Sackler Poised to Lose Greenwich Home in Opioid Settlement

Oklahoma Digital News2 hours ago

9 minutes read

The fallout of a historic financial settlement could soon put Purdue Pharma chair Richard Sackler out of his Greenwich mansion.

A federal bankruptcy judge recently ruled that the pharmaceutical executive could not interfere with the sale of his Connecticut estate at 60 Field Point Circle, according to the New York Post. Sackler and his wife have been contesting to keep the place, which was pledged as collateral to fund the $7.4 billion opioid settlement.

It’s unclear if the waterfront estate is where Sackler lays his head each night, but his wife and children continue to live in the 10,500-square-foot, six-bedroom home. The judge did not order their eviction from the home, but indicated it was a possible outcome along with other sanctions.

“I am profoundly concerned about the victims of the opioid epidemic having to wait for what’s their due in terms of getting payment, by virtue of this,” the bankruptcy judge stated.

The judge’s ruling was first reported by Reuters.

Proceeds from a sale of the mansion would go towards the settlement fund, largely earmarked for addiction treatment, prevention and recovery. The settlement is borne out of the aggressive marketing of painkiller OxyContin, leading to an avalanche of lawsuits. Purdue Pharma pleaded guilty to criminal charges, but none of the Sackler family members were criminally charged.

It’s unclear how much the place would sell for, but the reported municipal assessment is above $65 million. An attorney for the couple said they would appeal an earlier ruling that paved the path to allow a home sale.

Sackler won’t be out on the streets anytime soon, as he still owns four other homes, including a primary residence in Florida.

Last year, Julia Shack Sackler was revealed as the anonymous buyer of an $11 million townhouse at 17 Willow Place in Brooklyn Heights. Julia is the daughter of Susan Shack Sackler and Kathe Sackler, who was a member of the Purdue Pharma board and one of the named defendants in a civil lawsuit filed by the Department of Justice.

— Holden Walter-Warner