The Growing and Shrinking on Conrad and Barbara Ameil Black

The Palm Beach mansion of Conrad has been transfered and debts are being settled.  I am always amazed at how much time these processes take.  And of course the money that get taken out of the process by the participants of the process.  I have one example that really floored me of late.  A $70,000 bankruptcy where assets were $40,000 resulted in almost $20,000 in trustee's fees.  The debtors took home about 36cents on the dollar.  While the Trustee got 100% of their fees and expenses.  Makes sense, right?  Reminds me of the statistics regarding the proportion of GDP that the financial industries represents - in 2007 - 20%.  That's insane.  20% of our "productivity" is in "managing" money and property.


No wonder Conrad and Barbara have further extended their mortgages at 12% interest from $3M to $6M on their remaining Toronto home - gotta keep them chipmunks running.  Which is the "other" point to my post.  A convicted fraudster and obstructer of justice, while incarcerated, racks up another few MILLION in debt - my question - at what point does someone say - this is not sustainable.  This cannot go on.  Debt does not go to infinity.  Or Does It?  Under current circumstances, it gives that appearance.

Conrad Black loses Florida mansion

Records show ownership to five-bedroom, six-bathroom house in Palm Beach was transferred to Connecticut investment firm to settle mortgage.

Paul Waldie

Globe and Mail UpdatePublished on Thursday, Mar. 25, 2010 12:01AM EDTLast updated on Thursday, Mar. 25, 2010 5:55AM EDT

Conrad Black won't have his Florida mansion to go back to once he gets out of jail.

Lord Black's 21,000-square-foot oceanfront home in Palm Beach has been put up for sale without a specified asking price. It has been assessed at $32.6-million (U.S.) by city officials for tax purposes.

The listing comes a few weeks after Lord Black transferred ownership of the property to a Connecticut-based investment firm.

According to property records, he and his wife, Barbara Amiel Black, transferred the deed of the house on Feb. 3 to Blackfield Holdings LLC to settle an $11.6-million mortgage. Blackfield is now listed as the sole owner.

The Palm Beach house has five bedrooms, six bathrooms, a tennis court, pool, movie theatre and exercise room, according to the listing by real estate agent Linda Gary. The house is a “Splendid British Colonial estate offering high ceilings, beautiful mouldings, commercial appliances in kitchen and butler's pantry,” Ms. Gary says on her website. The mansion sits on more than three acres of land and also includes a two-storey guest house and a tunnel to the beach under the road. Although property records show it was built in 1973, Ms. Gary said in a brief interview that it has been extensively renovated.

“This house was completely taken down and gutted in the year 2000,” she said on Wednesday. Ms. Gary declined further comment on the sale.

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