Montecito property owner and billionaire Ty Warner, who created Beanie Babies,has pleaded guilty to a tax evasion charge that could send him to prison for years.
Warner broke down crying in court and apologized as he entered his plea on Wednesday. He appeared before a federal judge in Chicago.
He said he knew he had much to be thankful for, mentioning his successful stuffed-toys company,
He added, "There's no excuse for my actions."
Judge Charles Kocoras ordered Warner back to court for sentencing on Jan. 15, 2014.
The 69-year-old admitted he failed to pay taxes after hiding an estimated $25 million in an overseas Swiss account.
Tax evasion carries a maximum five-year prison term. Warner will also have to pay penalties of $53 million.
Warner owns a Montecito mansion, the Four Seasons Biltmore Hotel, the San Ysidro Ranch and the Montecito Country Club.
He is one of the wealthiest businessmen in America with estimated fortune of $2.6 billion.