Lehman CEO Sells Mansion to Wife—for $100

But Fuld's attempt to evade creditors may not work
By Jason Farago,  Newser Staff
Posted Jan 26, 2009 6:44 AM CST
Lehman Brothers CEO Richard Fuld is heckled by protesters as he leaves Capitol Hill in Washington after testifying before a House committee.   (AP Photo/Susan Walsh/FILE)
camera-icon View 2 more images

(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.