Palm Beach developer must split $550M real estate empire in nasty divorce

Judge calls 91-year old Burt Handelsman a “chronic fabricator”

TRD MIAMI /
Jan.January 16, 2019 09:45 AM

Burt Handelsman and Worth Avenue in Palm Beach

Burt Handelsman’s $550 million real estate portfolio will be split with his ex-wife and children in the fallout of his nasty divorce.

A judge divided the holdings of the 91-year old Handelsman, which includes many properties on famed Worth Avenue in Palm Beach, such as the sites of Ralph Lauren, Jimmy Choo, Lily Pulitzer and Findlay Galleries, according to the Palm Beach Post. The stores were given to his 90-year-old wife Lucille.

Lucille Handelsman decided to end the nearly 70-year relationship with her husband due to Burt’s infidelity, according to the Palm Beach Post.

Palm Beach Circuit Judge Scott Suskauer said Burt demonstrated “a pattern of dishonesty” and was a“chronic fabricator.”

The judge said Burt called his adult children who were also in the family business, “his enemies.” Burt allegedly tried to go against them by negotiating long-term leases with a specious businessman, according to the Palm Beach Post.

Burt will keep the pair’s home in White Plains, New York, and a golf course in the Catskills valued at $8.5 million, according to the newspaper. Lucille, in addition to the Worth Avenue holdings, was awarded property on Atlantic Avenue in Delray Beach.

In total, the judge ruled on 18 different pieces property valued at about $210 million and also split the couple’s cash, stock and artwork. The rest of the holdings were divided among his wife and children during negotiations. [Palm Beach Post]Keith Larsen


Related Articles

arrow_forward_ios
South Florida Resi Contracts Up in July (Credit: iStock)

South Florida resi contracts continued to rise in July

South Florida resi contracts continued to rise in July
WeWork Lincoln Road with Sandeep Mathrani (Google Maps, WeWork)

WeWork’s Lincoln Road landlord seeks $20M in unpaid rent

WeWork’s Lincoln Road landlord seeks $20M in unpaid rent
350 Indian Road and (inset) Frank H. Kenan (Realtor, Kenan Institute)

Scion of Kenan family sells Palm Beach mansion for $8M

Scion of Kenan family sells Palm Beach mansion for $8M
113 Clarke Avenue, Peter J. Wood, Edwin Lin (Realtor.com)

Citadel hedge fund exec buys Palm Beach home for $10M

Citadel hedge fund exec buys Palm Beach home for $10M
Schuyler Tilney and 222 Ridgeview Drive (Linkedin, Sotheby's)

Got the power: Energy investor and former Enron exec pay $7M for Palm Beach house

Got the power: Energy investor and former Enron exec pay $7M for Palm Beach house
Nine Island Avenue (Google Maps)

Construction firm alleges Venetian Islands condo association skipped out on $720K

Construction firm alleges Venetian Islands condo association skipped out on $720K
5350 Park with Armando Codina and Ana-Marie Codina

Codina Partners affiliate allegedly owes $3.6M for Downtown Doral condo construction: lawsuit

Codina Partners affiliate allegedly owes $3.6M for Downtown Doral condo construction: lawsuit
Lennar's Stuart Miller

Homestead homeowners association sues Lennar, alleges shoddy construction

Homestead homeowners association sues Lennar, alleges shoddy construction
arrow_forward_ios

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

Loading...