Chapter 7 Causes Sale of 250-Acre California Estate
A massive California estate that comes with its own golf course is on the market after years of divorce and bankruptcy drama.
Porcupine Creek is a 250-acre private estate situated in Rancho Mirage, California, just between the Santa Rosa Mountains and Joshua Tree National Park. The city is a well-known retreat for celebrities and the mega-rich, and even by their high standards the property is breathtaking.
Christie’s Great Estates, which is handling the sale, says the main residence is 25,000 square feet. The grounds include a 9-hole golf-course ranked as the 13th best in the entire state. Then there’s the waterfall, full spa, gymnasium, pool and “multiple guest accommodations.” In the past, it has hosted groups of 500 for charity events.
The current property owner, Edra Blixseth, told the Desert Sun newspaper it “is a one-of-a-kind place on earth that was built with a lot of careful concern in the planning and with love.”
Blixseth, though, is being forced to say goodbye to the special place. Blixseth acquired Porcupine Creek in 2008 in the divorce settlement stemming from a high-profile divorce case. She was married to Tim Blixseth, who made billions in the timber industry. While married, the two were so rich they founded a millionaire’s club in Montana in the late 1990s.
But after the divorce, Edra hit rocky financial times. The Desert Sun reports Porcupine Ranch first came under financial distress in January of 2009. Later that year she tried to file a Chapter 11 to reorganize her debt and keep the property.
She listed around $350 million in debt, and a judge said her plan wouldn’t fly. He forced her to file Chapter 7 bankruptcy, and, as a result, she was forced to sell her house.
While Chapter 7 bankruptcy does include protections for a home, it can’t typically protect a $75 million home with a golf course attached.
The Desert Sun reports that though the estate’s last known phone number no longer works, Blixseth stayed there as late as last Friday.