Billionaire's Empire In Ruins - Fire Sale

Posted by Ed 30 days ago 
For billionaire Ronald O. Perelman, the time to cash in his chips is now. And, of course, by "cash in his chips", we mean liquidate everything in a panic after Covid sends your highly leveraged empire into ruins.

In what will likely wind up as a microcosm of the United States economy as a whole, Perelman is currently in the process of selling his Gulfstream 650, his 257 foot yacht and "crates" of his artwork, according to Bloomberg. According to the report, he has already sold his stake in AM General, sold a flavorings company he has owned for decades and has hired banks to sell stock he owns in other companies.

Among the art he is selling is Jasper Johns’s “0 Through 9,” worth about $70 million, Gerhard Richter’s “Zwei Kerzen (Two Candles),” worth about $50 million and Cy Twombly’s “Leaving Paphos Ringed with Waves,” which is worth about $20 million.

Art adviser Wendy Goldsmith said: “What he’s selling is as blue chip as it gets."

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