The sale of the exclusive Yellowstone Club in Montana was finalized earlier this month, with Boston-based CrossHarbor Capital Partners purchasing the project at a court-ordered bankruptcy auction in June for less than a quarter of the $470 million it originally offered last year.
In addition to the more than 60 private ski runs and 15 ski lifts, the project includes a Tom Weiskopf-designed golf course, several lodges and restaurants, exclusive outdoor activities and amenities, and a significant amount of land for future development of estate homes and condominium properties.
The high-profile but troubled property, whose members and property owners include Microsoft founder Bill Gates, former Vice President Dan Quayle and cycling champion Greg Lemond, among others, fell into bankruptcy in part due to the economy, as well as a much-publicized divorce between founders Tim and Edra Blixseth and allegations that the two had siphoned off hundreds of millions to finance the purchase of properties, vehicles, and even a castle in France.
The sale was brokered by Jeff Woolson, managing director of CB Richard Ellis’s golf and resort group, and Steve Lehr, director of CBRE’s land services group.
