PHILADELPHIA: Edra Blixseth on how to throw the mother of all divorce yard sales

She is a former billionaire, as is her ex husband, but now Edra Blixeth is just bankrupt and she is auctioning off a blizzard of stuff this weekend. Says Reuters:

 PENNIES ON THE DOLLAR
Carved doors from an Italian consulate, 15-foot (4.5-meter) rosewood sideboards and 10-foot (3-meter) elk statues, much of it sized perfectly for a Hollywood sound-stage.
“Opulent. Over the top. Outrageous,” said Jeff Kamal, a Kamelot Auctions partner in describing the collection.
Kamal and his partner Joe Holahan said they expect interest from boutique hotels and restaurants.
The lots will be sold without a reserve price, and many will fetch pennies on the dollar compared to what Edra Blixseth paid, according to the auctioneers.
“We’re not in the storage business,” said Holahan. “The bank doesn’t want it back.”
They estimate a marble bust of a woman’s head that Blixseth purchased for $32,000 will sell for less than $2,000.
“That’s not one of her better buys,” said Kamal.

Edra and her ex husband Tim Blixeth had aspirations of grandeur in their golden days. They wanted to build the biggest private home in the world in Montana, and had already developed Yellowstone Club – a private club for millionaires that drew the likes of Bill Gates, the world’s richest man.
But then, they had a bitter, protracted divorce, which, ironically, started out amicably and that was their undoing. At the end of the day, Edra thought she’d made out like a bandit when the courts awarded her Yellowstone. She allegedly threw a divorce party and had her guests, according to Reuters, “whack a pinata in the shape of her ex-husband, according to testimony from Tim Blixseth.”
But just three months later, she wasn’t laughing anymore. She was deep in financial maelstrom. Even her home in California was under siege from creditors and she sought bankruptcy protection. Says Reuters:

After just three months under her control, the resort filed for bankruptcy and Edra Blixseth sought court protection from creditors soon after.
In addition, a bank foreclosed on Monarch Designs, the business she used to decorate the club as well as her homes, including her Porcupine Creek estate in Rancho Mirage, California, with its 32,000 square feet (3,000 sq meters) of living quarters.
The bank began selling Monarch’s inventory in a manner Edra Blixseth has described as “yard sales” in court papers.
The finest pieces were sold by Red Baron Auctions, which sold 11 tractor trailers of antique furniture two weeks ago.

Wow. I guess the lesson is, don’t waste your time envying billionaires and other rich folks. Most of the time, their wealth is just a smoky illusion.
Well. But at least she landed on her feet as far as picking up a hottie. She’s allegedly dating former soap star Jack Scalia.
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