Prince exits property
Charles Prince, he of Citi fame, will be forced to move back into his Park Avenue apartment after putting his Greenwich, Connecticut, mansion up for sale.
The five-bedroom, 2.3-acre property will go on the market with an asking price of $6.15 million. Apparently, the property "no longer meets his needs", although whether those needs refer to the swimming pool and exercise room or a dining room big enough to seat 12 is unclear.
Or maybe Prince just needed to free up some capital in light of House Oversight and Government Reform Committee chairman Henry Waxman’s investigation into executive pay related to sub-prime losses. Prince, along with former Merrill Lynch CEO Stan O’Neal, will face questions relating to the massive severance packages they received after overseeing record losses for their respective former employers. Prince took home some $60 million when he "retired" from Citi in November. This publication does not advise Prince to use the defence: "But I’ve lost my house just like all those other folks!"