Missoula
59° F
Scattered Clouds
Scattered Clouds
Kalispell
55° F
Partly Cloudy
Partly Cloudy
Bozeman
64° F
Mostly Cloudy
Mostly Cloudy
Advertisement

Spanish Peaks resort sale closes for $26.1M

By Associated Press
Published On: Jul 25 2013 11:05:06 AM MDT
YELLOWSTONE CLUB SIGN
HELENA, Mont. -

The Boston-based owner of Montana's exclusive Yellowstone Club has completed its purchase of the nearby Spanish Peaks resort north of Yellowstone National Park.
    
CrossHarbor Capital Partners said in a statement Thursday that it has partnered with Boyne Resorts in buying the 5,700-acre residential community near the Big Sky ski area. The deal closed on Friday after being approved by a federal bankruptcy judge.
    
CrossHarbor's $26.1 million bid was the highest in a June bankruptcy auction.
    
The companies said in a statement they believe Spanish Peaks has incredible long-term potential and "is essential to the future of Southwest Montana and to ensuring the Big Sky area remains a world-class resort destination."
    
Spanish Peaks' prior owners filed for Chapter 7 bankruptcy in 2011, citing a troubled real estate market and substantial losses.