I’m not feeling sorry for the folks involved but it’s remarkable that so many of these exclusive retreats end badly. The exclusive Yellowstone Club, home to exotic “cabins” of the rich and famous – and licensing a goodly chunk of a fork of the Gallatin, is the latest victim of circumstance.
Wrestled over in a contested divorce, owner Tim Blixseth ceded control to his ex-wife – after taking out a loan on the property of nearly 375 Million dollars.
Now they’re asking Montana for a 5 million dollar bridge loan to meet payroll and keep the premises operational.
They added that it “appears that a large portion of the $375 million loan … was diverted for non-Yellowstone Club purposes. Had the funds been properly used, it is likely that the Debtors (the club) would not find themselves in the position they do today.”
It’s certain I don’t possess all the facts, but in the current climate it appears to be fashionable to raise the “bailout” flag. Considering the $250,000 entrance fee and the $18,000 per year ongoing – I might suggest taking up a collection from the existing 320 members…
Blixseth’s luxe resort–which attracted as members the likes of Bill Gates and former Citigroup (nyse: C – news – people ) Chief Financial Officer Todd Thomson.
As often as not whatever premise imbued the enclave is lost after it’s sold the third or fourth time, the rich flee and the new owner carts in ferris wheels, waterslides, and the press of the vacationing public.
There’s an article surrounding Mr. Blixeth and the creation of the Yellowstone Club at the Wild Rockies Alliance site. I can’t attest to the facts outlined, but it appears the development has a rocky history.
I’ve got a bailout plan for them:
my right foot in their nutsack.
This tawdry display of jealous indignation is unbecoming of Brownwater professionals. Did we choose our maloderous habit because we wished to rub anatomy with the filthy rich or just the lucky bastards with skills not unlike our own. I’m sure that Warren Buffet is a fine fellow but the waters that he perfers to fish in are putrid and devoid of life when compared to the Lil Stinking. Jean-Paul, SMJ, and Troutless Underground are good company in any riverside Inn they choose to …uh, pick up the check for!
There you go again with them unnecessary big words and aiming again; wink-wink.
The only bailout plan that really works, is an old milk jug with the top cut off. I keep mine tied to the gunnel of the canoe with a hunk of yellow rope.