retreat for the ultra-rich, said it filed for bankruptcy Monday after failing to secure new financing — underscoring that even the elite can’t escape the country’s current economic troubles.
Spokesman Bill Keegan said the club filed for Chapter 11 protection in federal bankruptcy court in Montana. The move came just two months after the club announced an ambitious expansion plan through a partnership with the Arizona-based Discovery Land Company.
The gated, millionaires-only club on 13,400 acres in Montana’s Gallatin Mountains boasts a private ski hill and golf course. Opened in 1999, it counts former Vice President Dan Quayle and Microsoft co-founder Bill Gates among its 340 members.
In a statement to The Associated Press, the club said it had been unable to secure financing arrangements with its creditors and bondholders. It plans to reorganize its finances and emerge from bankruptcy “as soon as possible,” the statement said.
