Porcupine Creek Gets A Major Price Cut

by Deidre Woollard (RSS feed)
Sep 10th 2010 at 8:02PM

When Porcupine Creek, the 249-acre estate in Rancho Mirage, California that used to be owned by Yellowstone Club founders Tim and Edra Blixseth, hit the market in February, I knew it was only a matter of time before the price came tumbling down. The Wall Street Journal reports that the property is getting a price cut into slightly more realistic territory, down to $55 million from $75 million.

Even at that price it's a highly unwieldy property, more suited to being a retreat or a resort than a private home. The estate includes a golf club and 19-hole golf course, a huge 18,400 square-foot main residence, eight guest houses, a pool, spa, gym and an amphitheater. The WSJ says that the Montage Hotel and Resorts has restored the golf course, irrigation system and water features; a good thing as things change quickly out in the desert and an untended course could quickly go dusty. The property is being sold for creditors of the bankrupt Yellowstone project and its holding company. Jeff Hyland of Hilton & Hyland and Tyler Morgan of Pacific Union GMAC Real Estate in Palm Springs have the listing and any potential sale would be subject to bankruptcy court approval in Montana. New pictures in the MLS give more of a view of the interior of the main home, including the many antiques in the home and details like ceiling murals and ornate woodwork. I suspect that when this home sells there will be a another huge estate sale of all the furniture in the home.

Gallery: Porcupine Creek