Real estate slump didn’t hit ex-Citigroup CEO Chuck Prince
Posted by: in Stocks Money NewsFiled under: From the boards, Management, Citigroup Inc. (C), Housing
Former Citigroup (NYSE: C) Chief Executive Chuck Prince isn’t going to feel the pinch of the worst real estate market in a generation that he helped create.
Prince has put his place in Greenwich, Connecticut — a tony New York City suburb that is home to countless hedge funds and celebrities such as Tommy Hilfinger and Regis Philbin — up for sale at the asking price of $6.15 million, according to Bloomberg News. The Tudor-style manor house was sold in 1996 for $2.27 million, according to ZIllow.com. By my calculations, that would be a profit of 170%.
Too bad that most homeowners aren’t as fortunate as Mr. Prince. The National Association of Realtors is due to release its figures for December home sales later this week, and it isn’t going to be pretty. Economists surveyed by Bloomberg News expect sales to have fallen 1% to 4.95 million, the fewest since records began in 1999.
The former Wall Street hot-shot, though, doesn’t need to concern himself with the needs of ordinary folks anymore. He was pushed out the door at Citigroup with a retirement package worth about $60 million. “By retiring rather than being fired, he preserved the right to keep about 743,640 Citigroup shares with a market value of about $26.7 million, compensation consultant Brian Foley based in White Plains, New York, said at the time,” Bloomberg notes.
Prince’s realtor told Bloomberg that the Greenwich house, which includes an entrance hall with barrel-vaulted ceilings, an exercise room with a sauna and shower and a dining room that sits 12, “no longer meets his needs.” Prince also has a place on New York’s Park Avenue.
It must be nice to be able to live your life not having to face the consequences of your actions.
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