The elite Yellowstone Club filed for bankruptcy Monday, Nov. 10. The millionaires-only exclusive resort located in southern Montana owes more than $340 million in debts.

The by-invitation-only club, which was founded in 2000 by Tim and Edra Blixeth, has 340 members who purchased memberships for $300,000, pay $18,000 in annual dues, and bought property where vacant lots start at $1 million.

The gated private ski and golf club went up for sale last year, but ended up going to Edra Blixeth in the couple's divorce settlement. The club also lost a $39.5 million court settlement to Greg LeMond this year, and then announced plans to expand in September 

The Associated Press reported that the club was unable to secure financing for its debts since lending markets dried up. "We felt this step was necessary to address short-term liquidity constraints and preserve Yellowstone Club's long-term future," said Edra Blixseth in a written statement. 

Spokesman Bill Keegan told the AP the club has financing to run the resort for the ski season; however, he did not rule out layoffs for some of its winter employees. But attorneys for the club are heading to court today for approval of a $4.5 million loan to allow the resort to open this winter.

Critics of the club accuse the Blixeths of stretching themselves thin in buying up luxury properties around the world in a plan to expand the club's concept globally.

Keegan also told the AP that the club still holds assets that add up to more than the amount of its debts. He also said that the club sought Chapter 11 protection to reorganize its finances and settle its debts.