Sad, but true, corporate executives are being required to sell their "trophy properties or luxury toys to pay off legal bills, settle civil lawsuits or meet criminal forfeiture requirements mandated by judges," according to an article in Florida Today ("the Space Coast's daily newspaper") last week.
Among the highlights:
Dennis Kozlowski, the former CEO of Tyco International, Ltd., sold his luxury ski home in Beaver Creek, Colorado (which featured three wine cellars), for $10 million. Two months before that, Kozlowski sold his 130-foot J Class sloop, the Endeavour, for $13 million. His oceanfront mansion on Nantucket, known as Sea Rose Farm, is still on the market for $23 million. Pictured to the left is Koz piloting the Endeavour during happier times.
Bernie Ebbers, the former CEO of WorldCom, sold his Canadian cattle ranch, the Douglas Lake Ranch, for $68.5 million and his Mississippi mansion for $7.5 million. The Douglas Lake Ranch is pictured at left.
Scott Sullivan, the former CFO of WorldCom, sold his 30,000-square-foot mansion in Boca Raton last year for $9 million. The five-building compound has an 18-seat movie theater, two-story boathouse, domed exercise room, art gallery and a wine cellar. The St. Petersburg Times has an in depth article on the house's other features.
Walter A. Forbes, the former chairman of Cendant Corp., has placed his 8-acre estate in New Canaan, Connecticut on the market for $12.5 million (MLS listing here), following his Halloween convictions for conspiracy to commit securities fraud and of making false statements to the Securities and Exchange Commission in connection with a massive fraud that cost Cendant investors $14 billion.
Daily Trivia: The Ebbers ranch was sold to E. Stanley Kroenke, a real estate developer, and owner of the Denver Nuggets, Colorado Avalanche, and part owner of the St. Louis Rams.