San Jose Bankruptcy Attorney comments on one of Britain’s most expensive divorce battles.
One of Great Britain’s most expensive, and most public, divorce battles took an unusual turn last week when Michelle Young was evicted from her £8,666 per month Regent’s Park Townhouse for failure to pay the rent. Mrs. Young is in a heated divorce battle over her husband Scot Young’s estimated £400 million fortune. Mr. Young claims he is on the verge of bankruptcy and owes creditors £27 million.
Mrs. Young is asking for half of Mr. Young’s fortune, and she is alleging that he has hidden many of the assets. Mr. Young counters that his empire has been hit hard by the current recession and decline in property values and that he has nowhere near the wealth that his wife alleges in her divorce filing.
As their divorce case has dragged on, Mr. Young has not paid any spousal support for nearly a year and their children’s private school tuition has gone unpaid since spring. More than £24,000 in rent has been unpaid on the townhouse, which led to the recent eviction. Mr. Young is contending that Mrs. Young has not adapted to the new economic reality and continues to live in a manner that exceeds his and her means.
Mr. Young’s financial empire is mostly in real estate, and he recently sold the family’s £19 million home on the Wentworth Park Estate in Egham, Surrey, to Boris Berezovsky, the Russian oligarch
Wife in £400m divorce battle with ‘broke’ tycoon downsizes after eviction from townhouse, Mail Online, November 26, 2009
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