U.S. billionaire club goes bust
(NSI News Source Info) NEW YORK - November 13, 2008: A U.S. gated resort community for billionaires has filed for bankruptcy, the Forbes magazine has said.
Yellowstone Club, located in Montana's Gallatin Mountains, is one of the world's most exclusive clubs. It counts Microsoft's Bill Gates among its members and offers prime ski-slopes and golf courses.
"Even a company with billionaire clients can't stay financed in these lean times," Forbes commented.
The club's founder, Tim Blixseth, first opened the club in 1999 as an elite hideaway for around 340 billionaires. Membership fees are an annual $250,000.
The super-exclusive club, which was taken over by CEO Edra Blixseth after the couple divorced in 2006, owes an estimated $343 million to creditors due to an ambitious expansion plan, Forbes said.
"We felt this step was necessary to address short-term liquidity constraints and preserve Yellowstone Club's long-term future," Edra Blixseth said.
The club recently announced that it planned to expand to Scotland, France, Mexico and the Caribbean. In May, its 125 members said that the club's policies were a matter of concern.
Thursday, November 13, 2008
U.S. billionaire club goes bust
U.S. billionaire club goes bust
(NSI News Source Info) NEW YORK - November 13, 2008: A U.S. gated resort community for billionaires has filed for bankruptcy, the Forbes magazine has said.
Yellowstone Club, located in Montana's Gallatin Mountains, is one of the world's most exclusive clubs. It counts Microsoft's Bill Gates among its members and offers prime ski-slopes and golf courses.
"Even a company with billionaire clients can't stay financed in these lean times," Forbes commented.
The club's founder, Tim Blixseth, first opened the club in 1999 as an elite hideaway for around 340 billionaires. Membership fees are an annual $250,000.
The super-exclusive club, which was taken over by CEO Edra Blixseth after the couple divorced in 2006, owes an estimated $343 million to creditors due to an ambitious expansion plan, Forbes said.
"We felt this step was necessary to address short-term liquidity constraints and preserve Yellowstone Club's long-term future," Edra Blixseth said.
The club recently announced that it planned to expand to Scotland, France, Mexico and the Caribbean. In May, its 125 members said that the club's policies were a matter of concern.
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