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Mark Abzug

Rupert Murdoch’s soon-to-be ex keeps famous penthouse

On Behalf of | Nov 23, 2013 | Property Division

Florida residents may have heard about Rupert Murdoch’s complex property division that is part of finalizing his divorce and 14-year marriage to Wendi Deng Murdoch. The settlement is waiting to be finalized by a New York judge.

Murdoch’s third wife will keep the Fifth Avenue penthouse for sentimental value, and also because Murdoch thought it was best for the couple’s two young daughters. The penthouse was once owned by Laurence Rockefeller, and it was obtained during the marriage for a purchase price of $44 million. Shortly after the purchase, renovations and furnishing costs were reported to be in the neighborhood of $55 million.

The recently purchased Moranga Vineyards, which features 16 acres and an 8,000-square-foot mansion, will remain Murdoch’s property, as well as his estate in Beverly Hills. He will retain his control of News Corp. and 21st Century Fox after the divorce, and it is reported that his four older children from two earlier marriages will eventually hold 38 percent of the voting stock for the two entertainment companies. One bone of contention between Rupert Murdoch and Wendi Murdoch was his refusal to grant similar privileges to his two younger children.

A qualified attorney may be able to negotiate fair and equitable division of property and business assets between couples seeking a divorce. Whether the divorce only requires simple property division or more complex division of business assets, it is usually in the best interest of one who is contemplating divorce to enlist the aid of a competent attorney.

Source: Los Angeles Times, “Rupert Murdoch finalizing divorce; Wendi Murdoch keeps NY apartment“, Meg James, November 19, 2013