The exclusive Yellowstone Club near Big Sky, MT, which offers “private powder” to its multimillionaire homeowners and resort guests, has filed for bankruptcy protection, according to multiple online reports.
The club encompasses 13,500 acres of home sites, golf courses, hiking, alpine skiing and equestrian trails and fly-fishing in some of the nation's most coveted trout streams. Greg LeMond, a three-time winner of the Tour de France, was the club's initial director of cycling and an early member, but sued The Bixseth Group Inc. in 2006 over a business dispute.
The club sells million-dollar home sites and resort vacations to the ultra wealthy in the mountains near Yellowstone National Park. It's web site advertises 2-acre homesites and condominiums for between $2.2 million and $8.7 million on its website. When started in 2000, it required members to pay $250,000 to join, pay $16,000 a year in dues and build at least one home.
In its Chapter 11 bankruptcy filing, Yellowstone Mountain Club LLC listed assets and liabilities in the range of $100 million to $500 million. The filing was signed by owner and developer Edra Blixseth, who started the business in 2000 along with former husband Tim Blixseth. Tim Lixseth was once listed as one of the 400 richest people in America with a net worth of $1 billion.