New York Times: Selling Prized Possessions Got Elkins Park Native & Billionaire Ron Perelman Ahead of Debt

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ron perelman
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Billionaire Ron Perelman, an Elkins Park native, seemed to have it all until his debts caught up with him and he was forced to sell some of his prized possessions to pay some of them off, writes Jacob Bernstein for The New York Times.

The chairman and chief executive of MacAndrews & Forbes, best known for overseeing Revlon, has been lording over a small empire of businesses for the last three decades, including online gambling with Scientific Games and supermarket coupons with Vericast.

But in recent years, Revlon has turned into a sinkhole with loans of nearly $3 billion, with Vericast having a similar amount of debt attached to it.

When the banks closed in after the pandemic began and Revlon shares fell from $24 to $5, he started selling the artwork and other properties to cover some of them, including his 280-foot superyacht.

After this massive sell-off, he said he is now healthy and almost free of personal debt.

“I am not sick, I am not broke,” he said.

Read more about Ron Perelman and his rise above his debts in The New York Times.

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