Less than two months after the investment banking firm he led collapsed in the largest bankruptcy in U.S. history, Lehman Brothers CEO and Chairman for just one Benjamin Franklin bill, Florida real estate records reveal.
Richard Fuld transferred his $13.75 million ocean front estate in Jupiter Island, FL to his wife
This home in Jupiter Island, Florida was purchased by former Lehman Brothers CEO and Chairman...
This home in Jupiter Island, Florida was purchased by former Lehman Brothers CEO and Chairman Richard Fuld and his wife Kathleen in 2004 for $13.75 million. In November, less than two months after Lehman Brothers collapsed intro bankruptcy, Fuld transferred the home to his wife for $100.
(ABC News)The move is garnering attention for what might be Fuld's attempt to avoid creditors as he could face civil lawsuits in the future.
It sounds like Fuld is "trying to save as many assets as he can," said Palm Beach attorney Jeffrey Zane, who does not represent Fuld. The move, he added, is basically an interfamily transfer that was necessary because Fuld, as a non-resident of Florida, was not safeguarded by the state's homestead property laws that can protect a family home from creditors.
After failing to find a financial savior to save it from collapse - which was a partial consequence of its heavy involvement in sub-prime mortgage investments - Lehman Brothers filed for bankruptcy Sept. 15, 2008. more
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