Yellowstone Club Sold for $115 Million

Montana’s exclusive Yellowstone club, featured in issue #5.3, sold on Tuesday for around $115 million according to The Associated Press, a fraction of the reported $470 million it was going for last year.

“Boston-based CrossHarbor Capital Partners is buying the club for less than a quarter of the $470 million it offered last year — underscoring the meteoric fall of one of the world’s most exclusive resorts…

More than 500 memberships are unsold and the resort’s centerpiece lodge is unfinished. Edra Blixseth, who took sole control of the enterprise last August, predicted Tuesday that the club’s sale will allow it to ‘get past the lean times of the last couple of years.’

‘It’s not necessarily a win-win when you think of me,’ said Blixseth, who has filed for personal bankruptcy protection and will remain deeply in debt even after the sale is complete. ‘But it’s a positive outcome for the Yellowstone Club…

Yet the legal maneuvering over hundreds of millions of dollars drained from the club’s coffers is sure to continue. Much of that money went to airplanes, estates, vehicles and houses bought by the Blixseths.”

Looks like the Yellowstone Club found a buyer, and contractors expect to be paid. The future, however, is uncertain…could it be that the lifts will open to the common folk? Or will it remain the exclusive domain of the rich and famous? Only time will tell…

Source: Google News


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