By Louise Story / New York Times
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.
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.
That's right, 10 bucks. But in this case, the transaction is likely to raise eyebrows for reasons other than the price.
The seller, according to county records, was Richard S. Fuld Jr., the former chairman and chief executive of Lehman Brothers. The buyer was his wife, Kathleen.
The motivation is unclear, but Mr. Fuld has been under intense scrutiny since Lehman declared bankruptcy in September.
The longtime leader of the brokerage firm is at the center of a federal investigation into whether Lehman executives misled investors about the state of the company. And he was grilled by lawmakers at a Congressional hearing in October.
Made the Cut; Fuld on list of top 25 who caused economic meltdown
Fuld Sued by Pension Funds; "... most egregious in terms of the mistakes the subprime mortgage industry made ..." – Chief Operating Officer of Lehman lending unit.
Fuld Sued by Pension Funds; "... most egregious in terms of the mistakes the subprime mortgage industry made ..." – Chief Operating Officer of Lehman lending unit.
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