Tory Burch Is Now A Billionaire
2013 is starting to look like a very good year for Tory Burch. On New Year’s Eve, she and ex-husband Chris finally settled their messy year-long legal battle and now, Tory is a billionaire thanks to the sale of Chris’ stake in her company.
While the terms of the Burch’s settlement were confidential, Bloomberg reports today that Chris sold about half of his 28.3 percent stake in Tory’s eponymous brand, leaving him with 15 percent of the company. According to research firm PrivCo Media LLC, Chris’ sale is valued to be around $3.3 billion. Bloomberg notes that Chris most likely settled just before the year ended due to the increase in capital gains taxes, which went from 15 to 20 percent on January 1, 2013. That Chris is a sly one.
Meanwhile, Tory will keep her 28.3 percent stake, which is valued at around $935 million. But that’s not all. According to PrivCo, the value of her stock plus the $70 million Tory received from equity sales and dividends from the past decade officially makes her a billionaire. Mo money, mo problems? Not for Tory.