CIRQUE DE MCCOURT - On Friday, The Boston Parking Lot Attendant and Princess Jamie agreed to a Binding Term Sheet that outlined, among other things, the disposition of their residential estates.
Princess Jamie was to receive about $150 million of residential real estate as the part of the proposed settlement. These estates include the Broad Beach properties in Malibu, purchased for slightly less than $50 million; the Charing Cross properties in Holmby Hills, again purchased for slightly less than $50 million; the Cape Cod estate in Cotuit, not far from the Kennedys in Hyannis Port that was on the market for an eye popping $50 million; and the $6 million condo in Vail.
More than likely, these properties are encumbered by mortgages which were rumored to be almost $60 million. The mortgage on the Cotuit and Vail properties is currently in default, a definite sign of financial stress.
But we were not to worry about the Princess. Depending on the ruling of the judge, she would receive $100 million if the Dodgers and the related assets (the “Dodger Assets’) were deemed to be Frank’s separate property. If the Dodger Assets were deemed to be community property, she would own 50% of the Dodger Assets which would be disposed of in an “orderly manner” under the supervision of the Court.
All poor old Frank gets is the $7.7 million mortgaged property in the bankrupt Yellowstone Club in Montana.
But now that Commissioner of Major League Baseball, Bud Selig, has put the kibosh on the media rights deal between the Dodgers and Fox Sports, who knows what will become of the McCourt estates, especially since it seems likely that the Dodgers will have a tough time making payroll on June 30 to say nothing about the rest of the year.
It is tough being down and out in Malibu.
(Jack Humphreville writes LA Watchdog for CityWatch He is the President of the DWP Advocacy Committee and the Ratepayer Advocate for the Greater Wilshire Neighborhood Council. Humphreville is the publisher of the Recycler -- www.recycler.com. He can be reached at: [email protected] ) –cw
Tags: Frank McCourt, Jamie McCourt, Dodgers, Fox Sports, baseball, MLB, Commissioner Bud Selig
CityWatch
Vol 9 Issue 49
Pub: June 21, 2011
