A wealthy real estate developer embroiled in a High Court fight over money with his estranged wife says her claims are based on “greed, not need”, a judge has heard.
Michael Fuchs, 62, who comes from Germany but moved to the United States in the 1990s, and former journalist Alvina Collardeau-Fuchs, 47, who comes from France, are arguing at a private hearing in the Family Division of the High Court in London.
Mr Justice Mostyn has been asked to make decisions about how much Ms Collardeau-Fuchs should walk away with following the breakdown of the marriage.
A barrister leading Mr Fuchs’ legal team told the judge on Thursday, in a written case outline, that the judge would have to decide what Ms Collardeau-Fuchs was entitled to under “nuptial agreements”.
Patrick Chamberlayne KC said Mr Fuchs argued that the figure was £30 million and Ms Collardeau-Fuchs argued that the figure was more than £45 million.
He said she wanted about £1.2 million a year provision for children – Mr Fuchs said the figure should be about £350,000 a year.
“This is one of those budgets that is so excessive,” he said.
“It speaks for itself: it is evidence of greed, not need.”
He added: “(Ms Collardeau-Fuchs) wants to live like a billionaire, having signed an agreement that she will live like a mere multi-millionaire.”
The judge heard that towards the end of the time together, they had “global annual living costs” of about £900,000.
He heard that Mr Fuchs had enjoyed an “extraordinarily successful career” and had owned a “very significant amount of prime Midtown Manhattan real estate” before marrying Ms Collardeau-Fuchs.
The couple had shared a home in London.
Nicholas Cusworth KC, who is leading Ms Collardeau-Fuchs’ legal team, said she had “ceased independent work” at Mr Fuchs’ instigation when their relationship “gathered pace”.
Mr Fuchs – who is the co-owner of New York’s Chrysler Building, according to financial and media agency Bloomberg – had accepted that he was rarely at home during the week and accepted Ms Collardeau-Fuchs deserved credit for having given up her career and investing in the care of the children, Mr Cusworth told the judge.
“The parties were able to live a billionaire lifestyle during their marriage,” said Mr Cusworth.
“They ran at least five fully-staffed homes in fashionable areas of the world, travelled extensively in the world’s top hotels and spent according to their means, which were unlimited.”
Mr Cusworth added: “It is (Ms Collardeau-Fuchs’) case that it would be wrong to implement the terms of the agreements in the way that (Mr Fuchs) proposes.”
He said Mr Fuchs had failed to “implement” what the agreements required during their marriage, and told the judge that Ms Collardeau-Fuchs would be unable to live as a post-nuptial agreement intended.
Mr Cusworth added: “(Mr Fuchs’) conduct has been egregiously bad leading up to separation, since separation prior to proceedings and throughout these proceedings.”
Mr Fuchs would continue to maintain the lifestyle the family had enjoyed, he said.
He told the judge that Ms Collardeau-Fuchs had noted Mr Fuchs travelled “prolifically” in private jets, stayed in the most exclusive hotels, and owned a fully staffed 60-metre superyacht.
Mr Cusworth said the judge would have to consider who retained which property, the division of “joint art”, and the division of jointly owned contents.
Mr Justice Mostyn heard that an art collection included three Picassos worth £8 million.
Both Mr Fuchs, who has been married before, and Ms Collardeau-Fuchs were at the hearing.
