Rancho Mirage: At 27% Off, Is Yellowstone Club Founders' Estate a Bargain?

Life just isn't what it once was for Tim and Edra Blixseth. The couple, now divorced, founded one of the most elite private ski clubs in the world, the Yellowstone Club near Big Sky, Mont.

Now the lavish home in the California desert where they once lived, Porcupine Creek in Rancho Mirage, is on the market for $55 million. That's 27 percent less than its original asking price of $75 million back in February.

The home is now in the hands of the former Mrs. Blixseth, but not for long. She filed for Chapter 11 protection last year and has debts of $500 million to $1 billion. The 30,000-square-foot estate (the main residence is a mere 18,430 square feet) has a 240-acre private golf course, clubhouse, a pool guarded by bronze lions, automated fountains, a 1,700-foot-long driveway, a beauty parlor, wet room, massage room, hand-painted ceiling murals, a prayer room, a commercial kitchen, and a children's wing (with bedrooms, a playroom and a nanny's room). There also are eight, two-bedroom guesthouses, a resort-style pool, a spa and a gym.

Porcupine Creek is being sold to satisfy the creditors of the Yellowstone Club and its holding company. Laugh if you want, but you can't say the Blixseths didn't have vision.