Small sleepy town wins big victory over 'tone-deaf' billionaire's plans to build luxury resort: 'We'll see what happens next'

The billionaire owner of the Chicago Clubs has scrapped his plans to build a luxury resort in a sleepy village in Wyoming following fierce resistance from locals.

Joe Ricketts this week ordered crews to immediately stop construction on his $50million tourist retreat in Bondurant to the delight of its 156 residents.

Locals had strongly opposed the Wall Street trader's plans to plant a swanky new 230,000-square-foot retreat in the village and rename it 'Little Jackson Hole' to attract high rollers from New York and Los Angeles.

Residents said his 'tone deaf' plans would 'erode' their culture, destroy wildlife and drive up the cost of living. 

After a toxic four-year battle, it appeared Ricketts had won the day after Sublette County greenlit the project.

But he has now decided to ditch it altogether after officials denied him an exemption from seasonal building restrictions, a decision the billionaire claimed would double construction time and increase the cost by $60million to $100million.

Billionaire Joe Ricketts this week ordered crews to immediately stop construction on a proposed $50million luxury resort in the sleepy village of Bondurant, Wyoming

His decision followed a fierce backlash against the resort, with locals arguing the resort would 'erode' their culture, destroy wildlife and drive up the cost of living. Pictured above: Ricketts' pre-existing Jackson Fork Ranch in Bondurant

Ricketts wanted to build a 56-acre luxury resort, known as Homestead, on Jackson Fork. The 20-unit complex includes plans for an underground day spa, 90-seat fine dining restaurant, beauty shop, and horse operation

Construction had already begun on the new resort, called Homestead, but Ricketts has now told workers to restore the site to its natural condition, WyoFile reported.

'While construction of the [resort] in its most basic form was always a limited value or financial investment proposition, the additional costs simply make it prohibitive to continue,' Ricketts' agent Steve Christensen wrote to Sublette County commissioners. 

'Consequently, Mr. Ricketts has directed all construction cease and to return the hilltop to its original form — or at least as much as possible.'

The subject line of the July 8 memo was titled, 'the End of the Homestead'.

Christensen said the decision would cost Sublette County 100 to 150 jobs. 'We can only speculate on the full extent of the economic reverberations and consequences,' he wrote in the memo.

The seasonal building restrictions are applied to all construction projects to protect the 150-mile-long Sublette Mule Deer Migration Corridor.

Ricketts sudden decision to scrap his 'Little Jackson Hole' dream has raised eyebrows given his previous efforts to push it through in the face of fierce resistance.

He was so keen on the idea that he invited Bondurant residents in March to a seven course meal with goodie bags for everyone to convince them.

At first mention of the renaming though, most locals got up and left in protest.

The long struggle has left residents doubtful over whether this is truly the end of the saga.

'I saw them pull out the rock crusher today, and I've seen a lot of trucks moving down the road,' Dan Bailey told WyoFile. 'It's nice news, but I'm unconvinced [it's over] at this point. We'll see what happens next.'

Ricketts has amassed a property empire in Sublette County, Wyoming, having also acquired a luxury ski resort and hotel in the area just south of tourist hotspots in Teton County

A lodge on the 1,300-acre Jackson Fork Ranch, owned by Ricketts since the 1990s

Ricketts slammed a recent decision by Sublette County to enforce seasonal building restrictions to protect local wildlife, arguing it would double construction time

Bondurant residents were invited by Ricketts to a seven course meal in March with goodie bags for everyone. But when Ricketts mentioned changing the name of their town to Little Jackson Hole, most people got up and left in protest

The TD Ameritrade founder had claimed his $50million project would be a boon to the area, drawing in fistfuls of tourism dollars while strengthening conservation efforts in the Mountain West.

The 20-unit complex included plans for an underground day spa, 90-seat fine dining restaurant, beauty shop, and horse operation.

Neighboring lodgings were sketched out to accommodate the resort's 134 future employees.

It was set to cover 56 acres of his 1,300-acre Jackson Fork Ranch, which spans the first 9 miles of the Upper Hoback 23-174, a contiguous swathe of ranchland punctuated by the odd private residence.

He faced an uphill battle to win over locals, however, who for years had deliberately shunned the glitz and the glamor that has seen Jackson Hole become a tourist trap.

In April this year, Ricketts' also bought the White Pine Ski & Summer resort, one of Wyoming's oldest ski areas that boasts nearly 30 runs, rustic accommodations and miles of Nordic trails.

He followed that up with the purchase of High Country Suites, also in Pinedale, in May.

Locals speculated these acquisitions were meant to dovetail with his plans for 'Little Jackson Hole'.