The billionaire who created the “Beanie Baby” craze, and owns two Santa Barbara County resorts will pay more than $53 million dollars in penalties in a plea deal with prosecutors for an international tax evasion case.
Federal prosecutors alleged that Ty Warner hid more than $90 million dollars from his accountant, and the IRS is a Swiss bank account.
The prosecutors say the issue dates back to 2002, when Warner failed to pay more than $800,000 in taxes for more than $3 million dollars in income stemming from the secret Swiss account.
Warner’s attorney says the 69 year old man accepts responsibility, and will enter a guilty plea to a tax evasion charge.
Warner owns the Four Seasons Biltmore, and San Ysidro Ranch resorts in Montecito, as well as the Montecito County Club, and two other local golf courses.
Forbes magazine has listed him as one of the world’s wealthiest people, with an estimated net worth of about $2.6 billion dollars.