Lehman's Fuld sold Florida mansion to wife for $100

DainBramaged

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Sun Jan-25-09 11:32 PM
Original message

Lehman's Fuld sold Florida mansion to wife for $100

Fallen Lehman Brothers Chief Executive Richard Fuld sold his $13.3 million mansion to his wife for just $100 last November, according to Florida real estate records.

The 62-year old executive, who could face civil lawsuits after overseeing the storied investment bank's collapse into Chapter 11 proceedings last September, transferred ownership of the 3.3 acres seaside home to Kathleen Fuld on November 10, records show.

The couple had jointly bought the home for $13.75 million in March 2004, as first reported by Cityfile.com.

http://www.reuters.com/article/topNews/idUSTRE50P04A20090126?feedType=RSS&feedName=topNews

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lapfog_1

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Sun Jan-25-09 11:34 PM
Response to Original message

1. The oldest trick in the book, trying to protect assets from

criminal or civil liability. Won't work.

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MADem

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Sun Jan-25-09 11:37 PM
Response to Reply #1

4. I dunno. FL is one of those places where they don't take your house.

It's why OJ lives there.

I think the guy was trying to get himself well removed from that asset with that stunt.

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flvegan

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Sun Jan-25-09 11:38 PM
Response to Reply #4

5. They do if it's not your homestead. In this case, it's not his per the tax records.

I checked.

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MADem

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Mon Jan-26-09 12:03 AM
Response to Reply #5

7. No wonder he dumped it on his wife.

She's probably already done the "married, filing separately" routine. I'll bet SHE's a Floridian now!

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lapfog_1

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Sun Jan-25-09 11:53 PM
Response to Reply #4

6. Yeah, I thought of that immediately, and then figured

that based on his drivers license, voting registration and tax records, he couldn't claim his Florida house as his "primary residence".

Ahh, I see another poster jumped on with this explanation as well...

Don't know the facts precisely, but I suspect that's the case.

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Kittycat

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Sun Jan-25-09 11:34 PM
Response to Original message

2. Criminal.

He should be treated like Madoff, and have the house returned to the government.

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Incitatus

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Sun Jan-25-09 11:35 PM
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3. Couldn't he just legallly divorce her and give her 50% of everything?

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provis99

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Mon Jan-26-09 01:21 AM
Response to Original message

8. bad move on his part

He'll go to jail for that.

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