spain Posted May 8, 2007 Share Posted May 8, 2007 Ex-wife opts to sell $3.6M Montclair home Thursday, May 03, 2007 BY WILLIAM KLEINKNECHT Star-Ledger Staff The cash-strapped ex-wife of New York Giant Michael Strahan said yesterday she will put a "For Sale" sign on the former couple's 30-room Montclair mansion next week. "It's the greatest place to live in the world and it makes me sad that I won't be living there," Jean Strahan said after a family court hearing in their divorce case. Ellen Marshall, her attorney, said the house -- valued last year at $3.6 million -- would go on the market Tuesday. She said any real estate agent would be free to show the home at Lloyd Road for the first three weeks, after which it would be listed with one of them. Though Jean Strahan has millions in a brokerage account, she has previously said in court papers the interest generated by the investments is barely enough to pay her monthly mortgage and tax payments. Her husband has paid only half of the $15.3 million awarded to her by a judge, and won a temporary delay while he appeals the decision. Strahan may also be losing the battle to keep the home furnished while it is shown. Superior Court Judge James Convery ordered her yesterday to abide by his previous order that the contents of the home be auctioned and the proceeds split between her and her former husband. Marshall had asked Convery to delay the auction for at least a period of several months so she can show the home with furniture in it. Convery said he has no jurisdiction over the order now that the case is before the Superior Court Appellate Division. Marshall said she would file a new motion for a stay with the Appellate Division. Vikki Ziegler, an attorney for Michael Strahan, who was not in court yesterday, said that among the approximately 230 items to be auctioned were beds, tables, armoires and chandeliers. "There are a lot of beautiful things," she said. The auction will be handled by Millea Brothers of Morristown, which is to post the items online and would likely hold the sale at the Morristown Armory. A date has not yet been set, but Ziegler said the judge's order means it can now be scheduled. After a divorce proceeding that dragged on for months, Convery in January awarded Jean Strahan $15.3 million and set child support for their preschool twin daughters at $18,000 a month. The award was about double what Michael Strahan's attorneys said she was entitled. More than half of the money has already been paid. But Michael Strahan's attorneys obtained an order from the Appellate Division on March 23 that stays his payment of the remaining $6.5 million while he appeals the case. His attorneys argue the child-support figure is too high and Jean Strahan has already gotten everything she is entitled in marital assets. Marshall said her client expected to have $10 million to invest after receiving her money and planned to live off the annual interest of about $525,000. Without that $6.5 million, she has $3.7 million invested in a Smith Barney account, which generates about $9,000 to $10,000 a month, according to papers Marshall filed with the trial court. Meanwhile, she has taken out an interest-only mortgage on the home that costs her $9,579 monthly, including property taxes and insurance. Also at issue is Convery's order in January that Jean Strahan take over the $972-a-month lease payments on a Cadillac Escalade the couple shared. Marshall had asked Convery to require Michael Strahan to take back the vehicle, but he said yesterday that was also an issue for the Appellate Division. Marshall and Jean Strahan said yesterday they were annoyed Michael Strahan would not agree to a postponement of the auction while she shows the home. They said even the rugs in the home would be auctioned, leaving the twins to play on a slippery polished wood floor. "Jean is happy that the furniture is being auctioned," Marshall said. "She just wants to borrow it a little bit longer." Quote Link to comment Share on other sites More sharing options...
Robash Posted May 8, 2007 Share Posted May 8, 2007 Without that $6.5 million, she has $3.7 million invested in a Smith Barney account, which generates about $9,000 to $10,000 a month, according to papers Marshall filed with the trial court. Meanwhile, she has taken out an interest-only mortgage on the home that costs her $9,579 monthly, including property taxes and insurance. ...poor lady, strahan is such a deadbeat not paying his alimont like that Quote Link to comment Share on other sites More sharing options...
wiegie Posted May 8, 2007 Share Posted May 8, 2007 They said even the rugs in the home would be auctioned, leaving the twins to play on a slippery polished wood floor. I can't believe that Strahan is so inconsiderate as to put his children into mortal danger like this. Quote Link to comment Share on other sites More sharing options...
TecmoBeast Posted May 8, 2007 Share Posted May 8, 2007 man, i feel for Strahan. he's at the end of his career too, this is a big financial hit for him. all he's worked hard for, now it's all being sold, auctioned away... just sucks for him Quote Link to comment Share on other sites More sharing options...
