Black Hills Institute of Geological Research
| Company type | Private |
|---|---|
| Industry | Fossil excavation and preparation |
| Founded | 1974 |
| Headquarters | Hill City , United States |
| Products | Authentic fossils, museum-grade replicas |
The Black Hills Institute of Geological Research, Inc. (BHI) operates as a private entity focused on the excavation, preparation, and commercial distribution of authentic fossils and museum-grade replicas. Established in 1974 and headquartered in Hill City, South Dakota, BHI has gained recognition for uncovering and marketing replicas of some of the most intact Tyrannosaurus rex fossils, notably including "Sue", "Stan", and "Trix".
In March 1992, the proprietors of BHI founded the Black Hills Museum of Natural History located in Hill City. This institution functions as a non-profit paleontology museum managed by an autonomous Board of Directors.
In May 1992, the Federal Bureau of Investigation confiscated "Sue," which was subsequently auctioned five years later. The fossil was acquired by the Field Museum of Natural History in Chicago for US$7.6 million, marking the highest amount ever paid for a fossil at that time.
In 2012, President Peter Larson terminated his brother Neal’s involvement, who held a 35% ownership interest in BHI. Neal initiated legal action in 2015 citing shareholder oppression and requested company liquidation to facilitate a buyout of his shares. The judiciary determined that Neal’s rights were infringed when he was excluded from the meeting during which his dismissal occurred. Due to limited corporate funds available for purchase, an appraisal was conducted on Larson’s fossil collection. Ultimately, Neal received ownership of the Tyrannosaurus rex skeleton known as "Stan," which was valued at $6 million at the time and later sold for $32 million in 2020.