HOUSE THAT WORLDCOM BUILT!

Neal Boortz ^ | July 2, 2002

[Paladin5]

LOOK AT THE HOUSE THAT WORLDCOM
BUILT! – AND FLORIDA LAW PROTECTS.

Neal Boortz
 http://boortz.com/nealznuz.htm

July 2, 2002
 

Nice house, isn't it?  It's currently under construction in Boca Raton, Florida.  All you WorldCom employees who have lost your jobs -- All you WorldCom investors who have lost your shirts.  Do you want to know who's house this is?  It belongs to Scott Sullivan!  Yup, the same Scott Sullivan who was the Chief Financial Officer of WorldCom.  The same Scott Sullivan who was fired when the financial irregularities were discovered.  This house is in Florida.  This means that Scott Sullivan will probably be able to keep it.  Florida is a HUGE bankruptcy haven.  I wonder where WorldCom employees and investors who lost their shirts are going to live?
 

[Paladin5]

I heard this property is going to cost 92 million dollars.

[Bahbah]

Open, notorious and shameless theft. The Clintonization of America. Yuk.

[AppyPappy]

And the liberals complain about the excesses of the 80's.

[GreenGecko]

Looks like the set from 'The Prisoner"

[Sam Cree]

"And the liberals complain about the excesses of the 80's."

pretty weird when you consider that the entire "liberal" philosophy is based on appealing to envy and greed.

[Paleo Conservative]

Texas also has very liberal homestead protections for bankruptcies.

[Semi Civil Servant]

Looks like the set from 'The Prisoner"

The "set" is a real place:

http://www.portmeirion.wales.c om/

Hopefully the crook who's building this castle will never live in it.

And hopefully, he, too, will be known as "The Prisoner"

[kcvl]

Promised $10 million in 2000 if he stayed on until September of this year, Sullivan again seemed to be planning to spend a significant amount of time in Boca Raton, and had started construction on a multimillion-dollar house on four acres he bought in 1998 in the exclusive Le Lac subdivision. The Palm Beach County property appraiser values his neighbors' homes between $1.8 million and $2.9 million.

"I'd say his house is about two-thirds complete," property owners' association president Carl Gallo said on Wednesday. "I haven't seen him here in a couple of months, though."

Gallo described Sullivan and his wife, Carla, as "pleasant and polite people who would make good neighbors. They both were very sincere and courteous. They wanted to know about the association rules and regulations."

[kcvl]

Mr Sullivan's Mediterranean-style estate is being built in a gated community where homes sell for US$2 million to US$8 million. He now lives in a five-bedroom ranch-style home in another part of Boca Raton that he bought for US$170,000 in 1990.

[RoseofTexas]

Seems the RATS have jumped all over themselves today blaming W for the WHOLE economy headache! I've been surfing the channels and the Communist New Network was the FIRST one to blame W for America'a woes! UNFUDGING UNBELIEVABLE!! Seems the RAPIST will walk free on this one due to the media clymers covering his A**!! IF, the Bush administration continues to hide behind close doors on this, it will be the BIGGEST BLUNDER of his term. He needs to throw cold water on the RATS by putting the BLAME solely on the Rapist and ALBORG!! ASAP!!

[lelio]

I'm glad the democrats (in particular Al Gore) is jumping on this as a potential campaign issue. If he didn't then W wouldn't ever do a thing about it -- how much has happened since Enron, Global Crossing, etc? Not much until Al started complaining.
Hopefully W can sort this out. I would hate to see what a democrat would do to fix this. Nationalize private industry?

[RightOnline]

Yeah, but you've got to pity 'im. I mean, after all.......................how can he possibly afford to furnish the joint now??

[aShepard]

I wonder where he got this kind of money???:

Salary and Bonus
1994--$396k
1995--$519k
1996--$875k
1997 -- $4.0Mil
1998--$2.5Mil
1999--$3.4Mil
2000--$10.7Mil*
2001-$700k

*Looks like his $10Mil bonus had two year employment strings on it, which he lost upon firing

But he owns no stock, and all his options are under water.

Anybody want to buy a nice piece of waterfront property??

[dennisw]

Florida has homestead laws where you keep your house even if you go bankrupt. House is protected from creditors. But this house does not look lived in or ready to move into.

[daviddennis]

Well, if it was about a $ 8 million house, he could probably afford it. I really doubt it's $92 million; that would make it the world's most expensive private residence, and I don't think it's that.

He probably knew things were going to collapse, and so he decided to put as much money as possible in a house due to Florida's homestead laws. So he can live well in it.

I'd hate to see the air conditioning bill, though.

D

[john in missouri]

Personally, I wouldn't want to be a small insurance company holding the fire insurance policy on that one...

[Jalapeno]

Ken Lay's (of Enron-Fame) Homes in Colorado:

Mr. Lay owns a floor here:

Andrew Fastow's (CFO)Home here (in construction):

Had a pic for Jeff Skilling too, but cannot find it. Texas law will prohibit civil suits from extracting damages from private property such as these.

[Paladin5]

I really doubt it's $92 million

Oops!  Would 9.2 million sound more reasonable?

[daviddennis]

A lot, yes. But that's no longer an exceptionally expensive home.

Malibu alone has 16 properties that sell for over $9.2 million. The most expensive is $35,000,000 (although the value of that is mainly acerage).

D