Guess Who’s Bankrupt? Fashion Icon Must Sell Mansion
Guess Who’s Bankrupt? Guess? Clothier Must Sell Mansion
Georges Marciano is the co-founder of Guess? clothing company and he is a man who never did anything in moderation.
In other words, he was wealthy and he didn’t have a problem flaunting it.
Marciano and his three brothers grew up poor in Italy. They came to the United States to work in the garment industry and in 1981 Marciano launched the acid jean craze and made millions.
In 1988 he moved into his Beverly Hills mansion.
In 1993, Georges Marciano cashed out his nearly quarter-billion dollar stake in the company and invested his money in commercial real estate. In 2005, he sold the Bank of America tower in downtown Beverly Hills, for $135 million.
And he spent every dime and then some; he purchased an 84-carat diamond, and a fleet, that is a whopping 10 Ferraris.
Mrs. Marciano and Georges suffered a nasty divorce and in 2004 Marciano sued his former employees for the alleged theft of artwork and other valuables. That was a terrible move, inspection of Marciano’s valuables proved that there was no financial swindling, and the group of employees sued for libel and won a staggering $425 million judgment against Marciano.
Simultaneously, Marciano ran for California governor, lost, and owing creditors nearly $500 million, he ran away.
Several years later, Marciano resurfaced with a new venture, the LHotel in Montreal, and allegedly decorated with that expensive artwork he accused others of stealing.
Today, Georges Marciano is bankrupt and is having a fire sale.
Initially Marciano asked for $32 million, but with no takers, the cost has been pared down to $24.5 million.
Proceeds will be applied to Marciano’s outstanding $500 million balance as part of an involuntary Chapter 11 bankruptcy.
SELLER: Georges Marciano
LOCATION: Beverly Hills, Calif.
SIZE: 19,590 square feet, seven bedrooms, nine bathrooms