I was just reading that former New York governor Elliott Spitzer is eschewing politics and has returned to his roots – real estate. Elliott apparently comes out of a real estate development family. His father Bernie Madoff Spitzer is very wealthy and owns all these buildings and so Elliott and his dad bought this very sleek, glass building in D.C. recently, to the tune of $186 million dollars!
Says the WSJ:
[Elliott Spitzer] has purchased a prominent office building blocks from the White House through his father’s real-estate company. The Spitzers are paying $180 million to buy 1615 L St. NW, a 13-story dark-glass building whose tenants include the public-relations firm Fleishman-Hillard, the Washington outpost of the Nixon Presidential Library and the Institute of Scrap Recycling Industries.
Of course, all I could think of was how cunning of Mr. Spitzer to purchase the property in his father’s name, under his father’s real estate company. That means if he ever got divorced from Silda Wall Spitzer, his very elegant, loyal wife for any reason, she does not get a piece of any income that is derived from this because Mr. Spitzer can always say that the building belongs to his father in whole and in part–it is not a personal assets that was “earned during the marriage” and therefore it is not “marital property” and so therefore is not “subject to equitable distribution.” Silda can argue that he part owns the business (if he does) and so his share of the business profits might be subject to equitable distribution…
But it doesn’t matter anyway. I think the Spitzers are married for life. If Silda didn’t divorce him after his Mayflower shenanigans that cost him the governorship, my money is on that marriage. They proved they are in this thing for better or for worse and so this D.C. building titled in his father’s business name is a non issue. But. Still. That was a smart, preemptive move by Mr. Elliott.
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