Federal appeals court orders release of jailed real estate mogul whose creditors seek $241M

A federal appeals court ordered the release of a real estate mogul who's been jailed in Montana since he was found in contempt of court for his sale of a Mexico resort.

The Wednesday ruling comes after Yellowstone Club founder Tim Blixseth was jailed last week for not giving U.S. District Judge Sam Haddon a full accounting of a 2011 hotel property sale for $13.8 million.

Attorney Philip Stillman says Blixseth was "elated" and hoped to be home in Washington state by Wednesday afternoon.

A two-judge panel of the 9th Circuit said that Haddon's incarnation order will be put on hold for 30 days while the judge gives more specific instructions to Blixseth on how he can comply with his earlier order.

Creditors are trying to collect on $241 million in judgments stemming from the Yellowstone Club's bankruptcy.