Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Thursday, April 23, 2020

Houston Billionaire’s Bitter Divorce Draws International Attention With a Russian Mistress and Coronavirus Part of the Tangled Web

DivorcedecreeThe court battle in the divorce of Houston billionaire Ed Bosarge, Jr. and Marie Bosarge has been heating up in recent weeks, but now has come to a roadblock. The April trial date has now been missed by the billionaire, allegedly because he is currently suffering from COVID-19.

The bitter war is over an estate worth an approximate $3.2 billion, all of which was earned during the couple's marriage. Ed Bosarge, co-founder of high-frequency trading firm Quantlab Financial, says that every single piece of the estate is locked up in trusts and is listed as "trust property." Marie has been denied access to all 12 of the residences acquired by the couple, including the $45 million flat on London’s Belgravia Square that they purchased in 2011 and she spent two years decorating to her whim. However, she was unaware that her husband was wooing a 20-something Russian socialite, and she was never able to take residence in the flat.

The trust laws in South Dakota appear to take the legal spotlight in the fight. Family law attorney Bucky J.D. Allshouse, who represents Marie, has been quoted as saying that if Ed Bosarge gets away with his scheme of diverting money to locked trusts in South Dakota, then “no wife is safe.” Marie has said that "I want him to be fair. You know, we made our money in Houston. It’s community property. It’s 50-50. I want what’s fair."

See Shelby Hodge, Houston Billionaire’s Bitter Divorce Draws International Attention With a Russian Mistress and Coronavirus Part of the Tangled Web, Paper City, April 21, 2020.

Special thanks to Sara Slabisak (Editor in Chief, Environmental Law, Lewis & Clark Law School) for bringing this article to my attention.

https://lawprofessors.typepad.com/trusts_estates_prof/2020/04/houston-billionaires-bitter-divorce-draws-international-attention-with-a-russian-mistress-and-coronavirus-part-of-the-tang.html

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Comments

It would be nice to see a successful challenge to the South Dakota statute, at least as applied to nonresident trust settlors.

Posted by: Russ Willis | Apr 24, 2020 12:39:31 PM

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