Sale of 160 acres at Montana resort for wealthy is halted after cyclist Greg LeMond objects
By APTuesday, February 23, 2010
Sale halted at Mont. club after LeMond objects
BILLINGS, Mont. — A U.S. bankruptcy judge is stopping the new owners of the Yellowstone Club from buying a key piece of property within the exclusive, millionaires-only ski resort.
Cycling star Greg LeMond had objected to the deal. He is one of the club’s original members, and his family holds a $13.5 million lien on the Montana property. His attorneys say the sale is being rushed through without giving others a chance to make an offer.
CrossHarbor Capital Partners of Boston bought the resort last year for $115 million. The sale didn’t include a 160-acre compound owned by the club’s bankrupt former owner, Edra Blixseth.
That property was once valued at $56 million. But in October, CrossHarbor reached a tentative deal to buy it for $8.5 million.
In a ruling Monday, Judge Ralph Kirscher said Blixseth’s trustee must seek better offers.
