Billionaire Breakups
May 21, 2009— -- The stakes are almost always high when a marriage ends, but divorce can take on epic proportions when vast sums, political careers and public companies are involved.
Las Vegas has been abuzz with rumors since the March news that the city's "king and queen," Stephen and Elaine Wynn, arguably Sin City's most powerful couple, were splitting. American billionaire Wynn controls a 21% stake in publicly traded Wynn Resorts but lists his soon-to-be ex-wife as a beneficiary.
"This is going to be like two businesses splitting apart," said divorce attorney Raoul Felder, whose roster of high-profile clients includes former New York Mayor Rudy Giuliani. "This may effectively end some of their businesses, because you can't have two owners who are fighting with each other. It could change the landscape of Las Vegas."
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In a sign that the couple might be gearing up for a more amicable split, Elaine was unanimously nominated for reelection to Wynn Resorts' board. Still, the board might want to brace itself for some potentially awkward meetings.
One of the nastiest fights underway now involves T. Mellon & Sons' banking heir Richard Scaife and his second wife, Margaret, who apparently hired a private investigator and allegedly caught her husband cheating with an ex-prostitute. After Margaret took Scaife's favorite dog, Beauregard, Scaife placed a sign on his front lawn reading, "Wife and dog missing. Reward for dog." Margaret reportedly broke into his home to steal some valuables, including a $1,000 set of asparagus tongs.
Behind the scenes, divorces involving the ultra wealthy are often complicated and expensive--though, luckily, paying legal bills isn't a problem. In cases where a large fortune is at stake and most of the assets are illiquid, dozens of subcontractors are likely to get involved in the divorce, said Michelle Smith, a financial planner and regional director for the Institute for Divorce Financial Analysts.
