Worth Avenue empire at stake in high-profile divorce of Palm Beach couple

It's unclear if the couple will live to see their divorce finalized, leaving their holdings in question

Miami /
Jul.July 14, 2017 01:10 PM

A real estate empire is at stake in the messy divorce of Palm Beach couple Burt and Lucille Handelsman.

Burt, 88, and Lucille, 89, together own an East Coast property portfolio worth an estimated $750 million. In Palm Beach County, their properties are valued at about $160 million by the county’s property appraiser.

Lucille, known as Lovey, filed for divorce last year and since then a legal battle has unfolded within their family. Lovey claimed in a deposition that Burt was cheating on her with a Fort Lauderdale attorney who helped the Handelsmans build their family business in Palm Beach, according to the Palm Beach Post. She has accused her husband of becoming verbally abusive.

Burt filed a lawsuit against his three adult children, claiming that they “siphoned” funds from his companies “for their personal gain” by forging their father’s signature on company checks and distributing unauthorized company payments to themselves. His children countered by saying Burt forged a document that would have barred them from controlling the properties.

Earlier this month, a judge refused to put Burt back in charge of about 25 properties his children were managing, calling the document a “sham,” according to the Palm Beach Post.

Because of their advanced ages, it’s unclear if the couple will live to see their divorce finalized, which leaves the beneficiaries of their estate in question. A monthlong trial for the terms of the divorce is scheduled for February.  [Palm Beach Post] – Katherine Kallergis


Related Articles

arrow_forward_ios
1330 South Ocean Boulevard (Compass)
Waterfront Palm Beach mansion sells for $41M
Waterfront Palm Beach mansion sells for $41M
(iStock)
South Florida resi sales jump in Q4: Elliman
South Florida resi sales jump in Q4: Elliman
Todd Glaser with aerial view of 870 South Ocean Boulevard in Palm Beach. (Google Maps, Mary Beth Koeth)
Todd Glaser, partners close on Palm Beach home across from ocean for $13M
Todd Glaser, partners close on Palm Beach home across from ocean for $13M
320 Island Road, Palm Beach (Google Maps)
Payday lender CEO buys Palm Beach house for $26M
Payday lender CEO buys Palm Beach house for $26M
W. Allan Jones & 326 Via Linda, Palm Beach (Wikimedia Commons, Google Maps)
Cash king sells waterfront Palm Beach home for $27M
Cash king sells waterfront Palm Beach home for $27M
535 North County Road (Palm Beach Property Appraiser)
Oceanfront Palm Beach spec mansion hits the market, asking record $140M
Oceanfront Palm Beach spec mansion hits the market, asking record $140M
Judith Ripka Berk and Ronald Berk with 273 Tangier Avenue, Palm Beach (Getty, Google Maps, iStock)
Must be a gem: Luxury jewelry designer Judith Ripka sells Palm Beach home for $13M
Must be a gem: Luxury jewelry designer Judith Ripka sells Palm Beach home for $13M
President Donald Trump with Melania Trump and Mar-a-Lago (Getty)
Florida representative wants Mar-a-Lago shut down following maskless NYE party
Florida representative wants Mar-a-Lago shut down following maskless NYE party
arrow_forward_ios

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

Loading...