3
Lehman CEO Sells Mansion to Wife—for $100
But Fuld's attempt to evade creditors may not work
By Jason Farago
|
Posted Jan 26, 09 6:44 AM CST
|
Share
(Newser)
–
The housing market is weak, but the $13 million mansion of fallen Lehman CEO Richard Fuld on the Florida coast fetched just $100 last November, reports Reuters. So who forked over the C-note for the seaside property? Fuld's wife Kathleen, famous for carrying her Hermès purchases in generic shopping bags. "This is the oldest trick in the books," said one Florida lawyer, who thinks Fuld is divesting his assets in case he faces civil suits for his role in Lehman's collapse.
Others speculate that Fuld may be preparing to declare bankruptcy. But if creditors do come knocking, a court may yet find that the token price constitutes "fraudulent conveyance"—and the house, in his name or hers, would be fair game.