Close on purchase of The Club at Spanish Peaks’ assets
By Joseph T. O’Connor Explore Big Sky Senior Editor
BIG SKY – On July 19, two of the Big Sky area’s largest entities closed on the purchase of The Club at Spanish Peaks’ assets, officially bringing the high-profile club out of Chapter 7 bankruptcy.
CrossHarbor Capital Partners, LLC and Boyne Resorts announced the news and their new partnership in a letter to club property owners dated July 22. Details in the letter indicated that the partnership, in conjunction with the Spanish Peaks Ad Hoc Members Group, will soon seek feedback from stakeholders regarding plans for the 5,300-acre private resort community.
Boyne, owner of Big Sky Resort, and CrossHarbor, principal owner of the Yellowstone Club, plan to send out surveys in the next few weeks and meet with Spanish Peaks property owners to discuss future club operations, according to the letter, which was signed by CrossHarbor Managing Partner Sam Byrne and Boyne President Stephen Kircher.
“I believe this investment will result in important benefits for southwest Montana, preserving and creating jobs and attracting further investment in the region,” Byrne said in a prepared statement.
The joint owners plan to provide “a revised club concept and membership documents by late fall” and begin operations by December, according to the letter.
The Club at Spanish Peaks filed for Chapter 7 bankruptcy in October 2011. On June 3 of this year, at an auction in Butte, CrossHarbor outbid competitors Satterfield Acquisitions and James Dolan’s Spanish Peaks Dynasty for the rights to the club’s assets. U.S. Bankruptcy District Court Judge Ralph Kirscher made the final order accepting CrossHarbor’s $26.1 million bid a week later, on June 10.
According to the letter, The Club at Spanish Peaks assets include the golf course, ski lifts, clubhouse and lodge, and existing and future real estate lots and parcels, among other items.
Explore Big Sky will be following this story as it develops.