The Real Deal New York

Transferring assets to wife comes to haunt Harry Macklowe amid divorce

Most of couple’s $2B wealth under Linda Macklowe’s name: report
April 07, 2017 09:20AM

Linda and Harry Macklowe

Back in 2008 Harry Macklowe reportedly transferred much of personal wealth to his wife Linda to protect it from creditors. That may come to haunt him now that the two are divorcing.

“Despite his comment that he’d pay his wife a billion dollars to go away, he doesn’t have a billion dollars to give her,” a source familiar with the couple told the New York Post. “Linda has all the money. Everything valuable is in her name.”

Linda Macklowe filed for divorce in July after over 57 years of marriage. Earlier this week week Harry announced that he plans to marry his French girlfriend Patricia Landeau as soon as the divorce is finalized. He also offered Linda half his wealth, or around $1 billion, to settle the divorce.

But according to the Post, the money isn’t his to offer and Linda may not be inclined to give in. “He has humiliated Linda publicly. Why would she settle this divorce easily so he would be free to marry his mistress?” the source said.

Family drama aside, 79-year-old Harry is one of the city’s most active developers. He is currently seeking a $850 million construction loan to convert the office tower One Wall Street into condos.  [NYP]Konrad Putzier

(To see a selection of properties developed by Macklowe Properties, click here)