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Housing prices are falling around the country, but this one sounds hard to believe: A seaside mansion on Jupiter Island in Florida, bought for more than $13 million five years ago, was just sold for $10. That’s right, 10 bucks. But in this case, the transaction is likely to raise eyebrows for reasons other than the price.
The seller, according to county records, was Richard S. Fuld Jr., the former chairman and chief executive of Lehman Brothers. The buyer was his wife, Kathleen. The motivation is unclear, but Mr. Fuld has been under intense scrutiny since Lehman declared bankruptcy in September…
The couple jointly bought the home in Hobe Sound, Fla., for $13.75 million in March 2004, and the sale to Mrs. Fuld on Nov. 10 was first reported by Cityfile.com. It is possible that he is now transferring properties because of his fears of investor lawsuits or a possible bankruptcy, lawyers in Florida said. “This is the oldest trick in the books” said Eric S. Ruff, a lawyer with Ruff & Cohen in Gainesville, Fla. “It’s common when you hear the feet of your creditors approaching to divest yourself.”
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Percentage of non-Christian Americans who say they believe in the resurrection of Christ:
A newly translated Coptic text alleged Judas’ kiss to have been necessitated by Jesus’ ability to shape-shift.
Russia reportedly dropped a series of math texts from a list of recommended curricular books because its illustrations featured too many non-Russian characters. “Gnomes, Snow White,” said a Russian education expert, “these are representatives of a foreign-language culture.”
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Science’s crisis of faith