Edra Blixseth has officially taken over 50 percent ownership of the elite Yellowstone Club from her estranged husband, billionaire timber baron Tim Blixseth, Forbes reports.
It’s the result of a messy divorce settlement struck in early July that was delayed.
One week turned into five, as the deal to give Edra ownership of the Yellowstone Club took longer than expected. It finally closed on Wednesday this week. “The money market took a big hiccup, and that delayed me getting the financing,” Edra explains. “It wasn’t Tim’s fault. A lot of people thought that.”
The transfer of Yellowstone Club ownership also involved settling for $39 million a lawsuit brought by three-time Tour de France champion Greg LeMond against Tim Blixseth. The New York Times has more on that.
Among other things, Mr. LeMond’s lawyers contended that Mr. Blixseth had withheld financial information and tried to buy Mr. LeMond and some other investors out of their share of the club for less than it was worth.
They also contended that Mr. Blixseth had diverted more than $420 million of company money into personal bank accounts and unrelated companies, using it to finance a lavish lifestyle, including a 20-seat Gulfstream corporate jet for $44 million, a Hawker 600 jet, two Rolls-Royce Phantoms and three Land Rovers.
The divorce is still not yet final, but Edra says she expects it to become final in a few days, once all the needed papers are signed and filed.