healthsouth

Sotheby's To Sell Off Scrushy Jewels

Filed under: Jewelry, Crimes and Misdemeanors

Last time we heard about former HealthSouth CEO Richard Scrushy he was losing one of his several homes in Alabama. But the Scrushy sell off continues. The Birmingham News reports that Sotheby's will auction off nine pieces of jewelry that once belonged to Leslie Scrushy, Richard Scrushy's wife. The pieces will be sold at Sotheby's New York on December 9, 2010. Richard Scrushy was found liable in civil court for an accounting fraud and ordered to pay $3.2 billion. Past sales of his cars, yachts and other belongings have raised money to help satisfy that debt.

Around 50 pieces of jewelry belonging to Mrs. Scrushy were liquidated as part of the settlement. Levy's Fine Jewelry has been handling the collection and contracted with Sotheby's to auction the nine best pieces including a 20-carat diamond ring valued at up to $700,000. The sale also include a platinum and diamond bracelet with a total of nearly 49 carats in diamonds valued at $150,000 to $200,000; a platinum, diamond and ruby ring made by Oscar Heyman & Brothers with a more than seven-carat marquis cut diamond; and three-carat diamond and pearl earrings made by Oscar Heyman & Brothers valued at $50,000 to $75,000 for the pair.

Tags: Healthsouth, Richard Scrushy, sothebys

Richard Scrushy's Home Sold On Courthouse Steps

by Deidre Woollard (RSS feed) —

Filed under: Crimes and Misdemeanors

Back in October I wrote about the sell-off of the belongings of former HealthSouth CEO Richard Scrushy and now his Vestavia, Alabama home has been auctioned off for the appraised value of $4.25 million. Scrushy has been ordered to pay nearly $2.9 billion to shareholders and his belongings are being divvied up in order to begin to help satisfy that ruling. Just how much money Scrushy has isn't clear but lawyers have been rounding up his many belongings and fighting Scrushy's legal team every step of the way.

HealthSouth shareholders had filed a lawsuit claiming Scrushy was involved in years of overstating the company's earnings and assets so that it looked like the company was meeting the Wall Street forecasts. He was acquitted in a federal criminal case over related charges and testified in the state civil case that he knew nothing about any fraud but is currently serving a sentence for a 2006 conviction in a separate state government bribery case. Scrushy's many belongings included a yacht, several homes and 19 cars which were sold at auction for a total of $850,000.

According to CBS 42, Scrushy's home was bought on behalf of HealthSouth shareholders by Wade Tucker, the original plaintiff from a 2002 lawsuit against Scrushy. There were no other bids on the home. The plan is to eventually sell the house to the public. It will get a makeover by being used as the Decorator's ShowHouse fundraiser for the Alabama Symphony Orchestra. First they have to remove the remaining disputed belongings still claimed by Leslie Scrushy. The 18,000 square foot house, if it went up for sale on the open market, would be one of the most expensive homes in the area.

Source

Tags: alabama, healthsouth, richard scrushy, RichardScrushy

The Battle To Sell Off Richard Scrushy's Many Toys

by Deidre Woollard (RSS feed) —

Filed under: Wealth, Crimes and Misdemeanors

Earlier this year former HealthSouth CEO Richard Scrushy was ordered to pay nearly $2.9 billion to shareholders, now his belongings are being divvied up in order to begin to help satisfy that ruling. As we've seen in the Madoff case, tracking down a rich man's holdings isn't always easy. Just how much money Scrushy has isn't clear but lawyers have been rounding up his many belongings and fighting Scrushy's legal team every step of the way.

HealthSouth shareholders had filed a lawsuit claiming Scrushy was involved in years of overstating the company's earnings and assets so that it looked like the company was meeting the Wall Street forecasts. He was acquitted in a federal criminal case over related charges and testified in the state civil case that he knew nothing about any fraud but is currently serving a sentence for a 2006 conviction in a separate state government bribery case. The Scrushy saga was also featured in the CNBC show American Greed.

One item up for potential sale is the 92-foot yacht, Chez Soiree. The yacht, which is currently anchored in North Palm Beach, Florida, is supposed to be up for sale this weekend. Scrushy has said he doesn't own the yacht but a Cayman Islands-based firm bearing his middle name, Marin Ltd., does. The Birmingham News says that the Tallapoosa County Sheriff's Department has a November 9 auction date planned for Scrushy's $5 million Lake Martin, Alabama home and all of the contents of it and a hangar on the property, a hoard of hundreds of items including a cigarette boat and jet skis. The Birmingham News has PDFs of the list of belongings up for sale complete with black and white shots of wicker chairs, television sets and bad art. Neighbors had referred to the 14,000 square foot home as "the world's largest La Quinta Inn"

Scrushy's cars, 19 seized vehicles in total, were sold at auction last month. The cars includes a Bentley Azure, a Rolls Royce Corniche, a Hummer and a Porsche 911 and brought in more than $850,000 total. Scrushy's team of lawyers had also tried to delay that sale.

Tags: chez soiree, ChezSoiree, healthsouth, lake martin, LakeMartin, richard scrushy, RichardScrushy