The Wall Street Journal published an in-depth look today (subscription required) into the unconventional divorce settlement of Tim Blixseth, the billionaire founder of the Yellowstone Club. Senior writer Robert Frank interviewed Blixseth and his soon-to-be ex-wife Edra separately and compiled a list of the assets the couple divvied up after 25 years of marriage.

With an estimated $2 billion in combined net worth, Tim and Edra opted to avoid the attorneys and split up their community property over a friendly bottle of wine. (Tim Blixseth’s dispute with Greg LeMond was not nearly as amicable.)

Frank reports the couple will share their three private jets (a G550, a G4, and a G2b), but each gets a Rolls Royce Phantom. Edra keeps “Porcupine Creek,” their 420-acre estate worth more than $200 million. Tim retains control of the famous Yellowstone Club and presumably the new Yellowstone Club World, as well. Helium Report featured the exclusive destination club ($3 million buy-in) when it was announced last year. Since then, two other billionaires have entered the market: J. Joe Ricketts with Ciel and Ray L. Hunt by way of his Hunt Realty Corporation’s investment in BelleHavens.

More on Bellehavens and other destination clubs can be found in our free Decision Guide .

For more stories about the lives of billionaires, check out Journal columnist Robert Frank’s new blog, The Wealth Report. He just posted his predictions for 2007 on philanthropy, inflation and taxes. Frank’s book about “Richistan” will be published later this summer.