Goldman Sachs Made $100 Million Off Tesla Trades This Year - Report Door

Movers hauled crates of art from his Upper East Side townhouse after he struck a deal with Sotheby’s to sell hundreds of millions of dollars of works.He’s unloaded his stake in Humvee-maker AM General, sold a flavorings company that he’d owned for decades and hired banks to find buyers for stock he holds in other companies.What in the world is going on with Ron Perelman? “I have been very public about my intention to reduce leverage, streamline operations, sell some assets and convert those assets to cash in order to seek new investment opportunities and that is exactly what we are doing.”Read Ronald O. Perelman’s full statement herePerelman also gave more prosaic reasons for the shift, including spending time with his family during lockdown and a desire for a simpler life.“I realized that for far too long, I have been holding onto too many things that I don’t use or even want,” he said. “If he’s selling his art, it’s because he needs cash.”The art includes Jasper Johns’s “0 Through 9,” priced in the $70 million-range, Gerhard Richter’s “Zwei Kerzen (Two Candles),” which went for more than $50 million and Cy Twombly’s “Leaving Paphos Ringed with Waves (I),” which found a buyer for about $20 million, according to people with knowledge of the matter, who asked not to be identified as the sales were private.“What he’s selling is as blue chip as it gets,” said Wendy Goldsmith, an art adviser in London.Some proceeds are slated to pay down loans from Citigroup Inc., according to people with knowledge of the arrangements. Perelman is building a performing arts center in the Financial District, is vice chairman of the Apollo Theater, and sits on the boards of Columbia Business School and New York-Presbyterian Hospital.Read More: Billionaire Perelman Seeks to Reset Empire to Face New WorldIt’s a striking turn for Perelman, long celebrated and feared for engineering some of the most ambitious deals of the 1980’s and 1990’s, and for the litigation, divorces and corporate brawls he left in his wake.“He was imaginative, aggressive and innovative in ways that changed the financial landscape,” said investment banker Ken Moelis, a long-time Perelman adviser.But now, one of the original pioneers of the Michael Milken-fueled junk-bond takeover era is realizing that there’s such a thing as too much debt — especially during a pandemic.Take Revlon, which sits at the center of his empire.Its $365 million market value is a whisper of the $1.74 billion he paid for the company in 1985.

Read Full Details