While Florida real estate prices have sloped downwards lately, one particular markdown in November went beyond them all - and the person who sold it raised more than a few eyebrows.
Former Lehman Brothers Chief Executive Richard Fuld sold his mansion in Hobe Sound - worth US$13.3m (A$20m) - to his wife for just $100, according to media reports that first surfaced on Cityfile.com The couple bought the coastal property jointly in 2004, according to reports.
Fuld, 62, is possibly facing civil lawsuits relating to his role leading the investment bank until its recent collapse into Chapter 11 proceedings last September. Lehman executives have faced accusations that they misled investors about the state of the company.
According to the New York Times, some legal experts believe the massive markdown on the 3.3-acre home could be a move to transfer assets away from Fuld because he fears investor lawsuits or a bankruptcy.
Fuld was awarded US$22m (A$33m) in fiscal 2007, but did not take any bonus or severance when he left at the end of last year.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out