BILLINGS, Mont. – Montana revenue officials say one-time billionaire and Yellowstone Club founder Tim Blixseth owes almost $74 million in back taxes, penalties and interest, primarily on a $375 million loan to the luxury resort near Big Sky that he diverted for personal use.
Department of Revenue officials announced Tuesday that a tax board had sided against the real estate mogul in a series of recent rulings after Blixseth challenged the state’s tax claims.
Blixseth says he will appeal the tax board decisions in state court.
Revenue officials say the Washington state resident misappropriated more than $270 million from a 2005 Credit Suisse loan to buy cars, jets and high-priced properties.
He was originally assessed $56 million in back taxes. The amount owed has increased to $73.8 million as interest continues accumulating.