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  1. Wealth
February 5, 2009

Hays: Club for ultra-rich to be sold to financial firm

By Spear's

The Yellowstone Club, an exclusive haven for the ultrarich now under federal bankruptcy protection, would be sold for $100 million to a Boston financial firm, under a deal outlined in court documents.

From The Hays Daily News:

BILLINGS, Mont. (AP) — The Yellowstone Club, an exclusive haven for the ultrarich now under federal bankruptcy protection, would be sold for $100 million to a Boston financial firm, under a deal outlined in court documents.

Documents filed by club attorneys show CrossHarbor Capital Partners LLC would pay $30 million in cash and $70 million in a promissory note for the 13,600 acre 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.

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.

To read the full story, visit The Hays Daily News.

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