Remember the Blixseths? The couple whose divorce caused the meltdown of the Yellowstone Club, their millionaires-only ski and golf development in Montana?
Well, things aren’t going so swimmingly for them in Palm Springs, either.
New West Development: If you’ve been following the Yellowstone Club bankruptcy, you’ve heard a fair amount of talk about a huge estate near Palm Springs called Porcupine Creek. Featuring a 30,000 square foot house and a private championship golf course, the residence belonged to Yellowstone Club founders Tim & Edra Blixseth, and went to Edra as part of the couple’s bitter divorce settlement.
But Edra, who also gained ownership of the Yellowstone Club only to see it fall into bankruptcy almost immediately, apparently doesn’t have much cash on hand: employees at Porcupine Creek haven’t been paid in many weeks, and this week were sent home, according to KESQ television in Palm Springs. You can check out the report, which features a brief cameo from yours truly, here (look under “top news videos”).
A $35 million loan against Porcupine Creek, extended to Edra Blixseth by Sam Byrne and CrossHarbour Capital (who are now funding the Yellowstone Club through the bankruptcy process), is currently in default, though no foreclosure proceedings have begun.
To read all of New West’s terrific coverage of the Yellowstone Club bankruptcy, click here>
The 240-acre Porcupine Creek isn’t too shabby, by the way.
Executive Golfer: Porcupine Creek in Rancho Mirage, California…was..originally planned to become a family retreat and remained that way. Its guarded gateway opens to a magnificent driveway, lined with palm trees and rock outcroppings, that leads you up the mountain to his private 6,724 yard golf course complete with a clubhouse and pro shop with awesome views of the desert..
Image via Executive Golfer
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