New West News Brief
Yellowstone Club Sale Falls Through
By Courtney Lowery, 3-31-08
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| Photo by David Nolt. | |
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The sale of Yellowstone Club near Big Sky to CrossHarbor Capital Partners has fallen through, and co-founder Tim Blixseth says he’ll hang onto the club, take a management role and take a break from the sales end. The failure of the deal, which was reported at more than $450 million, is further evidence that the high-end real estate market just isn’t what it used to be.
The Bozeman Daily Chronicle’s Scott McMillion, who has been covering the recent dealings at the Yellowstone Club, including the Blixseth’s divorce, the multiple lawsuits and the recent sale of the site Blixseth had planned for the world’s most expensive home, reported on the deal’s failure Sunday for Monday’s paper.
Blixseth tells McMillion he’s in the club now for the long haul, saying, “I look forward to the next 10 years,” he said. “I’m very excited about it. I’m recharged. We’ll get focused on what we need to do.”
While there were no concrete reasons of why the deal fell through, Robert Frank at the Wall Street Journal reported that CrossHarbor said it was because the firm was “unable to get adequate due diligence information.”
The news came on the heels of a bad week for other, similar luxury developments in the West, including Promontory in Utah, which may be being forced into bankruptcy, Tamarack in Idaho, which is laying people off after filing for bankruptcy and the Ameya Preserve in Montana, which is shrinking after selling 4,000 acres to a neighbor.
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