The Associated Press is reporting that the tony Yellowstone Club, the private powder reserve of multi-millionaires such as former Vice President Dan Quayle and Microsoft co-founder Bill Gates, has filed for bankruptcy.
The news comes after a long summer for America’s most famous private vertical resort. Tim and Edra Blixseth, the club’s billionaire founders, recently divorced, and reports surfaced that the club was a key chit in the resulting division of wealth. Also, in August the club settled a lawsuit brought by club member and former Tour de France winner Greg LeMond, who claimed that Tim Blixseth had tried to buy out his minority stake in the club for less than its stated value.
According to the AP, spokesman Bill Keegan said the club filed for Chapter 11 protection in federal bankruptcy court in Montana following a failure to secure new financing.
The Yellowstone Club plans to reorganize its finances and emerge from bankruptcy “as soon as possible,” according to a company statement.
