A 62-year-old billionaire who owns New York’s Chrysler Building has refused to pay his estranged wife $50 million.
Michael Fuchs, who moved from Germany to the US, told the court that he wants their children to ‘learn the value of money’ as smothering them in luxuries just made them ‘jaded.’
Mr. Fuchs has been embroiled in a High Court battle with his estranged wife former journalist Alvina Collardeau-Fuch.
“I believe that smothering them in luxuries makes them jaded,” Mr. Fuchs told Mr. Justice Mostyn. “I want them to learn the value of money.”
The court heard that the former couple tied the knot in New York in 2012 and share two children. They also have a home in London before deciding to separate ways in 2020.
Ms. Collardeau-Fuchs has worked for many different media companies including CNN, CNS, NBC, and French Vogue.
The judge heard that Mr. Fuchs has an ‘extraordinarily successful career’ and owned a ‘very significant amount of prime mid-town Manhattan real estate’ before he and his wife got married.
A barrister leading the billionaire’s legal team said to the judge that the two want decisions on how much the wife is entitled to under their ‘nuptial agreements.’
Patrick Chamberlayne KC said that the billionaire argued the amount was $33 million but his estranged wife argued that it was over $50 million.
Mr. Fuchs detailed some of her proposed yearly spending on their children.
Ms. Collardeu-Fuchs, who wanted about $1.3 million a year provision for her children, has suggested a figure of $23,000 on football, tennis and rugby activities, $20,000 on theater trips with friends, $22,000 for gifts for school staff, $53,000 on activities/clubs, and $96,000 on parties.
Mr. Chamberlayne argued that Ms. Collardeau-Fuch’s budget was “evidence of greed, not need.”
But Ms. Collardeau-Fuch’s team argued that she had ‘ceased independent work’ when their relationship ‘gathered pace.’
Nicholas Cusworth KC, who is leading the wife’s legal team, said: “The parties were able to live a billionaire lifestyle during their marriage. They ran at least five fully staffed homes in fashionable areas of the world, traveled extensively in the world’s top hotels and spent according to their means, which were unlimited.”
Mr. Justice Mostyn is set to deliver a ruling later this year.
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