It is safe to say that most Texas couples getting divorced are not millionaires. Even high asset divorces in the state do not typically involve such great wealth. However, this divorce case highlights some of the property issues that arise when couples who share valuable assets decide to call it quits.
According to media outlets, Julianna Hawn Holt, chairperson and co-chief executive officer (CEO) of the Spurs basketball team, filed for divorce last December. Her soon to be ex-husband, Peter Holt, served as the team’s chair and CEO before Mrs. Holt, but he gave control of the Spurs to his wife in a surprise move nearly two years ago.
Forbes reports that the basketball franchise is currently valued at nearly $1.6 billion, but this represents only a portion of the couple’s assets. Spurs Sports & Entertainment owns and operates additional sporting organizations including the San Antonio Rampage hockey team. The entertainment company also controls Texas’s AT&T Center, STAR Complex and Toyota Field.
Further, Peter Holt owns Holt Cat, which is America’s largest Caterpillar vehicle dealership. However, he passed control of this business to his son and his daughter about one month before Mrs. Holt filed for divorce.
Reportedly, the Holts entered into a marital agreement in 2006, which defines the couple’s separate property and community property. The agreement also specifies the property’s control, management and disposition rights.
No public record of the couple’s wealth exists, but estimates indicate that their share of the Spurs is worth around $620 million. It will be interesting to see how the couple and their attorneys approach this high asset divorce. For those who are concerned about the fate of the championship Spurs team, Mrs. Holt has vowed that the franchise will remain intact and safe from sale.
Source: San Antonio Express-News, “Spurs owners are divorcing; what does that mean for the team?,” Tom Orsborn and Patrick Danner, Feb. 12, 2018