Faced with the twin specters of the ongoing financial crisis and a sharp drop in the value of its real estate portfolio, High Country Club announced yesterday that it’s reorganizing its membership structure and selling off several properties. In a communication sent to members, the destination club said these changes will move the business to a self-sustaining model—dues collected from existing members will completely cover operational costs—and eliminate its dependence on new sales, the ability to raise capital and the state of the real estate market.

The club said roughly 75% of its members must agree to the new operating model, dubbed the High Country Club Success Plan, by November 14. If the club doesn’t hit that number, it will shut down, and members could lose their membership deposits.