crossharbor

Far From The Blixseth Scandal, Yellowstone Club Moves On

We've been following the fortunes of Tim and Edra Blixseth for several years. The billionaire couple, once famous for a reportedly amicable separation, devolved into a messy divorce with a major loss of fortune for both parties. Last week scandal hit Edra Blixseth when she was identified as the woman licking congresswoman Mary Bono Mack's cleavage in an event that took place at Blixseth's Porcupine Creek. Real estate watchers know that this is the 249-acre estate in Rancho Mirage, California that used to be owned by Yellowstone Club founders Tim and Edra Blixseth. It hit the market last February at $75 million and is now down to $55 million.

Meanwhile, at the Yellowstone Club, the Big Sky, Montana resort founded by Tim and Edra Blixseth, life goes on. The Bozeman Chronicle recently did an update on the club, checking out how it has fared since its Chapter 11 and subsequent sale to CrossHarbor Capital Partners for $115 million. The club was founded in 2000, as an ultra-luxurious private ski and golf community.

The club is back in business, paying off debts and selling real estate. According to the article more than $175 million in real estate sales have taken place since CrossHarbor took over last year and there are 40 new members. Sam Byrne, managing partner of CrossHarbor Capital Partners, said that he hopes that the special retreat that the Blixseths created will be their legacy rather than "all the noise that goes on in the bankruptcy."

In the article, Tim Blixseth said that he was no longer interested in running the club. As he put it, "some people are better dreamers than operators. I might fall into that category myself." He continues to fight legal battles relating to the case and the charges from his ex-wife that he caused the club to go bankrupt because of a $375 million loan in the club's name from Credit Suisse. The pair planned a global destination club. Several of the properties that were to be used in the club have gone up for sale. Emerald Cay, a Caribbean hideaway in the Turks and Caicos, remains on the market for $48.5 million.

Gallery: Porcupine Creek