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Truckloads of opulent furniture, including a two-seated throne meant to grace a 53,000-square-foot home that Yellowstone Club founder Tim Blixseth never built, will be on the auction block in Georgia next month.
Attorneys and others involved in bankruptcy proceedings for Montana's ultra-exclusive Yellowstone Club have requested more than $10 million in fees and expenses — including some charges billed at more than $900 an hour.
Montana's ultra-posh Yellowstone Club is in new hands, following a $115 million deal that the new owner hopes will close the door on the resort's much publicized descent into bankruptcy.
The bankrupt co-founder of Montana's millionaires-only Yellowstone Club has 10 days to arrange how she will part with jewelry, furs, cars, houses, art and furniture.
A bankruptcy judge approved a sale of the Yellowstone Club for the bargain of $115 million Tuesday, letting the exclusive Montana resort emerge from bankruptcy that developed after its owners diverted hundreds of millions of dollars for their own use.
Court filings show Yellowstone Club owner Edra Blixseth is more than $150 million in debt, while most of her houses, cars and other property have been put up as collateral on overdue loans.
The owner of the ultra-exclusive Yellowstone Club says she opposed a $375 million loan blamed for the resort's financial collapse, but never tried to stop the transaction.
A federal bankruptcy judge on Wednesday delayed a civil trial on creditors' claims that the exclusive Yellowstone Club in Montana was looted by its former owner.
Running out of money may seem unlikely for a private resort whose members includes billionaire Bill Gates and Los Angeles Dodgers owner Frank McCourt, but that's the fate that will befall the ultra-exclusive Yellowstone Club this week unless it can line up another loan.
Court documents show the exclusive Yellowstone Club resort in Montana owes an estimated $343 million to creditors such as banks and local contractors.
For the ultra-rich, the Yellowstone Club is a private retreat like no other. It boasts its own ski resort, security provided by ex-Secret Service agents and a deep-pocketed membership that includes Bill Gates and former Vice President Dan Quayle.
Whether your adventure takes you to Alyeska in Alaska or New Zealand in the northern hemispheres summer time, the rides I had during the first week of January 2006 were definitely some of the top rides in my life.
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