The Wolf Posted May 8, 2007 Share Posted May 8, 2007 man, i feel for Strahan. he's at the end of his career too, this is a big financial hit for him. all he's worked hard for, now it's all being sold, auctioned away... just sucks for him Shoulda thought of that before he took some chick on a date...on his wedding anniversary! Quote Link to comment Share on other sites More sharing options...
muck Posted May 10, 2007 Share Posted May 10, 2007 After a divorce proceeding that dragged on for months, Convery in January awarded Jean Strahan $15.3 million and set child support for their preschool twin daughters at $18,000 a month. The award was about double what Michael Strahan's attorneys said she was entitled. Marshall said her client expected to have $10 million to invest after receiving her money and planned to live off the annual interest of about $525,000. Without that $6.5 million, she has $3.7 million invested in a Smith Barney account, which generates about $9,000 to $10,000 a month, according to papers Marshall filed with the trial court. Meanwhile, she has taken out an interest-only mortgage on the home that costs her $9,579 monthly, including property taxes and insurance. Ok ... so, with a $3.7 million account she is earning a little more than 3.0% in dividend and interest income. On a $10 million account, she'll earn 5.25%? Presumably, the different in dividend and interest income would come from a change in asset allocation with the new money. If she's so worried about not being able to afford things, why doesn't she just implement a proportional asset allocation that would get her 5.25% on the $3.7 million ... which would result in annual income of around $18,000 / month ... And, when you add in the child support of $18k / month, she'd be pulling in $36k / month ($432,000 / yr). And, regarding the mortgage payment ... if the home is valued at $3.6 million today, there is no way they paid that for it when it was purchased. Say it was purchased at $3 million (which is probably too high) and they put no money down ... by paying $114,000 / yr in interest, she essentially has a 3.8% interest only mortgage. Why would anyone want to get rid of a 3.8% interest only mortgage? If I had a 3.8% interest-only mortgage, I'd NEVER want to get rid of it! ...unless of course, that was some sort of teaser rate... Quote Link to comment Share on other sites More sharing options...
SteelBunz Posted May 10, 2007 Share Posted May 10, 2007 Actually Muck....I think he only bought that house about 3 years ago. He did a 14 month long HUGH renovation on the place. Gorgeous.....I can only imagine how much the reno totalled out. Close to a million of that mortgage...at least. I watched a home improvement show where Strahan took them through the house...before and after pics....it still had about 3 months of finish work left. He was SO proud of it....made most of the decisions himself....did some of the work in the offseason. I feel bad that he's losing it. Quote Link to comment Share on other sites More sharing options...
The Wolf Posted May 10, 2007 Share Posted May 10, 2007 Ok ... so, with a $3.7 million account she is earning a little more than 3.0% in dividend and interest income. On a $10 million account, she'll earn 5.25%? Presumably, the different in dividend and interest income would come from a change in asset allocation with the new money. If she's so worried about not being able to afford things, why doesn't she just implement a proportional asset allocation that would get her 5.25% on the $3.7 million ... which would result in annual income of around $18,000 / month ... And, when you add in the child support of $18k / month, she'd be pulling in $36k / month ($432,000 / yr). And, regarding the mortgage payment ... if the home is valued at $3.6 million today, there is no way they paid that for it when it was purchased. Say it was purchased at $3 million (which is probably too high) and they put no money down ... by paying $114,000 / yr in interest, she essentially has a 3.8% interest only mortgage. Why would anyone want to get rid of a 3.8% interest only mortgage? If I had a 3.8% interest-only mortgage, I'd NEVER want to get rid of it! ...unless of course, that was some sort of teaser rate... Quite impressive, Muck. My wife and I are looking for a financial planner... Quote Link to comment Share on other sites More sharing options...
Duchess Jack Posted May 10, 2007 Share Posted May 10, 2007 It makes me laugh that the child support can cover an interest only loan on a 3.5 million dollar house. Quote Link to comment Share on other sites More sharing options...
muck Posted May 11, 2007 Share Posted May 11, 2007 Quite impressive, Muck. My wife and I are looking for a financial planner... I've helped a few huddlers here and there with a variety of things (mainly just as a sounding board). LMK. Quote Link to comment Share on other sites More sharing options...
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