Eight months after it tumbled into bankruptcy, the high end luxury resort Yellowstone Club has a new owner, and a new lease on life.

The sale of the Yellowstone Club to Boston-based CrossHarbor Capital Partners was formally completed Friday, ending the main chapter of an extraordinarily tumultuous bankruptcy proceeding and paving the way for the revitalization of the luxurious private ski resort.CrossHarbor, led by real estate investor Sam Byrne, paid $115 million for the 13,600 acre club near Big Sky, Montana, and has committed additional money to fund operations and assure payment of trade creditors. CrossHarbor will operate the club in partnership with Discovery Land Co., and plans to invest in additional ski terrain and re-orient future real estate development away from the steep hillsides and toward the base area.The high-end resort real estate market is moribund, and it’s not clear how quickly the sale of multi-million-dollar lots and condos and $300,000 memberships might resume.

By Jonathan Weber, July 17, 2009, Newwest.net

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