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                                 EXHIBIT 10.25

                               FIRST AMENDMENT TO
                          THE STOCK PURCHASE AGREEMENT


This FIRST AMENDMENT TO THE STOCK PURCHASE AGREEMENT dated as of December 20,
1996 ("First Amendment") is made by and among Vail Resorts, Inc., a Delaware
corporation ("Vail"), Ralston Foods, Inc., a Nevada corporation ("Foods"), and
Ralston Resorts Inc., a Colorado corporation ("Ralston"), amending certain
provisions of the Stock Purchase Agreement dated as of July 22, 1996 (the
"Purchase Agreement"), by and among Vail, Foods and Ralston.  Terms not
otherwise defined herein which are defined in the Purchase Agreement shall have
the same respective meanings herein as therein.

WHEREAS, Vail, Foods and Ralston have agreed to modify certain terms and
conditions of the Purchase Agreement as specifically set forth in this First
Amendment.

NOW, THEREFORE, in consideration of the premises and mutual agreements
contained herein and for other good and valuable consideration the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree
as follows:


                                   ARTICLE I

                        AMENDMENTS TO PURCHASE AGREEMENT

      1.1    Section 11.3 of the Purchase Agreement is amended in its entirety
             to read as follows:

      11.3   Final Closing Date.  This Agreement will terminate if the Closing
             has not taken place on or before January 10, 1997.


                                   ARTICLE II

                       PROVISIONS OF GENERAL APPLICATION


      2.1    Except as otherwise expressly provided by this First Amendment,
             all of the terms, conditions and provisions to the Purchase 
             Agreement remain unaltered.  The Purchase Agreement and this First 
             Amendment shall be read and construed as one agreement.


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      2.2 If any of the terms of this First Amendment shall conflict in any
      respect
           with any of the terms of the Purchase Agreement, the terms of the
      First Amendment shall be controlling.

      IN WITNESS WHEREOF, the parties hereto have caused this First Amendment
      to be executed by their duly authorized officers all as of the day and
      year first above written.



                                        VAIL RESORTS, INC.

                                        By:  
                                           -----------------------------------
                                           Name:  James Mandel
                                           Title: Senior Vice President



                                        RALSTON FOODS, INC.

                                        By:  
                                           -----------------------------------
                                           Name:  Joe R. Micheletto
                                           Title:  Chief Executive Officer



                                        RALSTON RESORTS, INC.

                                        By:  
                                           -----------------------------------
                                           Name:  Joe R. Micheletto
                                           Title: Chief Executive Officer