Stanley Ho's Hong Kong Residence Up for Sale at $383 Million
Macau gambling mogul Stanley Ho's mansion in Hong Kong's affluent Repulse Bay area is up for sale at a whopping HK$3 billion (US$383 million) price tag.
This luxury dwelling has a long history attached to it, as it was once inhabited by Ho and his first wife, Clementina Leitão, before she passed away in 2004 at the age of 80. To put into context how expensive this neighborhood is, Repulse Bay is considered one of the most desired and costly districts around the globe. However, the property requires some TLC as it has become run-down since Leitão's death. Regardless, the interior exudes luxury - it boasts a grand living room, several bedrooms, and a lavish entertainment area.
The late "King of Gambling" is best remembered for his monopoly on Macau's gambling industry until the government allowed international operators in 2002. His company, SJM Holdings, operates over 20 casinos, including the iconic Grand Lisboa.
Before wielding gambling dominance in Macau, Ho made his way to neutral Macau during World War II to escape Japanese occupation in Hong Kong, carrying just $10 in his pocket. His ingenuity turned the fishing village into the world's gambling capital and the richest per-capita GDP region.
The childhood home of four of Ho's children - Jane, Robert, Angela, and Deborah - is now on sale. Both Jane and Robert sadly passed away early on, while Angela and Deborah found themselves embroiled in a bitter legal battle over family trusts after Ho's demise.
Throughout Ho's later years, his family dynamics were tumultuous, with disputes over control of his business empire and the lack of a carefully-planned succession.
Ho had a total of 17 children from four concurrent wives, as polygamy was legal in Hong Kong until 1971. Surprisingly, he failed to create a will, worsening the situation with his offspring's fight for power after his death.
Ho's most prominent children, Pansy, Daisy, and Lawrence, are full siblings and the result of his relationship with his second wife, Lucina Laam. Pansy is the managing director of Shun Tak Holdings, a conglomerate involved in shipping, property, and hospitality. She also owns a 29% stake in the MGM Grand Macau. Daisy chairs SJM Holdings and holds an executive position at Shun Tak Holdings, while Lawrence is the CEO and chairman of Melco International, a prominent casino operator.
Potential reasons to sell the mansion have been rumoured, with some speculating that Angela opted for the sale to obtain extra funds for the family's investments. This transaction may also assist in alleviating tensions and settlements within the family. (Source: VN Express International)
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Source: www.casino.org
