April 19, 2014
BILLINGS, Mont. (AP) - A Montana resort that counts Bill Gates among its members has filed for bankruptcy protection -- and could be sold to a Boston firm for millions of dollars.
The exclusive Yellowstone Club would be sold for $100 million to an affiliate of CrossHarbor Capital Partners, under a deal outlined in bankruptcy court documents.
The Yellowstone Club for the ultrarich had only been partially developed when it fell more than $400 million in debt last year. The nearly 14,000-acre club near Yellowstone National Park has 340 members, including Dan Quayle and Gates.
Club members have been fiercely opposed to plans that would risk their mountain retreat, with its gated access, multimillion dollar homes and members-only ski hill.
The proposed deal is contingent on court approval and other purchase proposals.
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