Falcone Misses New York Tax Payment

Sep 26 2011 | 1:17pm ET

Harbinger Capital Management founder Philip Falcone is in tax trouble again.

The billionaire and his wife, Lisa Maria, failed to pay the $192,182 they owe in New York City taxes for their two homes on the Upper East Side—one of them bought for $49 million three years ago and since updated with some $45 million in renovations.

The Falcones, worth $2.2 billion, according to Forbes magazine, now owe $201,101, with interest added since the July 1 semi-annual tax bill was due, the New York Post reports. Perhaps the couple simply forgot, since they spend their summers at a $700,000 Hamptons rental.

Lisa Maria may have also been distracted by her rental of an $8,000-a-month apartment near the Falcone's palatial East 67th Street home, formerly owned by Penthouse founder Bob Guccione.

Delinquencies on their city taxes aren't the Falcones' first troubles with the taxman. Two years ago, they took a $113 million loan from a Harbinger hedge fund to cover a tax bill—a loan they paid off earlier this year after it caused a furor and a federal investigation. The two last year also took a $22.5 million mortgage on the East 67th Street townhouse, which they paid for in cash, and another loan for an unspecified amount, pledging part of their impressive art collection as collateral.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Artivest Announces Funding Round Led by KKR & Co.

May 4 2015 | 9:56am ET

Artivest, a startup that provides individual investors with access to private equity...

Guest Contributor

Starting a ‘40 Act Fund Family? Don’t Forget Your Board

Apr 30 2015 | 7:18am ET

The convergence of the hedge fund and mutual fund worlds continues unabated, as...

 

Editor's Note