Tycoon Pierre Lagrange comes out – to face UK's most expensive divorce payout

 

A top hedge fund manager is facing one of the most expensive divorce settlement in British legal history after telling his wife he is gay.

Pierre Lagrange, who is said to be worth at least £300m through running the firm GLG Partners, has sold his opulent London home on the road known as "billionaire's row" in anticipation that half his wealth could be claimed by his wife, Catherine.

A spokesman for GLG confirmed that the couple split last year after the Belgian came out to his family and friends, and he has since started a relationship with Roubi L'Roubi, a Mayfair fashion designer.

The Chelsea FC owner Roman Abramovich has paid £90m for Mr Lagrange's 15-bedroom house in Kensington Palace Gardens, where his new neighbours will include the richest man in Britain, Lakshmi Mittal, and the oil magnate Len Blavatnik. But it is entirely possible Mr Lagrange will have to find another £60m to meet the financial demands of his split.

The current record is around £100m, granted to the wife of the Russian oligarch Boris Berezovsky. The leading divorce lawyer Ayesha Vardag said that the increasing frequency of such sums is raising eyebrows.

"There is a general concern that awards are too high and that the principle that has been in place since 2000 – of generally sharing equally no matter who earned it – is being somewhat stretched in the light of the huge awards that are coming through.

"The courts have said that these awards are bigger than anyone expected they would be. It would invite a re-evaluation of the straight forward 50/50 approach to marital assets."

Mr Lagrange can at least take some heart that a £150m payout would not be the biggest amount of money he has had to write off, having lost an estimated £265m during the credit crunch.

That did not stop GLG, a company that also gained from the financial crisis by short-selling Bradford and Bingley shares before the bank collapsed, being bought by a rival for $1.6bn three years later – a sale that saw the 49-year-old former Goldman Sachs man claw back much of his former wealth.

His wife is a leading donor to the Conservatives, having given the party £100,000 in the run-up to last year's general election, on top of a previous £50,000 gift. As well as giving money to cultural organisations, Mr Lagrange has also found the arts to be a profitable sector having invested in the films Avatar and Kick-Ass.

PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
ebooksAn unforgettable anthology of contemporary reportage
Arts and Entertainment
From Mean Girls to Mamet: Lindsay Lohan
theatre
Sport
Nathaniel Clyne (No 2) drives home his side's second goal past Arsenal’s David Ospina at the Emirates
footballArsenal 1 Southampton 2: Arsène Wenger pays the price for picking reserve side in Capital One Cup
News
Mike Tyson has led an appalling and sad life, but are we not a country that gives second chances?
peopleFormer boxer 'watched over' crash victim until ambulance arrived
Arts and Entertainment
Geena Davis, founder and chair of the Geena Davis Institute on Gender in Media
tv
News
i100
Travel
travelGallery And yes, it is indoors
Life and Style
tech
Arts and Entertainment
The Tiger Who Came To Tea
booksJudith Kerr on what inspired her latest animal intruder - 'The Crocodile Under the Bed'
News
i100
Arts and Entertainment
British actor Idris Elba is also a DJ and rapper who played Ibiza last summer
film
News
Alan Bennett criticised the lack of fairness in British society encapsulated by the private school system
peopleBut he does like Stewart Lee
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Account Executive/Sales Consultant – Permanent – Hertfordshire - £16-£20k

£16500 - £20000 Per Annum: Clearwater People Solutions Ltd: We are currently r...

KS2 PPA Teacher needed (Mat Cover)- Worthing!

£100 - £125 per day: Randstad Education Crawley: KS2 PPA Teacher currently nee...

IT Systems Manager

£40000 - £45000 per annum + pension, healthcare,25 days: Ashdown Group: An est...

IT Application Support Engineer - Immediate Start

£28000 per annum: Ashdown Group: IT Software Application Support Analyst - Imm...

Day In a Page

Syria air strikes: ‘Peace President’ Obama had to take stronger action against Isis after beheadings

Robert Fisk on Syria air strikes

‘Peace President’ Obama had to take stronger action against Isis after beheadings
Will Lindsay Lohan's West End debut be a turnaround moment for her career?

Lindsay Lohan's West End debut

Will this be a turnaround moment for her career?
'The Crocodile Under the Bed': Judith Kerr's follow-up to 'The Tiger Who Came to Tea'

The follow-up to 'The Tiger Who Came to Tea'

Judith Kerr on what inspired her latest animal intruder - 'The Crocodile Under the Bed' - which has taken 46 years to get into print
BBC Television Centre: A nostalgic wander through the sets, studios and ghosts of programmes past

BBC Television Centre

A nostalgic wander through the sets, studios and ghosts of programmes past
Lonesome George: Custody battle in Galapagos over tortoise remains

My George!

Custody battle in Galapagos over tortoise remains
10 best rucksacks for backpackers

Pack up your troubles: 10 best rucksacks for backpackers

Off on an intrepid trip? Experts from student trip specialists Real Gap and Quest Overseas recommend luggage for travellers on the move
Secret politics of the weekly shop

The politics of the weekly shop

New app reveals political leanings of food companies
Beam me up, Scottie!

Beam me up, Scottie!

Celebrity Trekkies from Alex Salmond to Barack Obama
Beware Wet Paint: The ICA's latest ambitious exhibition

Beware Wet Paint

The ICA's latest ambitious exhibition
Pink Floyd have produced some of rock's greatest ever album covers

Pink Floyd have produced some of rock's greatest ever album covers

Can 'The Endless River' carry on the tradition?
Sanctuary for the suicidal

Sanctuary for the suicidal

One mother's story of how London charity Maytree helped her son with his depression
A roller-coaster tale from the 'voice of a generation'

Not That Kind of Girl:

A roller-coaster tale from 'voice of a generation' Lena Dunham
London is not bedlam or a cradle of vice. In fact it, as much as anywhere, deserves independence

London is not bedlam or a cradle of vice

In fact it, as much as anywhere, deserves independence
Vivienne Westwood 'didn’t want' relationship with Malcolm McLaren

Vivienne Westwood 'didn’t want' relationship with McLaren

Designer 'felt pressured' into going out with Sex Pistols manager
Jourdan Dunn: Model mother

Model mother

Jordan Dunn became one of the best-paid models in the world