In December of last year, pharma kingpin Stewart Rahr and his wife Carol announced that they would be divorcing after 43 years of marriage. The process was to be an amicable one, Rahr told me. Today, the New York Post’s Page Six reports that proceedings have come to an end and that Carol will receive $250 million of Rahr’s fortune, which Forbes estimated at $1.6 billion as of March. Rahr tells FORBES that he cannot comment on that figure.
The $250 million accounts for roughly 16% of Rahr’s net worth, derived from the $1.3 billion sale of his company, Kinray Pharmaceuticals in 2010. Rahr has since reinvested that payout.
Sixteen percent is a pretty good deal in the realm of billionaire divorces. As I reported when the divorce was first announced, the range as a percentage of wealth for divorce settlements in the world’s highest tax brackets is very broad. In 2007, Russian steel magnate Roman Abramovich got away with giving his wife Irina a mere 1.6% of his $18.7 billion fortune, or $300 million. On the other hand, in 2010, the reigning king of Las Vegas, Steve Wynn, lost 46% of his fortune to wife Elaine, putting her on the Forbes 400 with $1.6 billion. Rahr also beat out Formula One’s Bernie Ecclestone, who forked over 32% ($1.2 billion) of his fortune in 2008 to wife Slavica.
In 2012 alone, two Forbes 400 members, coal tycoon Joseph Craft and Philadelphia Eagles owner Jeff Lurie, fell out of the ranks due to divorces.
“I just have so few sunrises left,” Rahr said in December, “and I want to be happy.” And the self-styled Number One King Of All Fun seems to be doing just that. Known for mugging with celebrities, business icons and famous politicos (often with a cigar clenched between his teeth), he’s been taking to his email account to offer charity gifts between $5,000 and $10,000 to the first few people who can correctly identify the latest famous people he’s taking pictures with (and the location of the picture). Recent subjects include Tommy Hilfiger, LL Cool J, Lionel Richie and Walt Frazier.
Contact an Orange County Divorce Lawyer for help on any divorce issue you may have.