According to The Canadian Press, The Yellowstone Club, an exclusive haven for the ultrarich now under federal bankruptcy protection, could be sold for $100 million to a Boston financial firm.The sale would take place under a deal outlined in court documents.
Documents filed by club attorneys show an affiliate of CrossHarbor Capital Partners LLC has agreed to pay $30 million in cash and $70 million in a promissory note for the 5,300 hectare club near Yellowstone National Park.
CrossHarbor also has agreed to invest an additional $50 million in capital improvements at the club and $25 million for other expenses.That $175-million investment comes up far short of prior appraisals of the club, which has been valued at anywhere from $310 million to $780 million.
Club spokesman Bill Keegan says other offers were still being sought. He called the Crossharbor agreement a benchmark from which to start.The club counts Dan Quayle and Bill Gates among its 340 members, yet had been only partially developed when it fell more than $400 million in debt last year.
The deal is contingent on court approval and other purchase proposals.
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Thursday, February 5, 2009
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