Yellowstone Club
Encyclopedia
The Yellowstone Club, also Yellowstone Ski Resort, is an invitation-only residential club, ski resort
Ski resort
A ski resort is a resort developed for skiing and other winter sports. In Europe a ski resort is a town or village in a ski area - a mountainous area, where there are ski trails and supporting services such as hotels and other accommodation, restaurants, equipment rental and a ski lift system...

, and golf resort
Golf resort
Golf resorts are resorts that cater specifically to the sport of golf, and include access to one or more golf course and or clubhouse. Golf resorts typically provide golf packages that provide visitors with all greens and cart fees, range balls, luxury accommodations and...

 located in the state of Montana
Montana
Montana is a state in the Western United States. The western third of Montana contains numerous mountain ranges. Smaller, "island ranges" are found in the central third of the state, for a total of 77 named ranges of the Rocky Mountains. This geographical fact is reflected in the state's name,...

, USA. The Rocky Mountain ski and golf club is located in eastern Madison County
Madison County, Montana
-National protected areas:*Beaverhead National Forest *Deerlodge National Forest *Gallatin National Forest -Demographics:As of the census of 2000, there were 6,851 people, 2,956 households, and 1,921 families residing in the county. The population density was 2 people per square mile...

, just west of Big Sky, Montana
Big Sky, Montana
Big Sky is a census-designated place in Gallatin and Madison counties in the southwestern part of the U.S. state of Montana. This unincorporated community straddles the two counties, is not considered a town, and has no town government. The primary industry of the area is tourism.Big Sky is...

, south of Bozeman and northwest of Yellowstone National Park
Yellowstone National Park
Yellowstone National Park, established by the U.S. Congress and signed into law by President Ulysses S. Grant on March 1, 1872, is a national park located primarily in the U.S. state of Wyoming, although it also extends into Montana and Idaho...

. The club entered Chapter 11 bankruptcy protection in November 2008 and emerged from bankruptcy in July 2009. It is owned by investors led by CrossHarbor Capital Partners, and is operated by Discovery Land Company
Discovery Land Company
Discovery Land Company is a Scottsdale, Arizona-based developer and operator of resort communities and private clubs in North America. The Company has been noted as one of the world’s finest developers of resort communities by Robb Report Vacation Homes and Luxury...

.

History

During its peak season, almost 600 people are employed at the club.

The club was featured on CNBC
CNBC
CNBC is a satellite and cable television business news channel in the U.S., owned and operated by NBCUniversal. The network and its international spinoffs cover business headlines and provide live coverage of financial markets. The combined reach of CNBC and its siblings is 390 million viewers...

's lifestyle show High Net Worth with Tyler Mathisen
Tyler Mathisen
Tyler Mathisen is now Managing Editor of CNBC Business News and the host of High Net Worth. He was originally the co-anchor of such programs as Closing Bell and Business Center before being promoted to the role of Managing Editor...

.

Cyclist Greg LeMond
Greg LeMond
Gregory James LeMond is a former professional road bicycle racer from the United States and a three-time winner of the Tour de France. He was born in Lakewood, California and raised in Reno, Nevada....

, an early investor and homeowner/member, sued the club in 2006, saying club founder Tim Blixseth
Tim Blixseth
Timothy Lee "Tim" Blixseth is an American real estate developer, record producer, songwriter and timber baron who is best known for co-founding the Yellowstone Club in Montana. Raised in Roseburg, Oregon, Blixseth amassed a fortune in real estate and timber holdings and, in 2006, was featured in...

 and his former wife Edra Denise (Crocker) Blixseth had borrowed $375 million from Credit Suisse Group and took $209 million for themselves as a dividend, jilting him and other investors. The suit was settled in 2008 for $39.5 million. Ms. Blixseth eventually agreed to pay Mr. LeMond and others a $21.5 million settlement; she’s paid only $8 million of that amount and Mr. LeMond and others are now among her creditors in her personal bankruptcy
Personal bankruptcy
Personal bankruptcy is a procedure which, in certain jurisdictions, allows an individual to declare bankruptcy. In other jurisdictions, bankruptcies are reserved for corporations.-Canada:...

