DENVER—Real estate developer and Yellowstone Club founder Tim Blixseth is suing real estate consultant Cushman & Wakefield in Denver federal court.
The lawsuit, announced Thursday, accuses the company of working with Credit Suisse to overvalue properties at Montana’s exclusive Yellowstone Club.
It mirrors allegations included in a complaint filed by property owners at the club and other resorts in Boise federal court.
It claims Credit Suisse inflated property values and issued loans so large to developers that they could never be repaid in hopes of foreclosing on the properties as part of a so-called “loan to own” scheme.
Blixseth isn’t a plaintiff but he is trying to intervene. The Denver suit would give him a fall back case to pursue if he loses that bid.
Cushman & Wakefield declined to comment.
