Recent weeks have brought financial upheaval to Tim Blixseth.
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Robert Frank of the Wall Street Journal reports today the collapse of a deal to Yellowstone Club, the exclusive resort developed by Blixseth and his wife. CrossHarbor Capital Partners of Boston sent a letter March 26 saying it was pulling out of an agreement to buy the club for $450 million.
Blixseth informed club members on Saturday that the club is no longer on the market.
The Associated Press reported yesterday that Blixseth had sold a 160-parcel at the club, where he once planned to build the world’s most expensive home.
And Bloomberg reported earlier this month that Blixseth missed a $20 million payment to champion cyclist Greg LeMond and three other Yellowstone investors. Blixseth said then that he couldn’t pay the sum, which settled a lawsuit over Yellowstone holdings, until he sold the club.
In addition to the expensive lawsuit, Blixseth is in the midst of a divorce from his wife, Edra. The split started as a friendly one, so friendly that Frank wrote about it. “Their peaceable parting marks a triumph of hope over history, and reason over money,” he wrote. “Most wealthy spouses follow the greed principle: The more stuff you have, the more there is to fight over.”
Over time, hope and reason apparently fell victim to history and money. The Blixseths wound up in court and the club they had built together went on the market.
Members of the private golf and ski area include Bill Gates and former vice president Dan Quayle.
(Note: This item was first posted on Sunday, March 30, and updated Monday, March 31, 2008.)
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1 Comments
#1. Anne Hall 03.30.2008
Is this all you have time to do in your life? Have you asked those individuals and their families if they want their names on your diagram? Your information is incorrect. I would encourage you to spend your time and money productively instead of writing damaging gossip columns. Perhaps you could go out and make a fortune, and then others can write about you.
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