.

Other members identified in, or cited in, the Times report were Burt Sugarman, a Beverly Hills businessman, and his wife, the Entertainment Tonight
Entertainment Tonight
Entertainment Tonight is a daily tabloid television entertainment television news show that is syndicated by CBS Television Distribution throughout the United States, Canada and in many countries around the world. Linda Bell Blue is currently the program's executive producer...

host Mary Hart
Mary Hart
Mary Hart is an American television personality and was the host of the syndicated gossip and entertainment round-up program Entertainment Tonight from 1982 to 2011.-Early life:...

; Steve Burke
Steve Burke (businessman)
Stephen B. "Steve" Burke is Executive Vice President of Comcast and CEO/President of NBC Universal. Burke is a director at JP Morgan Chase and Berkshire Hathaway....

, the chief operating officer of Comcast
Comcast
Comcast Corporation is the largest cable operator, home Internet service provider, and fourth largest home telephone service provider in the United States, providing cable television, broadband Internet, and telephone service to both residential and commercial customers in 39 states and the...

; Bill Frist
Bill Frist
William Harrison "Bill" Frist, Sr. is an American physician, businessman, and politician. He began his career as an heir and major stockholder to the for-profit hospital chain of Hospital Corporation of America. Frist later served two terms as a Republican United States Senator representing...

, the former Senate majority leader; Todd Thomson, the former head of Citigroup
Citigroup
Citigroup Inc. or Citi is an American multinational financial services corporation headquartered in Manhattan, New York City, New York, United States. Citigroup was formed from one of the world's largest mergers in history by combining the banking giant Citicorp and financial conglomerate...

’s private banking
Private banking
Private banking is banking, investment and other financial services provided by banks to private individuals investing sizable assets. The term "private" refers to the customer service being rendered on a more personal basis than in mass-market retail banking, usually via dedicated bank advisers...

 unit; Robert Greenhill, founder of the investment bank Greenhill & Company; Annika Sörenstam
Annika Sörenstam
Annika Sörenstam is a Swedish-American professional golfer whose achievements rank her as one of the most successful golfers in history. Before stepping away from competitive golf at the end of the 2008 season, she won 90 international tournaments as a professional, making her the female golfer...

, the Swedish golf star; Frank McCourt
Frank McCourt (executive)
Frank McCourt is the owner and chairman of the Los Angeles Dodgers and Dodger Stadium in Chavez Ravine. In , he purchased a controlling interest of the Dodgers from Fox Entertainment Group, owned by Rupert Murdoch's News Corporation...

, the owner of the Los Angeles Dodgers
Los Angeles Dodgers
The Los Angeles Dodgers are a professional baseball team based in Los Angeles, California. The Dodgers are members of Major League Baseball's National League West Division. Established in 1883, the team originated in Brooklyn, New York, where it was known by a number of nicknames before becoming...

; Jim Davidson, a founder of Silver Lake Partners
Silver Lake Partners
Silver Lake is a US-based private equity firm focused on leveraged buyout and growth capital investments in technology, technology-enabled and related industries...

, a private equity firm in Menlo Park (CA); Brian Klein, a former Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...

 vice president who now runs an investment management firm in Seattle; Peter Chernin
Peter Chernin
Peter Chernin currently owns and runs Chernin Entertainment and The Chernin Group, both of which he founded in 2009. He was formerly President and COO of News Corporation, and Chairman and CEO of Fox Entertainment Group. He is a Corporate Director for American Express and sits on the Board of...

 of the News Corporation
News Corporation
News Corporation or News Corp. is an American multinational media conglomerate. It is the world's second-largest media conglomerate as of 2011 in terms of revenue, and the world's third largest in entertainment as of 2009, although the BBC remains the world's largest broadcaster...

