Who will get custody of the Yellowstone Club in the divorce proceedings between Tim and Edra Blixseth? Neither of the billionaire co-founders, reports Robert Frank in his weekly Wall Street Journal column, the Wealth Report.

Frank reports that the timber baron and his soon to be ex-wife are in talks with Boston-based private equity firm Crossharbor Capital to sell the club for a reported $400–600 million. The deal could be announced within two months.

The billionaire couple started the club in the late 1990s after purchasing acreage near Big Sky, Montana. Plans for a family residence and outdoor playground soon morphed into a high-end destination club complete with a Tom Weiskopf-designed golf course, Secret Service-level security and a private ski resort where members like Bill Gates and other mogul-types could be assured that they would never see a lift line.

The 300 member club, with a $300,000 entry-fee deposit, was one of the first ultra-luxury clubs. Until recently, the Blixseths had been dividing up their assets in a most uncommon way—outside of a courtroom and without the assistance of bullpen of lawyers. But the friendly split apparently soured, and the couple has turned to the courts, a factor in the decision to put the Yellowstone Club on the block. Of course the sale of the club doesn’t mean that the Blixseths’ paths won’t cross, reports Frank. Both intend to keep vacationing at the club.