Hula Hoop heiress in a spin as Ex nets £5 million

The ex-husband of Hula Hoop heiress Elena Bowes Marano is cock-a-hoop thanks to a recent Court of Appeal decision awarding him £5,000,000 of his wife’s fortune to cover his credit crunch debts.

Elena Bowes Marano is the daughter of an American entrepreneur whose company Kransco produced popular children’s toys including the Frisbee and Hula Hoop before selling out to Mattel for more than £210 million. Mrs Marano, described as “hugely rich” in her own right had a fortune valued at over £19 million.

When she married Peter Marano in California, he was a high flying executive. He set up his own company and went on to build up a substantial property empire.

The recession was to have a dramatic effect on Peter Marano’s property portfolio. When the couple first separated in 2007, Peter’s property investments in central London were valued at £88 million. By the time their divorce was finalised in 2009, the value of the portfolio had plummeted, resulting in a debt of £10 million.

At the 2009 divorce hearing, the judge ordered an equal split of the couple’s assets, and also went on to order Mrs Marano to pay off half of her husband’s £10 million debt. Mrs Marano appealed the decision, but the court ruled in her husband’s favour. It is believed to be the largest sum that a divorcing spouse has been ordered to pay in relation to property losses but reinforces the whole concept of equality.

The case is yet another example of the dramatic and unpredictable effect that the credit crunch is having on the finances of divorcing couples. The present financial climate has made it more important than ever to seek expert legal advice in the event of a divorce. For further information and advice about the financial aspects of your divorce, contact Kim Aucott on 0161 234 8874.