There Goes the Neighborhood?
May 18th, 2009Posted in Skiing in Luxo-land
The court battle for the ownership of the Yellowstone Club reached its denouement today and Sam Byrne and his Cross Harbor crew emerged as the victors according to New West’s report in the court’s decision. Like many skier observers, I’ve been watching this imbroglio with bemusement, not really caring much about who would be pronounced the new owner or the terms of the deal. I had no doubt that the dismal club would survive and carry on as a fantasy club for the overly self-indulgent set.
Even though Mr. Byrne reportedly had the support of many of the club’s members in his bid to gain control of the club, I’m intrigued by the closing sentence of New West’s report: “His development plan includes more focus on condo development in the base area, and more skiing on one of the peaks at the 13,500 acre property.” More condo development in the base area?
This seems a bit anathema to the previously developed character of the club where members bought lots of various sizes and built their dream homes. I suppose any new condo developments will be in character, and priced, to fit in with the club’s reputation, but still, isn’t this undercutting image of the club as a playground for the truly wealthy who can easily afford to build another extravagant home for just occasional use? Has the club drained the pool of really wealthy skier-golfers and now has to court the near-do-wells?
I’ve mentioned before that I grew up in a region where in the last gilded age huge homes and monsterous hotels were built by the wealthy, only to become huge and expensive head aches and finally decrepit and empty crumbling blights on the rural landscape. When bungalow colonies began appearing in the neighborhood (this was long before the concept of condominiums gained traction), many of the folks who still had money after the Depression left their now compromised neighborhoods.
It seems unlikely for a repeat of history to take place in the YC, but five years ago who would have thought the red ink would flow so deep on Wall Street? The Wall Street Journal frequently reports very mixed feelings among the rich about how decadent they can appear to be these days. (“We would all be better off today if the wealthy kept spending, though it might be better for their PR and damp any populist outrage if there spending favored less in-your-face conspicuous consumption and more quieter, service-related items–like restaurants, vacations, hotels, household staff, etc.”) Will they decide that the YC is just too over-the-top and content themselves with skiing and golfing at not so exclusive appearing resorts? I hope so. There are already hundreds of great places to ski and golf in communities that could use the business. It wouldn’t hurt these folks to share chairlift rides, shuttle buses, restrooms and liftlines with school teachers, plumbers and doctors. In fact it would do them much good.
Crazy Guy commented:
I love skiing in the club, no crowds, no lines, fresh tracks at the end of the day.
And I’m a snowboarder ROFL!!!