Montana Resort for Elite Sold for $115 Million

Montana's ultra-posh Yellowstone Club is in new hands, following a $115 million deal that the new owner hopes will close the door on the resort's highly publicized descent into bankruptcy.

The millionaires-only club was facing liquidation eight months ago. It's been a victim of its prior owners' excesses and the broader economic downturn that choked off the free flow of money that fueled the club's rise.

On Friday, CrossHarbor Capital Partners finalized its purchase of the 13,600-acre private ski resort at a bargain-basement price. The Boston firm specializes in distressed real estate.

CrossHarbor's Sam Byrne says he intends to rebuild the club's reputation and restore the privacy expected by the club's roughly 300 members.

Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.