Houston Billionaire Allegedly Hid Dozens Of Homes In Trust To Avoid Enormous Divorce Settlement

Houston Billionaire Allegedly Hid Dozens Of Homes In Trust To Avoid Enormous Divorce Settlement

A couple in Houston, excuse me, I mean a very wealthy couple in Houston, are going to divorce after three decades of marriage. Together they have a number of homes, including a $ 45 million apartment on London’s Billionaire Square that the couple bought in 2011. Marie Bosarge then spent the next two years flying between Houston and London to decorate the house with the help of a team of interior designers.

When the house was finished, she couldn’t wait to move in. When the house was finished, however, Wilbur Edwin “Ed” Bosarge had left it for his Russian mistress in his twenties. Ed and his mistress moved into the London home together. Now, while the battle for the Bosarge’s high-stakes divorce takes place in Texas courts, Marie can no longer access the 12 homes she and her husband bought during their marriage, including a huge mansion in Houston, an estate in Aspen, and a private island in the Bahamas. Ed, 80, moves between the couple’s homes as he pleases.

Of course, it is not unusual for couples to fight over homes during a divorce. The Bosarges, however, take it to a new level, or at least Mr. Bosarge does. Marie claims her ex has set up complex ownership structures for houses (unbeknownst to them) that make Ed the sole owner of their many homes and prevent him from accessing billions in cash and cash other assets through a trust established in South Dakota. , a state that has become a tax haven for the wealthy in recent years.

The former couple’s divorce court documents reveal that her lawyers said that Marie had no evidence that she had a claim on their community property. And it’s not just his decades-old ex-wife that good old Ed leaves out of family wealth, he also cuts off his children and grandchildren.

Ed and Marie were married in 1989. Ed and his business partner Bruce Eames founded Quantlab Financial in 1998. Marie answered the phones of the company, which quickly became a leader in high frequency trading. The Bosarges appreciated their new wealth and spent it generously in the homes, three yachts, the arts and other outward signs of the wealthy. Public documents reveal that all of the houses, with the exception of a Mediterranean house from the 1920s that the couple bought in Houston in the 1990s, belong to a number of limited companies or trusts. Some of the properties of Bosarge are:

  • Chateau Carnarvon – In late 2010, the Bosarges purchased a 27,000 square foot Houston mansion for $ 10 million. They spent $ 20 million to renovate it and filled it with $ 50 million in art and antiques. The property was first marketed in 2014 for $ 43 million. Currently, the home is on the market for $ 29 million.
  • Villa Maria – The Bosarges bought a Mediterranean-style house from the 1920s to the 1990s and have grown considerably over the years. A music room on the second floor has been added that can accommodate 60 people for concerts. Marie is a music lover who sings and plays the piano.
  • Mountain Song – The Bosarges bought their 14,000 square foot home in Aspen, Colorado in 2009 for $ 12 million. They emptied and renovated the house. The property is on the market for $ 28 million.
  • Private island in the Bahamas – In 2008, the Bosarges purchased a 72-acre island in the Bahamas for $ 250 million, which included the cost of the island and the construction of infrastructure including a dock and four houses on the island – one for themselves, a guest house and one for each of Ed’s two children as well as staff accommodation. The property is now a complex owned by a Bosarge trust.
  • South Song – The Bosarges spent summers on the coast of Maine. They bought five properties, starting with a house on Southport Island.
  • Boothbay, Maine – The Bosarges bought a home for Ed’s children near South Song. The dock was deep enough for family yachts. They also bought the neighboring house for their yacht captains and their families.
  • Belgrave Square – In 2011, the Bosarages bought a house in the exclusive Belgrave Square area of ​​London for $ 45 million.

In 2013, Ed told Marie that he was leaving her. She was in shock. She was in love with him. However, he fell in love with a Russian socialite in her twenties named Ana Kostenkova. Marie quickly learned of her girlfriend. When they separated, Marie says she was asked to sign an agreement with 100 Carnarvon LLC, the entity that owned the 27,000-square-foot Houston mansion called Chateau Carnarvon in which Marie lived. When Ed officially filed for divorce in 2017, she was evicted from her home just before Christmas.

Ed Bosarge started creating his complex network of trusts and other entities to buy property in 1983. Marie’s lawyers allege that after Ed fell in love with the Russian in 2012, he took further steps to eliminate Marie’s interests in trusts and other entities by moving assets. to South Dakota trusts. It’s not just the houses that Ed has been blocking his ex-wife for over 30 years. Ed even went to get a diamond necklace he gave her for Christmas a year. He pursued it in 2018 for the return of the necklace as well as for the return of the furniture and art that she had brought with her when she left Château Carnarvon.

Marie, 66, claims to have almost no money and is struggling to pay her legal costs. She said that almost all of their homes, their furniture, their art and their money were bought through these trust series or transferred into these series. According to Marie, up to $ 2 billion in assets are hidden in these trusts. However, Ed says that number is closer to $ 800 million. The couple’s community property is worth $ 12 million. Community property is generally also divided into divorces in Texas. Mary’s lawyers accuse Ed of using the trusts to hide income and assets that should be part of the property of the community of Bosarge.

The way trusts are set up in South Dakota, even if Marie wins their lawsuit, she may have trouble collecting money and property from her ex. The case was scheduled to start in April but was postponed due to coronavirus problems.

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