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Billings, Montana – A sprawling estate in Billings, Montana, once built with funds obtained through a complex fraud scheme, has re-entered the real estate market with an asking price of $26.9 million. The property, dubbed “The Montana Chateau” by its current listing agent, boasts over 30,000 square feet of living space and a host of luxury amenities, but its history is deeply intertwined with financial crime and deception within the coal industry.
The mansion’s origins trace back to Larry Wayne Price Jr., a former vice president at Signal Peak Energy coal mine. Price systematically defrauded his employer and private investors, diverting approximately $20 million between 2016 and 2018 for personal use, according to federal court documents filed in U.S. District Court for the District of Montana. The scheme involved soliciting funds for equipment purchases that never materialized, ultimately funding the construction of the opulent residence.
From Coal Executive to Convicted Fraudster
Price pleaded guilty in December 2018 to three counts of wire fraud, conspiracy to commit money laundering, and making false official statements, ultimately receiving a five-year prison sentence, as reported by the Department of Justice here. His fraudulent activities weren’t limited to financial deception; Price also attempted to stage his own kidnapping in an effort to evade investors he had swindled. This audacious attempt to cover his tracks further highlighted the extent of his criminal behavior.
The case drew attention to broader issues within Signal Peak Energy, with reports of other questionable practices. A 2022 commentary in the Daily Montanan detailed allegations of bribery related to a workplace injury, where a worker’s finger was amputated and superiors allegedly offered a cash payment to prevent reporting the incident. These incidents, alongside Price’s fraud, paint a picture of a company grappling with a culture of misconduct.
A History of Scandal and a New Listing
The megamansion, initially built under a cloud of suspicion, has had a tumultuous journey since its construction. Wyoming residents initially purchased the property and completed construction before listing it for sale. Now, a couple from Meeteetse, Wyoming, are the current owners, hoping to find a buyer willing to take on the property’s unique history and substantial price tag. Realtor Gregg ONeil is attempting to rebrand the estate as “The Montana Chateau,” distancing it from its scandal-ridden past, as noted by Cowboy State Daily.
The property itself is undeniably impressive, featuring 10 bedrooms, 19 bathrooms, an indoor shooting range, a movie theater, and a bowling alley. However, potential buyers will be acquiring more than just luxurious amenities; they will be inheriting a property inextricably linked to a significant financial crime. The story of the mansion serves as a stark reminder of the potential for fraud and the consequences of unchecked corporate misconduct.
The Signal Peak Energy coal mine, located in the Bull Mountains north of Billings, has been the subject of scrutiny for years, as reported by the New York Times in a 2023 article here. The mine’s operations have faced challenges related to environmental damage and labor practices, adding another layer of complexity to the narrative surrounding the mansion.
As “The Montana Chateau” returns to the market, it remains to be seen whether a buyer will be willing to overlook its controversial past. The case highlights the lasting impact of white-collar crime and the challenges of separating a property from its history. The future of the estate, and the legacy of Larry Price Jr.’s fraud, will continue to unfold as the property awaits its next owner.
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