The saga of Tim and Edra Blixeth is a fascinating one with plenty of luxury real estate twists and turns. When Tim and Edra first split in December 2006 after a 25 year relationship, they were lauded in the Wall Street Journal for dividing their property and assets without fights and lawyers.
But since then, they have been involved in a protracted battle for their shared assets. The couple had amassed a substantial real estate portfolio while they were building the Yellowstone Club, their luxury club for millionaires centered in Big Sky, Montana. The pair planned to have this club be just the start of a global destination club for the wealthy.
The private skiing and golf club in Montana's Gallatin Mountains first opened in 2001 as an ultra-elite enclave for the rich and powerful with Bill Gates, Dan Quayle and Jack Kemp among the early members. During the course of the divorce Edra Blixseth ended up as the club's majority owner and chief executive.
In 2008 the club, which has private homes, a ski hill, golf course and an elaborate club house, filed Chapter 11. The property was also supposed to be host to what would have been the U.S.'s most expensive house at the time, a $155 million deluxe vacation retreat which was never built. The Yellowstone Club was sold to CrossHarbor Capital Partners for $115 million and has since flourished, drawing new members to the club.
Hall and Hall, the experts in ranch real estate sales, are auctioning the "Family Compound" at the Yellowstone Club. This is the 160-acre site which Tim and Edra Blixseth set aside as their own retreat. The "Family Compound" includes two 2,240-square-foot, three-bedroom residences and is being auctioned by Edra Blixseth's bankruptcy estate via Hall and Hall Auctions.
In February 2011, Oracle CEO Larry Ellison bought Porcupine Creek, the Blixseth's lavish home and golf course in Rancho Mirage, California. The property was once on the market for $75 million but it was sold to Ellison for $42.5 million. Meanwhile, Tim Blixseth continues to wage his own war against bankruptcy, fighting a judge's decision earlier this month that resulted in an involuntary Chapter 7 bankruptcy petition filed against him calling for liquidation of his assets.
The compound is located between the private ski hill and golf course at the end of a long driveway and is considered to be one of the prime spots in the over 13,600-acre club. Each of the two homes has an open floor plan showcasing a central great room with fireplace and is decorated in a style termed as rustic elegance.
Membership to The Yellowstone Club is not included as part of the sale and the buyer will have to apply for it separately. The minimum bid required for qualified competing bids is $11,100,000 and the deadline for submission is May 16, 2011 at 4:30 p.m. MST.
For more information on this property or Montana ranches for sale, contact Hall and Hall broker Bill McDavid at 406-542-3762 or email mcdavid@hallandhall.com. After bids are gathered, an open outcry auction will be held May 20, 2011 at 9:00 a.m. MST in Missoula, Montana.
