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The Turks and Caicos Islands has won a $9.29 million judgment against a former U.S. billionaire and timber magnate who founded an ultra-exclusive resort in the Montana Rockies, officials announced Wednesday.
The British Caribbean territory’s Supreme Court ruled that Tim Blixseth, founder of the Yellowstone Club, helped conceal the true value of his Turks and Caicos retreat called Emerald Cay and underpaid a stamp duty tax on the acquisition deal.
Attorney General Huw Shepheard said the judgment against Blixseth, Emerald Cay Ltd. and Worldwide Commercial Properties Ltd. replaces an interim award of $1.25 million because of stiffer penalties.
“We are delighted to have obtained this judgment, which underlines the commitment the government has to ensuring stamp duty is paid, and to pursue those who do avoid stamp duty,” said Shepheard.
Blixseth’s Boston lawyer, Michael Flynn, said the defense team was not sure about the possibilities of pursuing an appeal, but he contended that the seller, Gary di Silvestre, was at fault.
Read more at the Washington Examiner: http://washingtonexaminer.com/news/world/2012/02/tc-wins-judgment-against-former-us-billionaire/2160076#ixzz1lFp8UPn1