Three States File Involuntary Bankruptcy Against Ex-Billionaire
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Three States File Involuntary Bankruptcy Against Ex-Billionaire


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Three states file involuntary bankruptcy petition against ex-billionaire

The co-founder of the now-bankrupt Yellowstone Club in Montana may be forced into bankruptcy by three states that claim he owes back taxes.

According to Bloomberg, Tim Blixseth is claimed to owe $2.3 million in back taxes in California, Montana and Idaho. The Yellowstone Club, which he co-founded in 2000 with his then-wife, was established as a ski resort for millionaires seeking vacation homes, and brought in $205 million for 72 properties in 2005.

That same year, however, Blixseth and his former wife took out cash for personal use from a $375 million Credit Suisse loan, and the club's finances deteriorated after that, culminating in its bankruptcy.

Blixseth acknowledges that he owes $1.3 million to Idaho and California, but dismisses the Montana claim as "bogus" and as a personal attack on him by the state's governor, the news provider reports.

According to The Associated Press, Blixseth's net worth was once calculated by Forbes to be $1.3 billion, but court documents reveal that it is now approximately $203 million.

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