Tour de France champion, Greg LeMond, David and Sacia Morris, and Jorge Jasson, each invested $2 million to purchase ~1% of the total Yellowstone Club real estate in its early days of the late 1990s.
In May 2005, Yellowstone Club owner, Tim Blixseth tried to buy their shares for a total of $13 million, offering them each $1.25 million in cash and one undeveloped lot at the resort, valued at about $2 million, but the plaintiffs said this figure was a fraction of the true value.
Last year, the parties reached a $38 million settlement, plus attorney's fees. Blixseth paid the first $4.5 million-per-share installment but on Jan. 31, 2008, he missed the other $5 million-per-share payment due date.
Lawyers for LeMond, just settled: the Yellowstone Club must compensate LeMond and the three other plaintiffs the total $20 million payment ($5 millon-per-share), plus interest, by April 15, 2008.
The total $38 million ruling, in essence, would give the four plaintiffs an ownership value of ~4% of the Yellowstone Club.
giving you the advantage...®
Taunya Fagan Bozeman Real Estate 406.579.9683 taunya.fagan@prumt.com
