BILLINGS, Mont. – A Montana tax board says onetime billionaire and Yellowstone Club founder Tim Blixseth owes $57 million in back taxes, primarily on a $375 million loan that was meant for the luxury resort but was largely diverted for his personal use.
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Tuesday's announcement by the Department of Revenue caps a series of tax board rulings against the embattled real estate mogul over the past year.
Blixseth says he plans to appeal the decisions in state court.
Revenue officials say the Washington state resident misappropriated more than $270 million from a 2005 loan to the Yellowstone Club near Big Sky from banking firm Credit Suisse. The money was used to buy cars, luxury jets, jewelry and high-priced properties for Blixseth and his then-wife, Edra.
Creditors are separately seeking to collect on $241 million in civil fraud judgments against Blixseth.