09 September 2011
Largest divorce settlement in Britain?
Hedge Fund Boss Pierre Lagrange, 49, who is one of the richest 250 people in Britain, has come out as gay and left his wife Catherine and their three children.
It has been reported that Lagrange has sold his house for £90m to help pay for what could be one of Britain’s biggest divorce settlements.
The Hedge Fund Boss has started a relationship with a male British-born fashion designer, Roubi L’Roubi, 42 whose Sudanese parents are based in Mayfair. L’Roubi’s haute couture designs, such as a £350 pink wrap, are worn by stars such as the soprano Claire Rutter. It has been suggested that Belgian-born Lagrange began to question his sexuality a year ago and it was at the heart of the split from his wife. The couple filed divorce papers in the Family Division of the High Court last month.
Lagrange’s personal wealth is calculated at £331m in the latest edition of The Sunday Times Rich List. A former Goldman Sachs and JP Morgan trader, he co-founded the GLG investment and hedge fund operation, which was criticised for "gambling" on the collapse of the Bradford & Bingley bank at the height of the banking crisis. Lagrange also made millions by investing with footballers, Ryan Giggs, David Beckham and Gary Lineker and others in a fund that financed the film, Avatar.
Lagrange and his family lived in Kensington Palace Gardens, West London, otherwise known as "billionaires’ row". The Former Matrimonial Home bought for £19m in 2004 has now been sold to Roman Abramovich, owner of Chelsea football club, for £90m. The reason for the huge profit is down to the renovation work undertaken on the grade II listed property which was previously occupied by the Russian government. Langrange’s developer raised the roof, added a third floor and made a large underground cavity, now filled with an Olympic-size swimming pool, male and female changing rooms, a gym, a sauna, a steam room, a wine cellar and staff quarters.
It has been reported that Lagrange has said that his divorce reflects a separation that happened a long time ago and that it is being dealt with amicably, with respect and love from all parties. Lagrange has been quoted as saying that he met Roubi long after his divorce decision and he has confirmed that his relationship with him is indeed of a romantic nature. Despite the apparent "amicable" nature of the Divorce, it is understood that the former banker could have to pay his wife up to half his fortune (£165.5m), making it one of Britain’s biggest divorce settlements. The record was set in July by the former wife of Boris Berezovsky, 64, who won a settlement estimated at more than £100m.
Georgina Chase is a Family & Divorce Solicitor at Slater and Gordon Lawyers. For a free initial consultation call freephone 0808 175 8000 or contact us online and we will call you.
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