BILLINGS – Montana’s ultra-posh Yellowstone Club is in new hands, following a $115 million deal completed Friday that the new owner hopes will close the door on the resort’s highly publicized descent into bankruptcy.
Eight months ago the millionaires-only club was facing liquidation, a victim of its prior owners’ excesses and the broader economic downturn that choked off the free flow of money that fueled the club’s rise.
The 13,600-acre private ski resort was bought at a bargain-basement price by CrossHarbor Capital Partners, a Boston firm specializing in distressed real estate.
CrossHarbor’s Sam Byrne orchestrated Friday’s deal. He says he intends to rebuild the club’s reputation and restore the privacy expected by the club’s roughly 300 members.