Resort for super rich in US files for bankruptcy

12 November 2008

Yellowstone Mountain Club LLC, an exclusive private ski and golf resort for the super rich, has filed for bankruptcy protection as the financial crisis started affecting the high end of the real estate and leisure business.

Yellowstone Mountain Club filed for Chapter 11 bankruptcy protection in the federal bankruptcy court in Montana on Monday, listing assets and liabilities in the range of $100 million to $500 million.

The filing, signed by owner and developer Edra Blixseth, said the company intents to carry on business and sought expedited hearing to help it secure financing.

The club, located in the mountain area around Big Sky, Montana, near the Yellowstone National Park, has the likes of Microsoft chairman Bill Gates as members.

The club also sells housing plots on the sides of its ski slopes and golf course at prices ranging from $2 million to more than $6 million, reports said.

Yellowstone Mountain Club, the previous owner of the land, Yellowstone Development and Big Sky, which bought the property to develop ski trails, a golf course, lodges and residences together form the Yellowstone Club.