Yellowstone Club Owner Edra Blixseth Files For Bankruptcy
It's not really a surprise after months of financial trouble but the owner of the exclusive Yellowstone Club, Edra Blixseth, has filed for personal bankruptcy. The Yellowstone Club, an elite Montana playground for the wealthy including Bill Gates and Dan Quayle filed for Chapter 11 last November.
Former billionaire Edra Blixseth and her ex-husband Tim once had more money than they knew what to do with but a nasty divorce and the economy changed things dramatically. Edra Blixseth took over the millionaires-only club last August as part of the divorce. Documents filed in federal court in Montana, says she is a personal debt of over $500 million. As Bloomberg reports she filed bankruptcy in order to stop a creditor from seizing and liquidating property. The Blixseths owned property around the world and as part of the divorce Edra Blixseth got the castle in France and a golf property in Scotland both of which are up for sale. She also owns an estate near Palm Springs, California.
The Yellowstone Club will be auctioned for an opening bid of $100 million with CrossHarbor Capital Partners LLC as the leading bidder. Yellowstone's lenders have apposed the sale to CrossHarbor saying that Blixseth is being influenced by the group, whose leader Sam Byrne loaned her $35million.
The Yellowstone Club was the destination of three families killed when their private plane crashed near Butte, Montana earlier this week.