Creditors are coming after Rudy Giuliani's $3.5 million Florida condo in bankruptcy filing [View all]
Source: Business Insider
Mar 16, 2024, 12:19 AM EDT
Rudy Giuliani may have to sell off his Palm Beach, Florida home — his second most valuable reported asset, creditors said — to help settle his debts in bankruptcy court. Giuliani, who filed for Chapter 11 bankruptcy, owns two residences, per a Friday filing in federal court.
One is his $6.5 million primary apartment in New York, which Giuliani had put up for sale last summer but took off the market in February. Per court filings, Giuliani's New York apartment is an exempt asset because it is his main residence. Then there is his $3.5 million Florida condo, which is not exempt.
Creditors, who describe the condo as a "luxury building with amenities such as a resort style pool and outdoor lounge area," said the building is key to helping Giuliani satisfy their claims because he insists he has so few assets. The filing was first reported by Politico's Kyle Cheney.
On several occasions, the Debtor has emphasized his limited assets available for distribution to creditors — according to the Debtor's counsel, 'there's no pot of gold at the end of the rainbow,'" the filing said. Even if he does try to say that he is entitled to live in Florida, creditors wrote, his argument falls apart because Giuliani has previously told the court he spends most of his time in New York City.
Read more: https://www.businessinsider.com/rudy-giuliani-sell-3-5-million-florida-condo-creditors-2024-3
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