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Daily Real Estate News  |  January 30, 2009  |   Lehman Ex-CEO Sells Home to Wife for $100
The ex-CEO of Lehman Brothers Holdings Inc., which filed the largest corporate bankruptcy in history, has sold his Florida home to his wife for $100.

Richard S. Fuld Jr. and his wife Kathleen bought the home in Martin County. Fla., for $13.75 million in 2004.

Lawyers speculate that Fuld’s transfer of his share is a tactic to take advantage of Florida’s generous home-protection laws, which could prevent angry investors from taking the Fuld’s property in a lawsuit or bankruptcy proceedings. But they question whether Fuld could prove that Florida is his primary residence since he spends most of his time in New York.

Lawyers also suggest that Florida courts could deem the transfer fraudulent, voiding Kathleen Fuld’s purchase.

Source: The Wall Street Journal, Jamie Burns (01/26/09)

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