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Tim Blixseth Net Worth, Biography & Wiki 2017
Timothy Lee Blixseth was born on 27 April 1950, in Roseburg, Oregon USA, and is a record producer, songwriter, and real estate developer, but possibly best known for being the co-founder of the Yellowstone Club. He was once one of the richest people in the country until it was discovered that he was involved in fraud and other financial irregularities. So, all of his endeavors have resulted in the position of his net worth today.
How rich is Tim Blixseth? As of mid-2017, sources estimate a net worth that is at minus $250 million, mostly due to high income taxes, and penalties imposed for findings of fraud; unsurprisingly, his wealth including assets have always been the subject of controversy. It is unlikely that his net worth will increase anytime in the near future, as a consequence of his current criminal activities and resulting financial problems.
Tim Blixseth Net Worth $250 million
Tim attended Roseburg High School and matriculated in 1968. Afterwards, he began working in a saw mill, and would later see business opportunities in the timber industry through land swap deals and federal timber contracts. This would lead him to create the Blixseth Group, which first focused on the timber industry. However, he had troubles while developing his business and first encountered bankruptcy in 1981. Five years later, he decided to rebuild the timber business and he created Crown Pacific, LTD, and within a year, the company would be highly successful and increase Tim’s net worth to a high point. After some failures with some of his other companies, he decided to sell his interests in Crown Pacific in 1992, and eventually three years later, he would sell a big portion of land to the US Forest Service for $16.4 million.
Thanks to the money, Blixseth then decided to enter the real estate industry, developing 15,000 acres of real estate in Montana. In the next 10 years, the real estate development would increase significantly, reportedly earning around $200 million which further skyrocketed Blixseth’s net worth. The development had high profile backers including Bill Gates, Dan Quayle and Mary Hart. Cyclist Greg LeMond would also invest in properties, but would soon sue Blixseth after reports that he took a good portion of a Credit Suisse loan and pocketed it.
During the development of his other businesses, Tim also tried his hand at producing software, trying to develop a program that could identify hidden messages from terrorists. Later, it was discovered that the technology was a hoax and deals were cancelled; the software was reportedly responsible for false terror alerts in several international flights in 2005. Tim and his family were investigated by the government due to these issues.
Blixseth’s wealth has been the subject of controversies and various litigations. He claims that all of these were just conspiracies against him, but they all started to pile up. He was charged with fraud by numerous creditors after they claimed that they were owed $286 million. He also had numerous bankruptcy cases from failed business endeavors, and was reported to owe taxes in several states. The biggest blow came when the Yellowstone Club declared bankruptcy, which led to issues surfacing with how he handled the money from his real estate developments. He continues to fight these litigations, and has spent time in jail for contempt of court for failing to disclose information about his assets; legal proceedings continue, but he is currently out of jail.
For his personal life, details about his first marriage aren’t available, but it is known that Tim’s second marriage was to Desiree Langlois and they had two children but the marriage ended in divorce in 1981. He then married Edra Denise Crocker in 1983, and they remained married until 2008. Edra also had two children from a previous marriage. After his divorce, he married Jessica Ferguson Kircher. Tim’s divorce with Edra was first settled without attorneys, however, he was later sued after it was discovered that the assets that were given to her were debt encumbered.
This forced her and the Yellowstone Club into bankruptcy.