Thursday, May 24, 2018

Saudi Royals Fighting Over Beverly Park Mega Mansion (Images)

The Beverly Crest Mega Mansion Caught In A Saudi Royal Divorce

--- A divorced Saudi royal couple are battling it out in a Delaware court over an 18-bedroom, 28 bath, Beverly Hills property in the billionaire-filled gated community of Beverly Park. Though this is really nothing new to the uber-wealthy community in Beverly Hills, it's one of the only royal battles ever fought there.

Prince Faisal Bin Abdullah Bin Abdulaziz Al Saud sued his former wife, Fahdah Husain Abdulrahman Al-Athel, seeking to stop her from selling the property until they decide how to split up the proceeds of the sale and the divorce. He is also asking for the $41 million he lent to renovate the mansion.

The mansion prior to it's renovation.

The couple, who got married in 2001, bought the more than 27,000-square-foot structure in California in October 2011 for $16.8 million through a Delaware company. The property is on 2.3 acres, and includes 18 bedrooms and 28 bathrooms. The neighbors of the property at 76 Beverly Park Lane include actor Mark Walhberg, Platinum Equity fund CEO Tom Gores and former San Francisco Giants slugger Barry Bonds, along with Denzel Washington, and actor Eddie Murphy.

The Beverly Crest Area of Beverly Park

The Beverly Crest Area of Beverly Park

The back of the property before renovation.

 The prince, active in the Saudi chapter of the humanitarian group Red Crescent, provided the loan to the Delaware company to renovate the Tuscan-style structure, installing state-of-the art “audio-visual systems,’’ according to the complaint filed in Delaware Chancery Court. Designers also spent $1.3 million on “exterior lighting, furnishings and accessories,’’ he said. The complex is now valued at $34 million on some real-estate web sites.

The prince accused his ex-wife of failing to properly maintain the property and pay taxes on it. Described in the complaint as "formerly Her Royal Highness Princess,” she’s now referred to as Ms. Alathel, as the divorce was actually finalized April 11, 2016, but litigation over other assets still looms in the Cayman Islands.

The former princess “was grossly negligent in failing to maintain the property’’ and her inaction has hurt the complex’s value, the prince’s lawyers said in the suit.

Delaware is the corporate home to more than half of the U.S.’s publicly traded companies and 63 percent of Fortune 500 firms, and the chancery court specializes in hearing high-profile business disputes. NGI Delaware, is a limited-liability company the couple formed in the state of Delaware, for financial reasons. In the wake of their 2016 divorce, the couple is preparing to liquidate the Delaware company’s sole asset, the mansion and property, according to the lawsuit. See the actual lawsuit here.

The case is His Royal Highness Prince Faisal Bin Abdullah Bin Abdulaziz Al Saud v. Fahdah        Husain Abdulrahman Al-Athel, No. 2018-0364, Delaware Chancery Court (Wilmington).

Zillow lists the property like this; 76 Beverly Park Ln, Beverly Hills, CA is a single family home  that contains 29,000 sq ft and was built in 2002. It contains 18 bedrooms and 28 bathrooms. This home last sold for $16,875,168 in October 2011. 

Monday, April 30, 2018

See Sprint CEO Marcelo Claures' Miami Beach House (50 Photos)

April 30, 2018 – It was published today that Sprint CEO Marcelo Claure is set to get $78 million if a deal with T-Mobile goes through.
Sprint Corp. Chief Executive Officer Marcelo Claure is poised to collect about $78 million if shareholders and regulators approve T-Mobile US Inc.’s bid to buy the rival wireless carrier.

Claure, 47, has a long-term award of 10 million Sprint shares, worth $66.2 million at the offer price, according to data compiled by Bloomberg. The stock will fully vest if he’s terminated within 18 months of the deal’s completion, or if his responsibilities change materially. He’s also eligible for cash severance of about $11.6 million and $54,000 of other benefits.

If the deal does secure the blessings of the U.S. Justice Department and Federal Communications Commission, T-Mobile’s John Legere would become CEO of the combined company, while Claure would join the board, the firms said in a statement. In addition to his golden parachute, Claure owns 6.89 million Sprint shares worth about $45.6 million at the offer price.

Showing just how much money Sprint has showered him with, his waterfront mansion on North Bay Road in Miami Beach, which was formerly owned by Miami Heat legend Rony Seikaly, hit the rental market last year, asking $60,000 a month.
The furnished Mediterranean-style home on North Bay Road in Miami Beach has nine bedrooms, nine baths and two half-baths, spanning nearly 9,400 square feet. It sits on a 26,561-square-foot lot and was built in 2005.

Claure also bought a 10,000 sq ft townhouse in the West Village of New York, which was sold last year by a Goldman Sachs partner, the New York Post reported. Claure paid $27.4 million for the townhouse, less than two years after the banker picked up the property for $20.89 million, property records show.

We thank Zillow for the images. (Aerial Images Not Included)

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