Richard Fuld's $100 House
The former CEO of Lehman Brothers, Richard Fuld is back in the news. Back in November, right around the time that Fuld and his wife Kathy were selling off a bit off their art collection at Christie's (a collection of 16 drawings brought in $13.5 million), Fuld put his Jupiter Island mansion into his wife's name. Cityfile has the records which show that the house was transferred for just $100. The home is on 3.3 acres and is worth $13.3 million. Jupiter Island is home to a variety of big spenders and celebrities including Tiger Woods and Celine Dion.
The move is seen as another way that Fuld was protecting his assets. According to a law professor quoted in Bloomberg's article on the sale, Florida has strong homestead protection and so if Kathy Fuld uses the Florida home as her principal residence it could be protected from creditors if his assets get seized. Richard Fuld earned $34.4 million in 2007 and stepped down as CEO of Lehman Brothers at the end of last year. The company filed the biggest U.S. bankruptcy with $613 billion in debt.