The Real Deal Miami

A $550M Palm Beach real estate portfolio is on the line – but first, who gets the mug collection?

The Handelsmans have until the end of February to agree on values of the remaining properties in dispute
February 22, 2018 10:50AM

Worth Avenue, Lucille and Burt Handelsman (Credit: Google Maps and Getty Images)

The divorce of real estate investors Burt and Lucille “Lovey” Handelsman has hit another snag in court – but it’s not tied to the $550 million real estate portfolio the couple owns in Palm Beach County.

It’s about who gets the antique shaving mug collection.

Burt, 90, testified that he was the one who assembled a collection of more than 1,500 mugs, valued at more than $1 million, according to the Palm Beach Post. Lovey, 89, said she has a financial and emotional investment in the mugs and wants to split the collection. But splitting it up would destroy its value, Burt said.

As for the real estate, about $100 million is in dispute, the Palm Beach Post reported. Lovey’s lawyers are hiring an appraiser to determine the value of the properties, which Burt claims he is responsible for assembling.

The couple’s nearly 70-year marriage was officially dissolved in early February when the trial began. Lovey filed for divorce in 2016, which was set off at least in part by Burt’s affair with a Fort Lauderdale attorney who helped the Handelsmans build their family business. Burt also filed a lawsuit against his three adult children that same year, claiming that they “siphoned” funds from his companies by allegedly forging his signature on company checks and distributing unauthorized company payments to themselves.

Lovey’s property appraiser and Burt have until the end of the month to determine the values of the remaining properties in dispute. [Palm Beach Post]Amanda Rabines