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Russian billionaire purchases $88 million NY home, accused of hiding assets in divorce

New York 3/17/2012 03:03 AM GMT (WooEB)

New York, New York- The estranged wife of Russian billionaire, Dmitry Rybolovlev, has accused him of hiding assets by purchasing one of the most expensive properties in New York City, a Central Park address, which cost him $88 million.

Rybolovlev allegedly purchased the multi-million dollar home for his 22 year-old daughter while she attends college in New York. But his estranged wife just says he is trying to hide assets from her and her divorce attorneys, who filed a lawsuit Friday alleging that the Dmitry has “the specific intent of hiding and diverting his personal interest in the property.”

The Rybolovlev divorce is being handled by a court in Switzerland, but Dmitry has a number of assets in the U.S.

Elena Rybolovlev was married to Dmitry for 24 years and they have two children together, but the couple filed for divorce in 2009. Elena alleges that he has been on spending spree since their divorce filing and has acquired numerous multi-million dollar entities, which include a soccer club in Monaco and a $95 million dollar mansion in Palm Beach, Florida, purchased from Donald Trump. Elena has a similar lawsuit filed in Florida.

Dmitry uses a variety of shell companies and LLCs to make his large purchases.

Forbes recently published an article about the frequency that men hide assets from divorce lawyers to keep them out of the hands of their ex-wives and the method they use to hide these assets. The story notes that there are many methods, many of which are legal transactions. Hiding assets, however, is unlawful and very difficult for divorce attorneys to trace.



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