Sequoia Capital Invests in Montana at Good Pre-Money

There is a mordant piece in Bloomberg news today about the current penchant among some monied sorts for diverting themselves by buying up large pieces of Montana. Chief among them, two partners from venture firm Sequoia:

Regulars who gather [in Whitefish Montana] include Mark Kvamme, whose Menlo Park, California-based Sequoia Capital financed Google Inc. and Yahoo! Inc. Kvamme, who owns a lakefront second home in Whitefish, is building a 1,275-acre (516-hectare) luxury residential development called the Homestead with Lehman Brothers Holdings Inc. Chief Executive Officer Richard Fuld.

Executives and investors enriched by the dot-com boom are buying land around the northwest Montana city of Whitefish, population 6,151, boosting property values, straining county services, and putting the former railroad outpost near Glacier National Park on the road to becoming a wealthy enclave like Aspen, Colorado, or Jackson Hole, Wyoming.

“In 1999 I bought real estate because I didn’t want all my money to be in Nasdaq,” says Kvamme, 44. The Nasdaq Stock Market composite index has declined 26 percent in the past six years. By contrast, his development, valued at $5,490 an acre two years ago, is for sale today for an average $50,000 an acre.

[via BusinessWeek’s Deal Flow]

Related posts:

  1. AdBrite’s Adventures in Sequoia-land
  2. Is There Too Much Venture Capital (or Just too Much Talking about It)?
  3. Podshow Attracts Sequoia and KP
  4. Sequoia Does Stealth Distribution of Google Stock
  5. Nasdaq Goes Full Circle

Comments

  1. dilbert dogbert says:

    Have you read the first part of “Collapse”?
    When a lot of money dumps on a small area things change fast. Out with the old, in with the new.
    Same thing happens here in Palo Alto it is just that the impact is not so apparant.