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For $100, Fuld Sold Florida Mansion to His Wife

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posted on Jan, 26 2009 @ 08:49 AM
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For $10, Fuld Sold Florida Mansion to His Wife


www.nytimes.com

Housing prices are falling around the country, but this one sounds hard to believe: A seaside mansion on Jupiter Island in Florida, bought for more than $13 million five years ago, was just sold for $10.
(visit the link for the full news article)



[edit on 26-1-2009 by Mdv2]




posted on Jan, 26 2009 @ 08:49 AM
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The couple jointly bought the home in Hobe Sound, Fla., for $13.75 million in March 2004, and the sale to Mrs. Fuld on Nov. 10 was first reported by Cityfile.com.

It is possible that he is now transferring properties because of his fears of investor lawsuits or a possible bankruptcy, lawyers in Florida said.


It seems he is working eagerly to transfer his personal properties to his wife to ensure nothing can be confiscated. While hundreds of thousands are losing their jobs, these kind of scumbags go blameless and many are even rewarded with golden parachutes. It's really unbelievable that this is happening right in front of our eyes. Most (if not all) even failed to even make an apologize. In the Netherlands it goes even further, the vice prime-minister blamed the average Joe for this mess.

Edit: most other sources mention $100,- which makes it quite expensive



www.nytimes.com
(visit the link for the full news article)


[edit on 26-1-2009 by Mdv2]



posted on Jan, 26 2009 @ 09:00 AM
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here's the problem for Mr. Fuld. When creditors come after you and you are MARRIED they can sieze any and ALL assets that are between you two. Regardless of who's name it is, if you have been married for more than 5 years in the state of florida any and ALL debts regardless of whom the sole or primary name on the lien, contract, or statement are the responsibility of both. Especailly if the items were used or occupied by both parties. I learned that the hard way during my divorce. But being who he is I am sure there are a different set of rules that apply to him.

[edit on 26-1-2009 by djvexd]



posted on Jan, 26 2009 @ 09:23 AM
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He probably didn't want to pay the capital gains tax. He also probably knows hes going to loose his assets in a possible bankruptcy in the near future and is trying to protect his assets using his wife.



posted on Jan, 26 2009 @ 10:03 AM
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Reuters reports it at $100.

Either way, it is nothing more than a bad attempt to stop it from being seized in a civil action, and it is a fraudulent conveyance.

Very little difference from Bernie Madoff sending over $1 Million worth of jewels out to relatives and friends while under house arrest.

The cockroaches are running scared in the light



posted on Jan, 26 2009 @ 10:45 AM
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Originally posted by redhatty
Reuters reports it at $100.

Either way, it is nothing more than a bad attempt to stop it from being seized in a civil action, and it is a fraudulent conveyance.

Very little difference from Bernie Madoff sending over $1 Million worth of jewels out to relatives and friends while under house arrest.

The cockroaches are running scared in the light


I think this answers the discrepancy. "The tax stamp on the deed says there were 70 cents of taxes, which would suggest that she may have paid as much as $100 for the house."



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