Friday, 24 October 2014
Last updated 3 hours ago
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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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