Reality Check for the World's Rich

"Later on in life, the school district sold that school, and I bought it," he said in 2007. "I walked past that counter, where I'd get those lunches. And that was the 'yeah, baby!'"

Blixseth could once celebrate just about anywhere he felt like it: aboard one of his yachts, on one of his private jets, on his private island in the Caribbean, at his ski and golf spot in Montana, or at that place in the sun in Mexico.

A spokesman for Tim Blixseth told ABC News that since his 2007 interview with "20/20," "he turned over the exclusive Yellowstone Club resort to his ex-wife as part of their divorce Agreement. She promptly drove it into bankruptcy, and then also declared personal bankruptcy. Tim is hopeful that the bankruptcy judge sitting in Montana will agree...to bring in an unbiased trustee to liquidate her assets, so all her creditors start getting paid."

Blixseth has remained involved in a host of charitiesand is "grateful for all of life's blessings, especially now during the worst financial crisis in our lifetime, when so many Americans are struggling."

Edra's attorneys did not respond to requests for comment.

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