Transferring assets to wife comes to haunt Harry Macklowe amid divorce

Most of couple’s $2B wealth under Linda Macklowe’s name: report

New York /
Apr.April 07, 2017 09:20 AM

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)


Related Articles

arrow_forward_ios
Clare Newman with Governors Island (Credit: Governors Island, Getty Images)

Governors Island redevelopment opposed as excessive

Governors Island redevelopment opposed as excessive
Blackstone's Ken Caplan (iStock; Blackstone)

Industrial now 36% of Blackstone’s RE portfolio

Industrial now 36% of Blackstone’s RE portfolio
Almanac Realty Investors managing director Matthew Kaplan (Almanac Realty; iStock)

Workforce housing investor gets $320M boost

Workforce housing investor gets $320M boost
Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building

Corcoran to sublet 50K sf in IBM Building
 Robert Morse, executive chairman of Bridge Investment Group, one of the major Opportunity Zone investors focusing on real estate.  (Bridge, Stanford)

Opportunity Zone investments got a boost in 2020

Opportunity Zone investments got a boost in 2020
333 Johnson Avenue with Royalton Capital’s Jin Lee, Sciame Construction's Frank Sciame and Normandy Real Estate Partners' Finn Wentworth (Royalton Capital, Sciame, Normandy)

Normandy sued by former partners for hiding Netflix deal

Normandy sued by former partners for hiding Netflix deal
Fabric co-founder, CEO Elram Goren (Getty, Elram Goren via LinkedIn)

Startup wants to bring “micro-warehouses” to vacant retail

Startup wants to bring “micro-warehouses” to vacant retail
Security around Trump Tower to be reduced after 45th POTUS leaves office. (Getty, The Trump Organization)

Fifth Avenue will look different after Trump leaves office

Fifth Avenue will look different after Trump leaves office
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...