It may be the most incredible discounted purchase ever. According to court records, former Lehman Brothers chief Richard Fuld late last year sold to his wife a seaside mansion on Jupiter Island, Florida, for a total of $10 (yes, that's ten dollars).
The price represents somewhat of a drop from the $13.75 million Fuld paid in 2004 for the property. The deal comes at an interesting time and in an interesting place. Fuld, of course, having steered Lehman into a dramatic bankruptcy last year, remains a target for punitive legislators representing an angry public. And Florida is known for its relatively lenient treatment of property in the case of bankruptcy. In other words, in many cases a bankrupt person is allowed to hold on to a property, regardless of the value.
It is unknown exactly what the Fulds' strategy was in transferring ownership, but it is guaranteed not to further endear the public to Wall Street titans.