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TexasTowelie

(111,313 posts)
Wed Feb 15, 2017, 05:26 AM Feb 2017

DOJ Seeks to Foreclose on the Late Billionaire Charles Wyly's Dallas Home

As the wife of the late Dallas billionaire and philanthropist Charles Wyly, Caroline Dee Wyly witnessed her husband’s fortune contribute to reshaping the Dallas Arts District. The AT&T Performing Arts Center named a theater in their honor after the couple donated $20 million, and their generosity reached Republican politicians whom the family claims received more than $10 million for conservative causes since the 1970s.

Wyly shared an $8 million Dallas home with her husband in a neighborhood surrounded by notable people, including former President George W. Bush and Dallas Mavericks’ owner and television personality Mark Cuban. They spent five decades in the 5,000-square-foot home at the 5900 block of Deloache Avenue, raising a family of three daughters and a son as her late husband amassed a fortune buying, enlarging and selling retail enterprises such as the arts-and-crafts store chain Michaels, the Bonanza and Ponderosa steakhouses, Green Mountain Energy and Sterling Software. He died in a car accident in 2011.

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The U.S. Department of Justice wants a Texas-based federal court to let it foreclose on Wyly’s $8 million property. The home already has a federal tax lien against it, but if the home is sold, the Justice Department claims the proceeds could go toward paying the $20 million in back taxes it claims Wyly owes.

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Wyly wasn’t available to chat, and the Department of Justice couldn’t discuss particulars of the most current move, only to confirm what’s already been reported by Law360: that this is another move in a yearslong fraud and tax-avoidance case entering a new phase since Wyly filed for bankruptcy shortly after a jury found her husband’s estate and her brother-in-law Sam Wyly guilty of securities fraud in 2014. They were ordered to pay $300 million.

Read more: http://www.dallasobserver.com/news/doj-seeks-to-foreclose-on-the-late-charles-wylys-dallas-home-9183545

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