American entrepreneur Gary Winnick, who founded the telecommunications company Global Crossing, left his family millions in debt after his death, The Wall Street Journal (WSJ) reported. According to the newspaper, the billionaire left his family more than $150 million in debt.
Winnick founded Global Crossing in 1997. When the company filed for bankruptcy in early 2002, many employees sued Winnick for misleading them about the company's financial condition. The entrepreneur agreed to pay approximately $55 million. As legal costs for his other companies mount, he has taken steps to raise additional funds.
Despite his dire financial situation, the entrepreneur continues to live a lavish lifestyle. The WSJ claims that his business partners and family were unaware of the true extent of Winnick's debt.
“Gary managed our family finances. I didn't know that in the years before his death he was experiencing significant financial difficulties "I didn't know until Gary passed away that we were in debt and that Gary needed money to pay off the debts and maintain his lifestyle," the newspaper quoted the entrepreneur's wife as saying in court documents.
Winnick owned the $94 million Casa Encantada mansion, a two-bedroom apartment at the iconic Sherry-Netherland Hotel in New York City, a seven-bedroom 1930s beach house and an art collection that included works by Edward Hopper and Cy Twombly.