Former billionaire reaches $3 million deal with creditors

Associated Press |

BILLINGS, Mont. (AP) — Former billionaire real estate developer Tim Blixseth has reached a $3 million settlement to resolve claims he illegally pocketed hundreds of millions of dollars from a Montana resort for the superrich.

The agreement between Blixseth and creditors for the Yellowstone Club was revealed in court documents filed late Friday.

Blixseth founded the posh resort near Big Sky that has attracted celebrity members including Microsoft co-founder Bill Gates and former Vice President Dan Quayle.

It went bankrupt in 2008 and has since come under new ownership.

The $3 million payment to its creditors is a pittance compared to $525 million in court judgments they have against Blixseth. It won't even cover their litigation costs.

But creditors' attorneys say it was the best they could do after Blixseth lost his fortune.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to:


What Is Petrolithium?

MGX Minerals explains the advantages of petrolithium and how they are helping to solve future problems today.

Emerging Growth

Lexaria Bioscience Corp

Lexaria Bioscience Corp is a food sciences company. It has two distinct consumer product brands: ViPova and Lexaria Energy. It uses patent pending technology to infuse hemp oil ingredients within…