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The Wall Street Journal reports that Porcupine Creek, a private estate near Palm Springs, Calif., that includes a 19-hole, 248-acre golf course, has reduced its sale price to $55 million.
The property was developed by the founders of Yellowstone Club in Big Sky, Mont., Tim and Edra Blixseth, who are now divorced. Porcupine Creek was originally put on the market in February of this year; its original asking price has been reduced 27%.
The property in Rancho Mirage has been owned by Ms. Blixseth, who took control of the estate and Yellowstone Club as part of her 2008 divorce settlement with Mr. Blixseth. It's being sold for creditors of Yellowstone Club and its holding company.
Over the last six months, Montage Hotel and Resorts has restored Porcupine Creek's golf course, including upgrading its irrigation system and water features.
According to the Wall Street Journal report (http://online.wsj.com/article/SB10001424052748703453804575479753476131356.html), the Mediterranean-style main home has 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 are eight two-bedroom guest houses, a resort-style pool, spa and gym. Jeff Hyland of Hilton & Hyland and Tyler Morgan of Pacific Union Palm Springs, both Christie's Great Estates affiliates, share the listing.
The sale of Porcupine Creek is subject to bankruptcy-court approval in Montana.