January 26, 2009 / 1:00 AM / 11 years ago

Lehman's Fuld sold Florida mansion to wife for $100

Richard Fuld, then Chairman and CEO of Lehman Brothers Holdings, pauses during testimony at a House Oversight and Government Reform Committee hearing on the causes and effects of the Lehman Brothers bankruptcy, on Capitol Hill in Washington, October 6, 2008. REUTERS/Jonathan Ernst

NEW YORK (Reuters) - Fallen Lehman Brothers Chief Executive Richard Fuld sold his $13.3 million mansion to his wife for just $100 last November, according to Florida real estate records.

The 62-year old executive, who could face civil lawsuits after overseeing the storied investment bank’s collapse into Chapter 11 proceedings last September, transferred ownership of the 3.3 acres seaside home to Kathleen Fuld on November 10, records show.

The couple had jointly bought the home for $13.75 million in March 2004, as first reported by Cityfile.com.

Fuld has been blamed for Lehman’s collapse on September 15 after it was weighed down by bad assets leading to the largest-ever U.S. bankruptcy when it was unable to find a buyer to come to its rescue.

He was widely criticized for not acting quickly enough to save the 158-year old bank.

Though Fuld told U.S. lawmakers he took full responsibility for his actions and felt “horrible about what has happened to the company,” he insisted he shared the blame with U.S. regulators and Congress.

Fuld, who was awarded $22 million in compensation in fiscal 2007, stepped down as Lehman chief executive at the end of last year and did not receive any bonus or severance when he left.

Reporting by Yinka Adegoke

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