BILLINGS – The former owner of the Yellowstone Club says he may seek to regain control of the resort for the megarich as it struggles to emerge from federal bankruptcy protection.
Club founder Tim Blixseth gave up the 13,600-acre club and its members-only ski hill as part of his divorce settlement with Edra Blixseth. She took over the enterprise last August. The club’s financial woes are traced largely to its failure to repay a $375 million loan — much of which was later transferred into the Blixseths’ private accounts.
In court documents filed Monday, Tim Blixseth’s attorneys wrote that he has a “strong interest” in bidding on the Yellowstone Club if it is sold at auction.
The club is $400 million in debt. A Boston investment firm, CrossHarbor Capital, has offered to buy it for $100 million.