Black May Lose Wealth Along With Freedom
Prosecutors trying to grab 100M in assets from former tycoon
By Evelyn Renold,  Newser User
Posted Jul 15, 2007 12:07 PM CDT
Media tycoon Conrad Black (L) and his wife Barbara Amiel Black...   (Getty Images)
camera-icon View 1 more image

(Newser) – Convicted of fraud and obstruction of justice, media mogul Conrad Black now stands to lose his vast fortune, the Guardian reports. Although Black was cleared of the most serious charge against him--racketeering--the fraud conviction allows a raid on his assets. The prosecution is specifically targeting his Palm Beach, Fla. mansion, now on the market, and proceeds from the sale of his Manhattan apartment.

The Florida manse, valued at about 35M, has an indoor movie theater, and a private tunnel to the beach; neighbors include Rod Stewart and Donald Trump. Black remains free on bail and is planning an appeal, though US attorney Patrick Fitzgerald has said  he expects Black to serve anywhere from 15 to 20 years in jail.