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Huge Montana Ski Resort for the Rich Is Bouncing Back – The Yellowstone Club

"We don’t have powder days. We have powder weeks."

It is an essential ingredient for this 13,600-acre private ski club just north of Yellowstone National Park. Yet it is also an unwelcome wrinkle for the 2,000 to 3,000 contractors who come and go each day, racing to build homes, renovate lodges and break ground on new projects.

Just a few years ago, such activity would have been hard to fathom. This alpine redoubt defaulted on a $375 million loan in November 2008, epitomizing the risky loans and real estate speculation that precipitated the financial crisis, and it became mired in bankruptcy and a messy divorce case.

Today, six years after its bankruptcy, the Yellowstone Club http://yellowstoneclub.com/ is thriving. In the last two years alone, the club has sold nearly $1 billion in real estate. It has doubled its membership, which includes the likes of Bill Gates and the investor and Hollywood producer Peter Chernin, to more than 500 households from 260 in 2009, and it is gearing up for what is likely to be its busiest winter since the club broke ground more than 15 years ago.

By Sarah Max

Full Story: http://dealbook.nytimes.com/2014/12/31/huge-ski-resort-for-the-rich-is-bouncing-back/?hp&action=click&pgtype=Homepage&module=mini-moth®ion=top-stories-below&WT.nav=top-stories-below&_r=0

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