Greg LeMond and family put a lien on a development compound to secure a $20 million debt
Three-time Tour de France winner Greg LeMond and his family and partners have a lien on part of a Montana real estate development that owes the group $20 million from a court settlement.
LeMond, his wife and parents-in-law and a friend had invested in the Yellowstone Mountain Club, a private golf and ski community in Big Sky. In 2006 they sued the developer, Tim Blixseth, charging that he had tried to buy out their shares at less than their value.
According to court documents, the two sides settled last year and the developer paid the group $18 million last fall but failed to pay another $20 million due on Jan. 31st.
On Thursday LeMond was in court again. The judge agreed to use the development’s compound buildings as security and the developer agreed to pay the $20 million, plus interest, by April 15th.
“My clients just want to see their money,” LeMond’s attorney, Chris Madel of Minneapolis, told VeloNews.com.
The developer’s lawyer, Stephen Brown of Missoula, declined to comment, saying the settlement was confidential.