James Sinclair Welch was released from jail late Saturday after posting $50,000 bail where he was being held on negligent vehicular homicide under the influence of alcohol, according to a report by Newsday.   

Welch was being held in the Gallatin County Detention Center after the ATV accident that claimed the life of his boarding school roommate, Parker Regan, of Mendham. If convicted, Welch could face up to 30 years in prison and $50,000 in fines, according to Montana law.

The accident occurred Thursday night just before midnight at the Yellowstone Club, a private ski and golf resort near Big Sky, Mont. Newsday reports that members of the club include Microsoft Corp. co-founder Bill Gates, Tour de France cycling champion Greg LeMond and Cliff Asness, co-founder of the hedge fund AQR Capital Management LLC in Greenwich, Conn.

According to a report on the SFGate site, the accident occurred during the three-day “Camp Yellowstone,” which is held annually and includes sack races, an egg toss and tug-of-war.

SFGate also reported membership at Yellowstone is limited primarily to those who own one of the houses and condominiums scattered among 15 ski lifts and an 18-hole golf course. Prices range from $2.5 million for a condominium to $18 million for a ranch with 350 acres. Members pay a $300,000 initiation fee that they get back if they sell their property. Dues are $30,000 a year.

Those who knew Regan and Welch are still reeling from the accident. The headmaster of Suffield Academy where the two were roommates said that the premature loss of life was tragic and the mark Regan left on campus would never be forgotten. 

"He was a deeply valued member of the Suffield family and always will be," Headmaster Charles Cahn III said. "His presence will never end."