Divorce can be a contentious situation no matter how much money you have. But if you’re in a dispute with an ex over property, consider the split between billionaire Harry Macklowe and his ex-wife Linda Macklowe, who The New York Times reports are currently feuding over an art collection valued at nearly a billion dollars. You might remember Macklowe as the man who emblazoned a giant photograph of his new wife on the side of a building in New York City. But now he and his ex-wife are still embroiled in a dispute over how their property is to be split up, and the highlight is probably the incredible art collection featuring more than 150 works from artists like Picasso, Rothko, and celebrity sculptor Jeff Koons.
The dispute encompasses not just who gets what, but how much the individual pieces are worth – the Times cites a rare congruence between the two parties valuing a certain Andy Warhol piece depicting Marilyn Monroe at $50 million – but it's reportedly been estimated to be worth almost $1 billion all told. The divorce between the Macklowes was granted towards the end of last year, but the property disputes between them are ongoing, thanks to the massive amount (and value) of possessions the two managed to accumulate over nearly 60 years of marriage.
Recently, an appeals court confirmed a lower court's ruling that Linda was entitled to $39 million worth of their art collection, plus their former Plaza apartment, but the remainder of the collection, including that Warhol piece, will be sold at auction. However, the art is especially difficult to distribute fairly given that the two parties can't seem to agree on how much it's worth. During one lower court proceeding, an expert hired by Harry said the collection was worth $788 million, while one hired by Linda appraised it at $625 million – both totals are significantly less than the one reached by Christie's back in 2015 for insurance purposes: $937.5 million.
Table of Contents
- Biography of Harry Macklowe
- The Art Collection Dispute
- Legal Rulings and Financial Implications
- Personal Impact of the Divorce
- Final Thoughts
Biography of Harry Macklowe
Harry Macklowe, born in 1941, is a prominent American real estate developer known for his ambitious projects in New York City. He has played a pivotal role in shaping the skyline of Manhattan and is also recognized for his high-profile personal life, including his marriage to Linda Macklowe. The couple was married for nearly six decades and built an impressive collection of art and real estate.
| Personal Detail | Information |
|---|---|
| Name | Harry Macklowe |
| Birth Year | 1941 |
| Profession | Real Estate Developer |
| Years Married | Nearly 60 years |
The Art Collection Dispute
The Macklowes' divorce has put a spotlight on their incredible art collection, which is estimated to be worth almost $1 billion. This collection comprises over 150 pieces from legendary artists, making it one of the most valuable collections in the world. The ongoing dispute not only centers around who gets what, but also the valuation of individual pieces. This confusion has led to differing opinions on the total worth of the collection.
One notable piece in question is an Andy Warhol work featuring Marilyn Monroe, which both parties have valued at $50 million. However, experts have given varying estimates for the entire collection, leading to complications and delays in the divorce proceedings. Such disagreements over valuation highlight the challenges of dividing assets that hold significant monetary and sentimental value.
Legal Rulings and Financial Implications
As the legal battles continue, an appeals court recently confirmed that Linda Macklowe is entitled to $39 million of the art collection, along with their former Plaza apartment. The decision to auction off the remaining pieces underscores the complexity of the situation, as both parties need to ensure their financial security post-divorce. With 60 to 75 percent of their assets tied up in this collection, the auction could significantly impact their future lifestyles.
Personal Impact of the Divorce
The personal ramifications of the Macklowes' divorce extend beyond their financial assets. Both Harry and Linda have expressed desires to maintain their lifestyles, which have been built over decades of marriage. This situation presents emotional challenges, as they navigate their individual futures while also dealing with the fallout of their separation.
Final Thoughts
The divorce of Harry and Linda Macklowe serves as a stark reminder of the complexities involved in high-net-worth separations. As the legal battles over their vast art collection continue, the implications of their decisions will resonate throughout the art world and beyond. The ongoing dispute illustrates the importance of clear communication and equitable distribution in any divorce, especially when substantial assets are at stake.
