Harry Macklowe and Ex-Wife Linda Are Fighting Over a Very Special Asset that Costs Millions!
Divorce is never easy. On the extreme end of the spectrum, it could even be chaotic for all parties involved. However, ‘messy’ is an understatement for high-profile couples who decide to call it quits in a very public arena.
Things get even more complicated when money and shared assets are involved. Take a look at billionaire Harry Macklowe and his former wife Linda, who had been squabbling it out in a very public feud after their split.
This drama was despite the developer and his ex being married for almost 60 years, only to shatter their happy ending in 2016 when they announced their split.
Around the time, rumors started circulating about Harry’s alleged affair with Patricia Landeau, a French entrepreneur, whom he is now married to. While the dissolution of the former couple’s marriage was finalized last year, their shared properties are still a matter of conflict.
Battle Over Art Collection
Who can be blamed in a situation like this? With years of massive earnings and profits from lucrative investments, the couple accumulated an eye-popping fortune.
Their art collection alone is worth $1 billion, and in the absence of a prenup, splitting the expensive asset between the two is costing the couple a lot of money in legal fees.
According to court proceedings, there are over 150 pieces in the prized collection including paintings from iconic artists like Jeff Koons, Picasso, and Rothko, hence the staggering price tag.
Who’s getting what is not just the only game the parties are concerned about, but also the exact value of these creative pieces.
Supreme Court Justice Laura Drager last year said that the couple will need to sell off the massive collection and split the revenue between each other, but Linda appealed in a bid to stop the sale.
The 80-year-old contested that she and Harry didn’t give the same valuation of the pieces so there’s a need for a reevaluation.
Harry’s lawyer pointed out that the former pair would need to sell these pieces because the collection accounts for 60 to 75 percent of their net worth.
However, Linda, who is an art collector, did not want this to happen and instead said that she wanted to enjoy these works, only to put them on the market when she wanted.
Linda’s hired expert valued the entire collection at $625 million, while Harry’s, $788 million. However, four years ago, auction house Christie’s said that the collection’s worth has skyrocketed to $937.5 million. But an appeals judge has rejected the claim, holding the initial decision true.
The court awarded Linda a part of that collection that’s worth $39 million and an apartment at Plaza. However, art pieces left should be auctioned, including an Andy Warhol creation Nine Marilyns that was said to be $50 million, the judge ordered.
According to reports, the trove is so extensive that it couldn’t fit their Plaza apartment, which used to consist of seven units that were destroyed.
This was just the latest hullabaloo in this loud divorce battle. In March, Harry created a buzz when he gave a present to his then-bride-to-be, Patricia, a 42-ft photo of them together in the corner of his upstate property on 432 Park Avenue.
Later that day, they exchanged I do’s at Weylin in Williamsburgh Savings Bank. The businesswoman wore an $8,150-Chanel pink ensemble.
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