How Telecom Tycoon Gary Winnick Lost a Multibillion-Dollar Fortune
Автор: WorldStream News
Загружено: 2025-12-20
Просмотров: 186
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Gary Winnick, once the richest man in Los Angeles with a net worth exceeding $6 billion during the late 1990s tech boom, saw his fortune collapse following the bankruptcy of Global Crossing, the telecommunications company he built into a multibillion-dollar enterprise. Heavy borrowing, aggressive expansion, and the collapse of the dot-com bubble left the company unable to meet revenue projections, culminating in a Chapter 11 filing in 2002.
Despite cashing out hundreds of millions of dollars in stock before the collapse, Winnick faced years of lawsuits, mounting legal costs, and continued spending on an extravagant lifestyle and luxury real estate, including the historic Casa Encantada estate in Bel Air. Over time, debt accumulated, with loans secured by personal assets.
When Winnick died in 2023, his estate was insolvent, leaving his widow to confront foreclosure proceedings on several properties. The attempted sale and looming foreclosure of Casa Encantada has since become a symbol of the dramatic rise and fall of one of the most prominent fortunes of the internet era.
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