Judge Splits $2B Fortune In Macklowe Divorce
Real estate magnate Harry Macklowe and his estranged wife, Linda, must sell their massive art collection and split the profits as part of their acrimonious divorce.
Manhattan Supreme Court Justice Laura Drager released her divorce decision Thursday, and split the Macklowes' $2B fortune down the middle, the New York Post reports. Because the former couple can’t agree on the value of the art collection — which features the “Nine Marilyns” series by Andy Warhol — Drager ruled that the collection must to be sold.
Harry’s art expert pegged the value at $788M, but Linda's side claims it was more like $625M, according to the Post. As part of the decision, Linda, a trustee of the Guggenheim Foundation, will be keeping $40M worth of separate art pieces, including several works by Jeff Koons and Pablo Picasso, but will be paying her former husband $20M in credit.
Both will get $62M in cash.
Their apartment at the Plaza Hotel, worth $72M, will go to Linda, and she will pay Harry a $36M credit. He will solely own $82M worth of commercial property, and is paying $41M to Linda.
Linda filed for divorce in 2016, reportedly after learning of his affair with Patricia Landeau, to whom Harry is now engaged.
Macklowe developed projects like the supertall 432 Park Ave., the Apple Store cube and 737 Park Ave. Earlier this year, Deutsche Bank provided $750M to Macklowe for his condominium development One Wall Street.
CORRECTION, JAN. 7, 10:20 A.M. ET: A previous version of this story misidentified the artist Jeff Koons. This story has been updated.