Filed in divorce news: Edra Blixseth probed by IRS and FBI for tax and loan transactions stemming from her divorce from Tim Blixseth
She was once a billionaire, who, along with her ex husband, cavorted with American Presidents, movie stars and millionaires. Now, news sources report that Edra Blixseth is just a bankrupt divorcée who is getting probed by both the FBI and the IRS for financial transactions that relate back to her divorce from ex husband and former billionaire, Tim Blixseth.
Edra received a Montana country club for millionaires called Yellowstone in her divorce settlement from Tim back in 2008. Since then, she’s been fetlock deep in financial trouble trying to hold on to the club. Eventually she filed for Chapter 11 bankruptcy protection and the club was bought by third party investors – Cross Harbor Capital Partners. Still, Edra has been under a cloud of suspicion for certain transactions stemming from that post-divorce time frame and the latest is a massive tax lien the IRS is fixing to level against her.
Says the Associated Press:
BILLINGS, Mont. (AP) — The Internal Revenue Service on Friday filed a $15.4 million claim against Yellowstone Club co-founder Edra Blixseth for unpaid income taxes during the two years leading to the exclusive Montana resort’s bankruptcy. The claim was filed in Blixseth’s personal bankruptcy case in Montana.
Blixseth, who lives in Rancho Mirage, Calif., ran the club south of Big Sky for much of the last decade with then-husband Tim Blixseth. The millionaires-only ski and golf resort counts Microsoft Corp. co-founder Bill Gates and former Vice President Dan Quayle among its members.
Edra Blixseth took full control of the club after her 2008 divorce – just months before it fell more than $400 million into debt. She filed for personal bankruptcy in March 2009, and many of her assets have since been liquidated under court order.
As far as the FBI probe, the AP says this:
The FBI has been investigating Edra Blixseth’s financial activities, but so far no charges have been filed. The probe has focused at least in part on a series of loans she took out in the months surrounding the club’s bankruptcy filing, according to court documents and attorneys familiar with the case. When taking out those loans, Edra Blixsethlisted assets far more than what she later turned out to have. However, the federal judge overseeing her bankruptcy and that of the club has said she was deceived by Tim Blixseth during their divorce and was unaware of the extent of the club’s troubles.
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