Richard Sackler could lose his $65 million Greenwich mansion in opioid settlement
Richard Sackler may soon lose his Greenwich waterfront estate.
The short version
- A federal judge ruled the home can be sold as collateral.
- The $7.4 billion settlement funds addiction treatment and recovery.
- His family still lives in the six-bedroom house.
- Sackler still owns four other homes including one in Florida.
The fallout of a historic financial settlement could soon put Richard Sackler, the former Purdue Pharma chair, out of his Greenwich mansion. A federal bankruptcy judge recently ruled that the pharmaceutical executive could not interfere with the sale of his Connecticut estate at 60 Field Point Circle, according to the New York Post.
Richard Sackler and his wife have been contesting to keep the place, which was pledged as collateral to fund the $7.4 billion opioid settlement tied to the painkiller OxyContin. It is unclear if the waterfront estate is where Richard Sackler lays his head each night, but his wife and children continue to live in the 10,500-square-foot, six-bedroom home.
The judge did not order their eviction from the home, but indicated it was a possible outcome along with other sanctions. \u201cI am profoundly concerned about the victims of the opioid epidemic having to wait for what\u2019s their due in terms of getting payment, by virtue of this,\u201d the bankruptcy judge stated.
Proceeds from a sale of the mansion would go towards the settlement fund, largely earmarked for addiction treatment, prevention and recovery. Purdue Pharma pleaded guilty to criminal charges over the marketing of OxyContin, though none of the Sackler family members were criminally charged.
It is unclear how much the place would sell for, but the reported municipal assessment is above $65 million. An attorney for the couple said they would appeal an earlier ruling that paved the path to allow a home sale. Richard Sackler will not be out on the streets anytime soon, as he still owns four other homes, including a primary residence in Florida.
Watch your own collateral before signing a deal that puts the roof over your head on the line.
