Tutt and Penrose sold the C.O.D. mine in 1895 for $250,000 and invested the money in their new venture: the Colorado-Philadelphia Reduction Company, an ore-processing facility in Old Colorado City. The two men knew they would need someone with expertise in ore processing, so they brought on tenured miner and miller, Charles Mather MacNeill. The new partnership among Tutt, Penrose, and MacNeill resulted in increased business at the Colorado-Philadelphia Reduction Company; by 1899 its plant was treating over $3 million worth of Cripple Creek ore annually. The three men would create a mining, milling, and real estate empire in the years that followed.