An American heiress must pay her estranged husband a £5m lump sum to help cover losses he suffered during the credit crunch, the Court of Appeal ruled yesterday.
An American heiress must pay her estranged husband a £5m lump sum to help cover losses he suffered during the credit crunch, the Court of Appeal ruled yesterday.
Elena Marano, 46, had challenged a court ruling that ordered her to pay £5m to property developer Peter Marano, 50, after he saw the value of his property investments collapse by more than £80m during the recession.
Three Court of Appeal judges dismissed the appeal and upheld the earlier court decision.
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Mrs Marano is to retain the £13m former marital home in Belgravia while her former spouse keeps a nearby £4.4m mews house together with a Sardinian holiday home and yacht.
The case illustrates the thorny issue of finalising such rich divorce settlements in a recession – particularly when assets are held in commercial property or shares that can fluctuate sharply in value.
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