Complex Web of Trusts

Do you think divorce means 50/50? Maybe not:

The Pritzker estate, a roughly 50,000-square-foot estate on a promontory in the hills above Los Angeles, is one of the largest private homes in the country. At times run by a staff of more than 25 people, it has a bowling alley, a hairdressing area, a gym with changing rooms and an infinity swimming pool overlooking the city skyline.

The longtime home of billionaire Hyatt hotel heir Tony Pritzker and philanthropist Jeanne Pritzker, the mammoth estate has been at the center of the couple’s bitter divorce fight since they separated in 2022. Now, with the divorce settled for an undisclosed sum, the estate is slated to go on the market, likely asking somewhere between $150 million and $200 million, according to local real-estate agents. If the home fetches its price, it would be one of the most expensive homes ever to sell in L.A.

The listing caps a saga that has engulfed the wealthy and prominent Pritzker family, shining a light on their lavish lifestyle as well as the complex machinations the superrich use to shield their wealth from taxes, the prying eyes of the public, and sometimes each other.

Tony is the son of Hyatt hotel chain co-founder Donald Pritzker and brother of Illinois Governor J.B. Pritzker. He and Jeanne, both in their 60s, were married for more than 30 years and have six children. The couple spent years building their gated estate on Angelo Drive in the exclusive Beverly Hills Post Office area—one of multiple homes they shared—using it to host parties attended by the likes of Al Gore, Jane Fonda, Tom Brady and Gisele Bündchen.

When Tony left Jeanne in the fall of 2022, the L.A. estate quickly became a focal point of their rancorous divorce. Jeanne wanted to continue living in the mammoth house and using it for the philanthropic events she said it was built for. Tony wanted to sell; he has since paid $19.5 million for a four-bedroom penthouse spanning about 8,000 square feet at Westwood’s Beverly West condominium, where the R&B star the Weeknd once owned a home, according to property records.

After the couple split, Jeanne stayed in the Angelo Drive house and Tony moved out, according to court documents. But she was shocked when Tony’s lawyers informed her that the house and its contents—down to the forks, knives and spoons—were technically owned not by the couple, but by a complex web of trusts and limited liability companies. Moreover, Tony’s lawyers said Jeanne wasn’t entitled to live in the house because she wasn’t a beneficiary of the trust that owns it. The properties she thought the couple owned personally weren’t part of the marital estate, which is normally divided 50/50 between divorcing couples.

Jeanne is one of a growing number of estranged spouses—usually wives—to find themselves in a similar position. The wealthy frequently put their assets into trusts and limited liability companies, which can be useful for estate planning, reducing taxes and maintaining privacy. High-end homes across the country are often purchased through LLCs or trusts rather than in the names of their owners. When it comes to divorce, however, these entities are increasingly being used to shield assets from being split between the warring parties, according to attorney Jeff Diamant, an expert in divorce fraud who is not involved in the Pritzker case.

“There is very definitely a rise in using various techniques to try to shield assets from spouses in the event of a divorce,” he said. “We’re seeing significantly increasing numbers of, let’s just say husbands, trying to hide money from their spouses.”

Free link to full article:

https://www.wsj.com/real-estate/luxury-homes/pritzker-estate-divorce-battle-ed30b650?st=ogjrmp&reflink=desktopwebshare_permalink

A regular guy’s opinion of the building process:

https://www.indybay.org/newsitems/2015/02/19/18768778.php

Del Mar Contemporary

This home was designated as a historical property in 2019 and there is a recorded document that says any exterior or landscape modifications must be approved by the City of San Diego. The torrey pine tree in the front yard was planted shortly after construction in 1971, and is part of the historical designation.

The buyer thought enough of it that they paid over list!

Here’s the description by the city: Recuerdo historical findings

Santa’s House

Santa’s House is featured with Listing Showcase, the elevated listing experience available only on Zillow. Showcase listings are powered by artificial intelligence and feature immersive media and an entirely new design to help give you richer insights into the home’s layout and features. Sellers interested in showcasing their home can ask their agent about Listing Showcase.

Check it out here:

https://www.zillow.com/house/santas-house/

The Brady Bunch House

Once in a lifetime opportunity to own one of the most iconic single family residences in the world.

Meticulously rebuilt and designed to replicate the set of the home from the beloved 1970s sitcom The Brady Bunch. Reportedly it is the 2nd most photographed home in the USA after the White House. Own a piece of pop culture history and pay homage to American sitcom television. From the infamous staircase that anchors the home, to the bright orange formica kitchen counters, to the blue bunk beds and pink twin beds, and let’s not forget about the groovy attic. The possibilities are endless for you to enjoy this spacious 5,000+ square foot home on a sprawling 12,000 SF lot with citrus trees lining the yard. The quaint tree lined street backs up to the Los Angeles River in a prime Studio City location. The architectural mid-century home has soaring ceilings, big windows and sliding glass doors which fill the space with natural light. Curated furnishings and accessories are included in the sale and will take you back in time to a unique era. This is a collector’s dream. What would you expect from an architect’s home? Fireplaces and some appliances/Fixtures are decorative only.  Listed with Compass for $5,500,000.

https://www.compass.com/app/listing/11222-dilling-street-studio-city-ca-91602/1318113637205466977

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