Wall Street Exec Sells Multi-Million Dollar Home For $10!

By: Diane Tuman, Zillow Content Manager | January 27, 2009

How’s this for a bargain: A home purchased on Hobe Sound, Florida, for $13,750,000 five years ago was recently sold for $10. Wow! What a lucky buyer! But, let’s attach some names and associations and then grab a timer to see how quickly your blood begins to boil. This home in the photo below (nice beach, eh?)…

… located at 265 S Beach Rd, Hobe Sound, FL 33455, belongs to the Fulds — namely, Richard S. Fuld Jr., the former chairman and chief executive of Lehman Brothers. Richard recently sold the home for $10. The buyer? His wife, Kathleen.

According to the NY Times:

…Mr. Fuld has been under intense scrutiny since Lehman declared bankruptcy in September. The longtime leader of the brokerage firm is at the center of a federal investigation into whether Lehman executives misled investors about the state of the company. And he was grilled by lawmakers at a Congressional hearing in October.

Ah, it all makes sense now. Putting “everything in the wife’s name” is an age-old trick to protect your assets in case creditors come calling. And, it looks like Fuld feels the heat.

Last week, we did a post on former Merrill Lynch CEO John Thain and his lavish $1.2 million spending on his office while cutting jobs. Now it looks like New York state’s attorney general Andrew Cuomo wants to talk to Thain.

Stumble it!
Categories: Celebrity Real Estate

Comments

6 Comments so far

Tony Sena on January 27, 2009 11:53 am

I don’t think my comment went through?

I read about this in the newspaper today and it stated that he deeded the property to his wife for the minimum amount allowed, $100.00?
Satish on January 27, 2009 12:38 pm

Is that allowed in CA ? I would love to sell the home to my wife for $100 and pay prop tax on $100.
PGQ on January 27, 2009 1:39 pm

I wonder if she’s willing to wait for him while he’s doing time? Wouldn’t it be fitting if she moves in some boy toy while he’s at Club Fed.
Toby on January 27, 2009 3:06 pm

Every which way you look at corporate America is corrupt, scandalous and only out to protect themselves while giving no thought to the affects of their actions.
DallasDirt » Blog Archive » Fuld’s Wife’s Florida “Bargain” on January 27, 2009 10:10 pm

[...] minds think alike, and Diane Tuman over at Zillow reacted the same way I did when we heard ofabout Dick Fuld’s alleged scheme to protect his Florida vacation pad. His $13 million dollar vacation pad. She’s [...]
Krishna Perkins on February 2, 2009 1:16 pm

Wow! All these scandals are making me sick. Our cabinet doesn’t pay taxes unless embarassed and Phelps is hitting the bong. What public figures can we count on any more?