The five-year divorce battle between Kent and Elizabeth Swig will finally come to an end, after Kent decided to give up the $22.5 million apartment in Manhattan to his wife as part of the settlement.
In a report from Real Deal, the couple made their divorce official after Kent agreed to give his ex-wife their apartment at 740 Park Avenue as well as $12 million in artwork by masters like Jeff Koons, $1.8 million in jewelry and $1 million in furniture.
Daily Mail reported that the 7,500-square-foot, 5-bedroom, 5.5-bathroom Upper East Side apartment with library, staff-quarters, wood-burning fireplaces and a 25ft-long foyer, as well as basket weave-patterned wood floors and a sweeping staircase was acquired by the Swigs in 2000.
According to the report from Page Six, Kent accused his father-in-law, property titan Harry Macklowe, of signing his name on a $270,000 insurance repayment to compensate for an outstanding $200,000 loan. The allegation was denied by Macklowe and later on dismissed by the judge in the separate law suit.
The attorneys for both sides had a closed door meeting with the judge before finalizing the deal. Neither of the Swigs gave a comment on the agreement but their lawyers spoke on their behalf.
'Mr. Swig is pleased that he and his wife have settled their matrimonial case,' Kent Swig's lawyer, Jason Advocate, said.
Elizabeth Swig's lawer, Peter Bronstein, said: 'Elizabeth Macklowe Swig is delighted that she and her husband have resolved their differences'.
Both parties have until 5 p.m. Dec. 2 to exchange the paperwork, and then their divorce will be finalized after 60 days.
"For your sake, I hope I don't see you on Dec. 3," said the judge.
The deal was struck just a few weeks before both parties were headed to trial on December 7 over the receipt of paperwork including releases and documents from Mr. Macklowe.
