about the conference’s inner workings, it has played a role in major deals, including Jeff Bezos’ purchase of The Washington Post, The Walt Disney Company’s merger with ABC and Verizon’s acquisition of AOL.

The firm’s Sun Valley conference wasn’t always a hot ticket—according to Fortune, organizers had to plead with invitees to attend its inaugural edition. Today, landing a spot on the guest list is a coveted milestone for some of the world’s wealthiest executives, with regular attendees including Warren Buffett, Bill Gates and Rupert Murdoch.

Sun Valley’s events have a “significant ripple effect” on the broader Wood River Valley economy, according to Knowles. In addition to boosting business for restaurants, shops and transportation services, they support year-round employment and promote long-term local investment.