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McCourts sell one of two Holmby Hills homes

August 31, 2011 |  8:20 pm

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In 2004, the year that Frank and Jamie McCourt (pictured above) arrived in town as the smiling new owners of the Dodgers, the couple bought side-by-side homes near the Playboy Mansion. As the McCourt divorce proceedings approach their third year, one of those homes has been sold.

The smaller of the two homes -- at 8,385 square feet -- was sold this month for $6.525 million, according to documents filed Wednesday in Los Angeles Superior Court.

The McCourts bought the property for $6.5 million in 2004. The net proceeds from this month's sale were $6.14 million, with the buyer identified in the court documents as Pickford Investment Group LLC. Frank and Jamie McCourt are disputing how the proceeds should be used.

The disclosure of the home sale was included in a series of filings Wednesday. In the most significant legal issue at hand, Frank said he should not have to pay any of Jamie's legal fees. She asked the court last month to order Frank to pay $9.9 million to cover her outstanding legal bills and the projected cost of remaining divorce litigation.

She has accused him of misrepresenting his financial position to the court. In his response, he accused her of misrepresenting her financial position to the court.

In particular, he noted that she listed expenses of $85,716 per month on her business, Jamie Enterprises, but claimed she had no income from the venture and did not disclose any financial information about it.

"Jamie Enterprises is nothing more than an extremely expensive hobby in which Jamie engages," the filing read.

Frank also said Jamie spends $412,000 per month on residential expenses. According to the filing, she spent $19,541 to convert a chlorine pool to a saltwater pool at the Holmby Hills residence that was not sold.

Frank, who has been living at the Montage Beverly Hills hotel, said he had agreed on an apartment lease that would "reduce my housing expenses from approximately $30,000 per month to $17,500 per month." He said the landlord required him to prepay four months of rent and pay the equivalent of another two months of rent as a security deposit because of concerns "regarding my liquidity."

Frank also dismissed as "false" the suggestion by Jamie that he had "bank accounts or other assets in China or other offshore locations that I have not disclosed."

Frank disclosed that he has a "contingency fee agreement" with the law firm representing him in a pending "legal malpractice claim" against Bingham McCutchen, the Boston-based firm responsible for the since-invalidated marital property agreement that would have granted him sole ownership of the Dodgers. Frank said he has "been unable to pay" the costs for which he is responsible under the contingency agreement.

According to the filing, he has paid $4.66 million to two law firms representing him in the divorce proceedings, and he owes the firms another $2.1 million, through July 31.

His current "bank account balance," according to the filing: $47,765.

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Trade deadline comes and goes by Jamey Carroll stays

-- Bill Shaikin

Photo credit: Reuters

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