BOZEMAN – A skiing and golf club in Big Sky closed Monday and released its staff, citing a troubled real estate market and substantial operating losses.
The Bozeman Daily Chronicle reports a letter addressed to members says: “It is likely Spanish Peaks will remain closed for the foreseeable future.”
The letter says the company may file for bankruptcy protection due to the effects of the sagging economy, and that after restructuring debt, seeking capital partners and making “hundreds of investor calls and visits,” the only option was to shut down operations.
On its website, Spanish Peaks is described as a 5,700-acre “private enclave in a very privileged neighborhood.” It includes a clubhouse, cabins, homes, home sites and a golf course with access to Big Sky Resort.
The Chronicle reports that calls and an email to Scott Johnson, the general manager for Spanish Peaks, were not returned Monday.
The club lost a lawsuit this summer when a judge ruled it deceived two couples by failing to tell them that land they were buying was located on active landslides.