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Thu May 7, 2020, 06:47 AM

Billionaire divorce uncovers secretive world of trusts in South Dakota [View all]

Billionaire divorce uncovers secretive world of trusts in South Dakota

https://www.cnbc.com/2020/05/06/how-marie-and-ed-bosarges-divorce-spotlights-south-dakotas-asset-trusts.html

~snip~

They owned 12 homes, including five properties in Maine and a private island in the Bahamas. They had a 180-foot sailing yacht with its own grand piano. They bought a $5 million Egyptian mummy. Marie bought some of Marilyn Monroe’s personal effects, including her furniture, dresses and bras.

~snip~

South Dakota is fast becoming a mini-Switzerland for the world’s rich. Analysts and local politicians estimate that $250 billion to $900 billion is now stashed in South Dakota trusts by the likes of Chinese billionaires looking to keep their fortunes out of reach of the government, Europeans looking to avoid taxes and Americans looking to shield wealth from spouses.

~snip~

As Quantlab grew, so did the Bosarges’ wealth. They built a 37,000-square-foot home in Houston called Chateau Carnarvon, which had its own hair salon, massage room, music room and theater. Some rooms were filled with gold leaf, tapestries and paintings.

~snip~

They had five properties in Maine, one in Aspen and a luxury flat in London. They bought a succession of sailing yachts, including a 180-foot superyacht named Marie. Since she liked to play piano, they had a grand piano permanently fixed to the floor of the yacht “so it wouldn’t slide around,” she said.

______________________________
Much more at link. I was going to post this in the Working Poor group because this poor woman will be so destitute, but figured the inside joke would be misunderstood by most DUers.

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Reply Billionaire divorce uncovers secretive world of trusts in South Dakota [View all]
bucolic_frolic May 2020 OP
MiniMe May 2020 #1
shanti May 2020 #2
Marrah_Goodman May 2020 #3
PufPuf23 May 2020 #4
BusyBeingBest May 2020 #5