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BIG SKY, MT-The $115-million sale of the Yellowstone Club has closed. The 13,400-acre private ski and golf community located 50 miles south of Bozeman was sold at bankruptcy auction, with marketing handled by CB Richard Ellis. The sale completes its reorganization under Ch. 11 of the US Bankruptcy Code.

The new owner is Boston-based CrossHarbor Capital Partners, a joint venture of Discovery Land Co. and members of the Yellowstone Club. Discovery Land Co., based in Scottsdale, AZ, developed the Kukio Resort, a private club on the Big Island of Hawaii in partnership with the Honolulu-based Kobayashi Group, according to published reports. CrossHarbor managing director Sam Byrne, who previously invested approximately $200 million in Yellowstone Club real estate, offered to buy the club last year for $470 million, according to reports.

Yellowstone Club is said to be the only gated, private ski and golf community in the world. The property includes 2,200 skiable acres, a championship golf course and a significant amount of land for future development. The resort’s problems came to light during the divorce of its founders, Edra and Tim Blixseth, who according to the Associated Press drained tens of millions of dollars from the resort, helping push it more than $400 million into debt. The official seller was Yellowstone Mountain Club LLC.

The centerpiece of the property is the Warren Miller Lodge, a 143,000 square-foot base lodge. Named for legendary ski filmmaker who maintains a residence at the Yellowstone Club, the lodge includes two restaurants, an outdoor terrace, retail ski shop, locker rooms, spa and fitness facilities, as well as 21 privately-owned luxury condominiums.

Half-way up Pioneer Mountain is the Rainbow Lodge, offering a casual, gourmet restaurant, plus locker room, steam room, outdoor swimming pool and hot tub. Near the summit is the Timberline Café.

Development land includes 37 subdivided and improved lots of varying sizes, plus an additional 388 “dwelling unit” rights for residential lots or condominium pads, including 80 partially developed lots. The current master plan approval allows for a total of 864 dwellings with 439 lots and residences already sold.

Values of existing homes range from approximately $4 million to $16 million. Most homes have ski-in/ski-out access and are strategically positioned throughout the property, including on-mountain chalets, private ranches, custom homes and condominiums. The resort’s high-profile membership includes Bill Gates and Barry Sternlicht.

The marketing of the property was led by Jeff Woolson, managing director of CB Richard Ellis’ Golf & Resort Group, and Steve Lehr, managing director of CBRE’s Land Services Group.

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