Private Ski Resort: Exclusive Yellowstone Club Files for Bankruptcy

BILLINGS – A spokesman for the Yellowstone Club says the exclusive resort for the super-rich has filed for bankruptcy after failing to secure financing for a planned expansion.

The members-only club in Montana's Gallatin Mountains boasts a private ski hill and golf course and counts Dan Quayle and Bill Gates among its members.

Spokesman Bill Keegan says the club filed for Chapter 11 protection in federal bankruptcy court in Montana on Monday — just two months after announcing an ambitious expansion plan.

The bankruptcy is just the latest shake-up to hit the club, which endured the recent divorce of its billionaire founders, Tim and Edra Blixseth, and a $39.5 million settlement in a lawsuit brought by club member and cycling superstar Greg LeMond.