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Frank McCourt took out $60M loan to help wife

September 3, 2010 12:00:00 AM PDT
In his fourth day on the witness stand, Los Angeles Dodgers owner Frank McCourt testified that he took out a $60 million loan to pay mortgages on Jamie McCourt's six homes.The loan was taken out against the value of the land around Dodger Stadium.

Jamie McCourt testified on Friday as the bitter divorce trial continued over the ownership of the Dodgers, the stadium and the surrounding property.

Jamie McCourt is challenging a marital agreement that according to Frank McCourt, gives him sole ownership of the team while his wife gets their luxurious six homes.

Frank said he and his wife had a "fundamental, philosophical" difference about how many homes they should have and how many advisers they should hire.

In a March 2008 e-mail, Frank told his wife that they might be unable to carry the financial burden of the expensive homes they were accumulating, but "I am willing to figure out how to do it because I want to make you happy."

McCourt took out a $60 million loan on land around Dodger Stadium to help pay off the mortgages. Court documents show the McCourts have taken out more than $100 million in loans from Dodger-related businesses.

Frank said in court that he was taken aback that Jamie McCourt sought $250 million at one point.

"I told her no," he said. "It was ridiculous. I thought she was wildly overreaching.

McCourt eventually agreed, but never signed a revised agreement. In the months leading to their separation last summer and their eventual divorce filing in October, he said the marriage hinged on him kowtowing to his wife's demands to change the agreement.

Jamie McCourt took the stand late Friday. She testified that she was in favor of buying the Dodgers organization and that she did not feel it was a risky transaction.

Frank McCourt testified on Thursday that is was not his idea to divide their assets - it was his wife's idea. Frank McCourt alleges that when they moved to California, his wife wanted to be sure that her real estate was protected if his gamble on the Dodgers soured.

Jamie McCourt wants an even split of assets under the state community property law.

The trial is slated to take a two-week hiatus and resume Sept. 20 with testimony by Jamie McCourt.

The Associated Press contributed to this story.


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