Yellowstone Luxury Resort update no7

It would appear that the on-going drama at the Yellowstone residence club is not over after all. Ex co-owners Edra and Tom Blixseth (now divorced) were back in court on Tuesday as Ms. Blixeth’s appealed against the judge’s decision to force her into chapter 7 bankruptcy, meaning the forced, immediate sale of all her personal […]

Luxury Real Estate Developer files for bankruptcy protection

Palmetto Bluff developer files Chapter 11

Another luxury real estate developer has announced it is filing chapter 11 bankruptcy protection. Crescent resources – jointly owned by Morgan Stanley and Duke energy – has announced it will file chapter 11. Duke has guaranteed $70 million worth of loans, and the company statement said there would be “minimal impact,” on existing projects, which […]

The Yellowstone Luxury Residence Club Drama Comes to an End

Yellowstone Club sold at auction for $115 million

The saga of Yellowstone, the super-expensive luxury residence club in Montana is finally over. At an auction last week, the less-than-surprising winning bid of $115 million came from CrossHarbor Capital partners. $35 million will be in cash, $80 million a promissory note to Credit Suisse, the original lender. Earlier this month, the Federal judge in […]

Luxury Ski Resort in Montana Delayed – Forever?

The Ski runs are already cut

Tom Maclay has a dream – a luxury destination ski resort on his 3,000-acre property south of Missoula, Montana. Enter financial crisis stage left and the very idea of yet another luxury ski destination funded by the sale of over-priced McMansions has to be very much in doubt. Ski resorts have been dropping like flies […]

Yellowstone Luxury Residence Club – Update

Yellowstone - The Drama Continues

The continuing saga of the Yellowstone luxury residence club seems to be coming to an end. Or does it? Excuse me if I get a little confused, but the convoluted goings-on are better than any soap opera. A quick recap is in order as we have been following this one for some time and it […]

Tamarack Ski Resort in Idaho Closes

The Tamarack ski resort in Idaho is to close it’s doors. We have followed the drama as credit markets collapsed and loans defaulted, but options have finally exhausted themselves and the main creditor, Credit Suisse, has decided to pull the plug after the resort suffered a $2.8 million operating loss since Oct. 20 – “greater […]

The Yellowstone Drama Continues

Yellowstone Residence Club

It appears that the Yellowstone luxury residence club in Montana has had a stay of execution. In December, a federal judge gave approval for a $20 million interim loan to see the club through the winter season, with the hope that a buyer could eventually be found this year. This went completely against the wishes […]

Ups and Downs in the Luxury Markets

News from the world of luxury on the approach to Christmas 2008. Some good, some bad, but one thing is clear – 2009 is going to be a turbulent year and we are going to see more volatility. The Miami Beach Luxury Real Estate Market saw just 7 sales in November above the $1 million […]

Luxury Residence Club in Montana – Update on Yellowstone Bankruptcy

yellowstoneclub

Update on the Yellowstone luxury residence club in Montana that filed for bankruptcy earlier this month. Yellowstone managed to secure a $4.5 million temporary recently, which saw the club through the last three weeks, but the well has run dry once again. Owner Edra Blixseth is scheduled to appear before a judge once again today, […]

Luxury Residence Club in Montana Files for Chapter Eleven

Yellowstone Club

The invitation-only Yellowstone Club resort in Big Sky, Montana has filed for chapter 11 bankruptcy protection, after the luxury real estate market in Montana slowed dramatically this year Court documents show the exclusive club owing around $343 million to local contractors and banks. Club attorneys are due to appear in federal court later today to […]