Why giving up control of your property is never a good idea
January 30, 2009
Formula One is one of the most popular sports in Europe (after soccer of course). Bernie Ecclestone is the wealthy head of Formula One, worth about 2.4 billion pounds -- that equals almost 3.5 billion dollars to us. Ecclestone married his wife, a supermodel named Slavica, 24 years ago. She is 28 years younger than he is and stands 10 inches taller.
Reportedly, Ecclestone loves his wife very much. They have two grown daughters together; sadly, she left their martial estate recently and announced she is divorcing him.
There's just one minor -- or not so minor -- problem. In order to save money on taxes, Ecclestone placed most of the proceeds from his recent sale of 75% of his Formula One holdings into offshore trusts in Slavica's name. As a non-British citizen, she pays less taxes -- but of course, that means, she controls the trusts and the billions they hold.
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