michael mastro.jpg
Michael Mastro says he's broke. When the real-estate magnate declared bankruptcy last year he claimed to be $570 million in the hole. So why is

"/>

Michael Mastro, Bankrupt Real-Estate Magnate, Forced to Spend Lavishly to Keep Wife Happy

michael mastro.jpg
Michael Mastro says he's broke. When the real-estate magnate declared bankruptcy last year he claimed to be $570 million in the hole. So why is the 85-year-old spending $8,000 a month on a Bentley and Rolls Royce and going on lavish ski trips to Wyoming and Switzerland? "Mike loves his wife," James Frush, one of Mastro's lawyers told The Seattle Times. "He's trying to keep her happy in a difficult situation." Oh that poor dear!

Yes, according to Frush, Linda Mastro was accustomed to the finer things in life before the real-estate bubble helped burst most of her hubby's assets. That's why, he says, out of all the people owed money by Mastro, it is the couple themselves who are suffering most.

"The people who have had their lifestyle and standard of living diminished the most are the Mastros," he told the Times.

rolls royce.jpg
Rolls Royce: the luxury car preferred by the financially insolvent.
Which makes you wonder what their lifestyle was like before the crash. Because holy shit are these two spending like it's going out of style!

Thanks to some subpoenaed credit card statements, the Times has a nice little rundown of all the post-bankruptcy spending done by the Mastros. It includes holidays in Paris, New York, Palm Springs and Italy. The previously mentioned car payments, ski trips and a $3,000 meal at Canlis.

How is Mastro still living high on the hog? According to the Times (which is getting ITS info from Mastro's lawyer), the man has made hundreds of thousands of dollars consulting on real-estate deals even after he lost half a billion dollars on real-estate deals.

Oh, and he's also benefiting from the generosity of friends who are loaning him cash. Even though he lost $100 million in an enterprise known as his "Friends & Family" fund.

Can't keep a good man down, I guess.

 
comments powered by Disqus

Friends to Follow