Montana tax board rules onetime billionaire, resort founder owes $57 million in back taxes

IndustriesAssociated Press

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.

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.

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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.