In the Yellowstone Club, 160 acres of prime land, previously owned by Tim and Edra Blixseth, is being auctioned by Edra Blixseth’s bankruptcy estate, pursuant to a court-approved bidding and auction process.
Bids are open to any interested party and start at $11 million, set by court order. Hall and Hall, a high-end ranch and recreational property brokerage firm, is coordinating the auction.
CrossHarbor Capital Partners (the new owner of the ultra-exclusive Yellowstone Club) has tendered a stalking horse bid of $10,850,000, consisting of $850,000 in cash and another $10,000,000 in a credit bid against CrossHarbor’s lien on the Family Compound.
The deadline for submission is May 16, 2011, and receipt of qualified competing bid(s) will result in an open outcry auction on May 20, at the offices of Datsopolous, MacDonald and Lind, P.C., in Missoula, Montana.
“Auctions have been utilized in this country since its inception. Since the decline in the market however, auctions have become increasingly prevalent and have proven to be a viable alternative that renders real estate assets more liquid than they are traditionally thought to be,” says Bill McDavid with Hall and Hall. He emphasizes that although this property is located inside the geographical boundaries of the Yellowstone Club, there is no Club membership included in the auction.
“The Family Compound,” as this acreage is called, is “a stone’s throw” from the Warren Miller Lodge, and is “set amidst the lodge pole pines and overlooking the ski slopes of Pioneer Mountain,” according Pure West’s listing. It also has two 2,240 sq. foot luxury “cabins.”
Photo by Craig Hergert
Link to read this story in the Wall Street Journal
Link to view Blixseth Family Compound property details on Realestateofbigsky.com
Bid and auction information: hallandhall.com