; Barry Sternlicht, the hotelier and CEO of Starwood Capital Group; and Gary Rieschel, a venture capitalist with Qiming Venture Partners. Jack Kemp
Jack Kemp
Jack French Kemp was an American politician and a collegiate and professional football player. A Republican, he served as Housing Secretary in the administration of President George H. W. Bush from 1989 to 1993, having previously served nine terms as a congressman for Western New York's 31st...

, the late U.S. politician, was on the club’s honorary board of directors with Mr. Quayle, among others.

The Times said that as of June 2009, Yellowstone Club had about 250 members. It said membership cost a minimum of $250,000 to join, plus the cost of a $5 million to $35 million mountainside home, plus annual dues of about $20,000, according to members.

Bankruptcy protection

On November 10, 2008, in the midst of the economic downturn, Yellowstone filed for Chapter 11 bankruptcy protection. It emerged from protection July 19, 2009. Yellowstone had been in the planning stages of an expansion, in a development partnership with the Discovery Land Company
Discovery Land Company
Discovery Land Company is a Scottsdale, Arizona-based developer and operator of resort communities and private clubs in North America. The Company has been noted as one of the world’s finest developers of resort communities by Robb Report Vacation Homes and Luxury...

 of Arizona, which was to include 450 additional houses and condos, an ice rink, a baseball field, a luxury spa and more ski runs. When filing, they owed US$343 million to creditors, such as banks and local contractors. However the club's property was listed in court filings as being worth US$778 million.

In advance of a June 2009, court date, Edra Blixseth spoke to a reporter for The New York Times about her and her ex-husband's business affairs from Porcupine Creek, her 30000 square feet (2,787.1 m²) estate in Rancho Mirage, CA. She hoped to retain the estate and make it income-producing with its 240 acre (0.9712464 km²) private golf course. Porcupine Creek was sold to Larry Ellison
Larry Ellison
Lawrence Joseph "Larry" Ellison is the co-founder and chief executive officer of Oracle Corporation, one of the world's leading enterprise software companies. As of 2011, he is the third wealthiest American citizen, with an estimated worth of $33 billion.- Early life :Larry Ellison was born in the...

 in 2011 for $42.9 million. Edra Blixseth is currently being forced to sell Chateau de Farcheville
Château de Farcheville
The Château de Farcheville is a 14th century castle in Bouville near Paris in the department of Essonne.The castle was built by the Hugues II and Hugues III, Lords of Farcheville and Bouville. The great hall was built in 1291 and the castle chapel was consacrated in 1304. Both father and son were...

  in France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...

 because of her bankruptcy.

The Yellowstone Club was sold for $115 million to a private equity firm, CrossHarbor Capital Partners affiliated with a Yellowstone Club member, Sam Byrne. In 2009, negotiations with that same buyer had put a $400 million price tag on the club, but the deal did not close then. In the 2009 transaction, Byrne "has pledged to invest $75 million above the purchase price in repairs and has set aside $15 million to pay the club’s creditors," according to the Times. The deal was brokered by Jeff Woolson, Managing Director of the CBRE Golf & Resort Properties Group, and Steve Lehr, Managing Director of CBRE's Land Services Group. CB Richard Ellis was selected by the U.S. Bankruptcy Court to market the property because of the firm's successful track record handling complicated transactions.

In November 2010 some parts of the bankruptcy reorganization were overturned, particularly concerning the settlement with Credit Suisse. A judge ordered reconsideration of those aspects in bankruptcy court.

Location

The ski runs are on Pioneer Mountain which is located here: 45°13′52.98"N 111°27′4.52"W. Pioneer Mountain is on the Sphinx Mountain USGS topographic map which indicates a summit elevation of 9859 feet (3,005 m).

The resort itself has several lifts and runs that tie it directly into Big Sky Resort
Big Sky Resort
Big Sky Resort is a ski resort located in southwestern Montana in Madison County, an hour south of Bozeman via U.S. Highway 191 in Big Sky.Opened in late 1973, Big Sky has grown over the last 35 years. Trademarked as the "Biggest Skiing in America" through the Biggest Skiing in America Pass,...

's lift system. Access into Yellowstone Club from Big Sky is provided via the Southern Comfort lift.

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
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