Devel­oper Harry Mack­lowe Cries Broke as Di­vorce Pro­ceeds

The Jewish Voice - - NEW YORK - By Re­becca Gold

The wealthy devel­oper Harry Mack­lowe re­ports that he is now broke as he en­ters a fierce di­vorce bat­tle with his soon-to-be ex-wife.

Ac­cord­ing to The Post, “Linda is call­ing his bluff, say­ing at the open­ing day of their di­vorce trial that his debts are based on the fact that he hasn't paid taxes since 1983. Mack­lowe, 80, has listed his per­sonal net worth as neg­a­tive $400 mil­lion, largely from de­ferred cap­i­tal gains taxes re­lated to the 2008 sale of the Gen­eral Mo­tors build­ing in mid­town Man­hat­tan for $2.9 bil­lion.”

Linda's at­tor­ney John Teitler said, “Mr. Mack­lowe him­self knows these types of gains are never ac­tu­ally re­al­ized by real es­tate de­vel­op­ers.”

In Man­hat­tan Supreme Court, dur­ing his open­ing state­ment, Teitler said, “This is a case study in di­vorce ac­count­ing 101.” He con­tin­ued say­ing that the real es­tate ty­coon has been “pay­ing [a French girl­friend's] ex­penses, pro­vid­ing her with hun­dreds of thou­sands of dol­lars in cash as well as lav­ish gifts– and that's just what we know about.”

The cou­ple was mar­ried for over half a cen­tury, a re­mark­able 58 years. Mack­lowe has listed his mar­i­tal as­sets as $1.3 bil­lion in the di­vorce case. This num­ber mainly ac­counts for the gi­ant art col­lec­tion and many homes that the cou­ple shares, in­clud­ing a unit in the Plaza Ho­tel val­ued at $100 mil­lion.

The 79-year-old Linda re­quested that this apart­ment and all the art work be awarded to her by the judge.

Her lawyer Teitler said, “Mrs. Mack­lowe be­lieved they would stay mar­ried for the rest of their lives. She did not ex­pect this di­vorce let alone at age 80.”

Teitler's re­marks were said to be “de­tached from re­al­ity,” by Peter Bron­stein, Harry Mack­lowe's at­tor­ney. He said that the dif­fered cap­i­tal gains taxes of his client are “a real li­a­bil­ity.”

Bron­stein stated, “There's no rea­son why half the mar­i­tal as­sets should be taken by the wife and the hus­band should be left with all the li­a­bil­i­ties.”

On Wed­nes­day morn­ing, Septem­ber 6, Linda was the first to take the wit­ness stand. She took the op­por­tu­nity to tear­fully ex­plain why their art col­lec­tion should go to her.

She said, “Harry grew up in the sub­urbs and I met him through a friend and he re­ally didn't know that much about the art world and the New York art world.”

She added, “What at­tracted him to me was the world I moved in with my friends and the in­ter­ests we had.”

“This is a case study in di­vorce ac­count­ing 101.”

From left to right: Harry Mack­lowe, his soon-to-be ex-wife Linda, and his son Billy.

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