Billionaire Blixseth Misses $20 Million Payment to LeMond Group

March 12, 2008 9:53 am

Tim Blixseth, the billionaire developer of the Yellowstone Club, a private ski resort in the Montana Rockies that has counted Bill Gates and golfer Annika Sorenstam as members, is short of cash, again.Blixseth made his first fortune in timberland, then declared bankruptcy in 1986 when lumber prices fell. He made a second fortune as values rebounded and built the Yellowstone Club.

Now, court documents show Blixseth is late with a payment of $20 million that he owes to Tour de France winner Greg LeMond and three other Yellowstone investors to settle a lawsuit over their stakes in the resort, where empty lots start at about $2 million. He agreed to pay a total

read the rest published by Bloomberg here:

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aqYoXSWaLx_M

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Billionaire Blixseth Misses $20 Million Payment to LeMond Group

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