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Battle Over Yellowstone Club Ownership Settled
| Written by Amy Gunderson 07/07/2008 |
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Edra Blixseth will become the sole owner of the Yellowstone Club, an ultra-luxury club in Montana, according to an article in the Wall Street Journal. The agreement is part of the divorce settlement between the club’s owners and founders, Tim and Edra Blixseth.
When the once amicable divorce proceedings between the billionaire couple heated up, plans to share ownership of the club and run its operations together changed. As the couple headed to court, there were other challenges looming. Club member Greg LeMond filed a lawsuit and Mr. Blixseth “was delinquent in paying a $20 million legal settlement,” writes Journal reporter Robert Frank. Additionally this spring, according to the Journal, about a third of the club’s 350 members detailed their concerns in a letter to club owners. The group cited negative media coverage and slow construction on new projects that was pushing some to consider resigning from the club. Earlier this year, plans to sell Yellowstone Club to Boston-based private equity firm CrossHarbor Capital Partners for $450 million, fell through.
The Yellowstone Club occupies the highest end niche of the club market. The private club, where members purchase homes or home lots in a private ski and golf resort, has a destination club counterpart, Yellowstone Club World, with a collection of high-end residences around the world. The club recently stopped seeking new members. With questions over who will operate Yellowstone Club now answered, we’ll be watching to see if Yellowstone Club World will revamp its membership expansion.



