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Overseas landholdings of the Marcos family

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A 2005 image of 40 Wall Street, one of four Manhattan buildings purchased by the Marcoses in the early 1980s.

The overseas landholdings of the Marcos Family, which the Philippine Government[1][2] and the United Nations System's Stolen Asset Recovery Initiative[3] consider part of the $5 to $13 Billion "ill-gotten wealth" of Ferdinand and Imelda Marcos, are said to be distributed worldwide in places including California, Washington, New York, Rome, Vienna, Australia, Antilles, the Netherlands, Hong Kong,  Switzerland and Singapore.[4]: 423  These are aside from the fifty-or-so Marcos mansions acquired by the Marcos family within the Philippines itself.[5]

The best known[4][6] of these properties are the Marcoses' multi-million dollar real estate investments in the United States,[7]: 16  particularly Imelda's purchases of buildings and real estate in New York,[8] the estates purchased in New Jersey for the use of the Marcos children,[9] Jose Yao Campos's investments in Seattle,[10] various properties in Hawaii including the Makiki Heights estate where they lived during their exile,[11] and their ownership of the California Overseas Bank in Los Angeles.[4][12] According to Ricardo Manapat's book "Some Are Smarter Than Others", which was one of the earliest to document details of the Marcos wealth,[13] lesser known properties include gold and diamond investments in South Africa, and banks and hotels in Israel, and various landholdings in Austria, London, and Rome.[4]

Many of these properties are to have been acquired under the name of several Marcos Cronies.[7] One of them, Jose Yao Campos, cooperated with the Philippine Government and made an immunity deal, revealing how he fronted Marcos’ investments both locally and abroad via numerous interlocking shell corporations.[7][14]

Overseas landholdings as "ill-gotten wealth"

The Philippine Supreme Court considers these landholdings as part of the ill-gotten wealth of the Marcos family, based on the definitions set forth in Republic Act 1379, which had been passed in 1955.[15]

The Supreme Court's interpretation of R.A. 1379 says that property acquired by a public officer or employee which is "manifestly out of proportion to his salary as such public officer and to his other lawful income" is "presumed prima facie to have been unlawfully acquired."[15] The bulk of the assets of the Marcoses, including the Marcos Jewels, were treated as "ill gotten" in a 2012 decision which specified that "according to the Official Report of the Minister of Budget, the total salaries of former President Marcos as President from 1966 to 1976 was ₱60,000 a year and from 1977 to 1985, ₱100,000 a year; while that of the former First Lady, Imelda R. Marcos, as Minister of Human Settlements from June 1976 to February 22–25, 1986 was ₱75,000 a year"[15] - about $304,372.43.[16]

Properties in the United States

Manhattan Properties

A 2013 image of the Crown Building, one of four Manhattan buildings purchased by the Marcoses in the early 1980s.

The most prominent of the Marcoses' properties outside of the Philippines were four skyscrapers in Manhattan: Crown Building at 730 Fifth Avenue; The Herald Center at the intersection of Broadway, Sixth Avenue and 34th Street; 40 Wall Street, which has since been renamed the Trump building; and 200 Madison Avenue in Midtown South Central.[17]

The Crown Building

Main article: Crown Building (Manhattan)

In 1981, the Marcoses acquired the Crown Building at 730 Fifth Avenue,[18] purchasing it through Lasutra Corp. N.V. for $51 million,[4] reportedly with help from Ralph and Joseph Bernstein as well as Adnan Khashoggi.[18]

The building became the focus of various lawsuits after Marcos was deposed, with numerous parties including the Philippine government, laying claim to it saying the Marcoses had bought it with money that did not actually belong to them.[18] The claimants eventually agreed to sell the building, and divided the proceeds after the building's $89 million mortgage had been paid.[19]

In 1986, the Washington Post noted that in coded cables between the Marcos Family and their alleged "front" in Manhattan, Gliceria Tantoco, the Crown building was referred to using the secret code-word "Farragamo."[20]

Herald Center

In July 1982 it was announced that "a small group of foreign investors operating as Voloby Ltd., a British Virgin Islands company" had bought the site of the Korvettes building at Herald Square for about $25 million, with the intent of turning it into a shopping center by 1983.[21] These investors were later revealed to have been the Marcoses.[4][22]

According to the Washington Post, the Herald Center was referred to using the secret code-word "Midtown Cement" in coded cables between the Marcos Family and their alleged "front" in Manhattan, Gliceria Tantoco.[20]

After several delays, Herald Center eventually opened in 1985,[23] but suffered low sales because of its association with the Marcoses, who were ousted from power in 1986 and soon faced numerous court cases.[23]

40 Wall Street

40 Wall Street at ground level.
Main article: 40 Wall Street

In 1982, the Marcoses also purchased 40 Wall Street, a large historic building in New York's Financial District bought for $71 million through NYLand (CF8) Ltd., a shell corporation based in the Netherlands Antilles.[4][24]

The building's ownership changed hands a few times after the Marcoses were removed from power in 1986, but the lease was transferred to Donald Trump in December 1995, and the building was renamed the "Trump Building".[25][26]

In 1986, the Washington Post noted that in coded cables between the Marcos Family and their alleged "front" in Manhattan, Gliceria Tantoco, the 40 Wall Street building was referred to using the secret code-word "Bridgetown."[20]

200 Madison

The Marcoses also purchased 200 Madison, an office building acquired for $50 million.[4][20]

In 1986, the Washington Post noted that in coded cables between the Marcos Family and their alleged "front" in Manhattan, Gliceria Tantoco, the 200 Madison was referred to using the secret code-word "Lafayette."[20]

Manhattan condominiums

Olympic Towers

Aside from the four skyscrapers they purchased in Manhattan, the Marcoses also purchased five condominiums at Olympic Tower on 5th Avenue.[27][4] According to Manapat's investigation, the first three condominiums were purchased by Thetaventure Ltd., a Hong Kong-based shell corporation, for a total of $688,000. They were then remodelled for $3.75 million. The fourth and fifth condominiums were later bought for $270,000 and $1.1 million respectively.[4]

13-15 East 66th

The Townhouse at 13-15 East 66th, New York City,[27] was different from the other Marcos properties in Manhattan, because it was purchased by the Philippine Consulate and the Philippine National Bank instead of a shell corporation. The building was noted for having housed a big part of Imelda Marcos' art collection, and for the fact that its sixth floor was converted into a private disco for the Marcoses' guests.[4]

Lindenmire Estate in Long Island

In 1981, the Marcoses also purchased the Lindenmere Estate, an 8.2-acre resort property with a 14-bedroom manse in Center Moriches, Suffolk County, Long Island.[28] It was estimated to be worth between $19 to $20 million after renovations were done. The restorations was paid for by Vilma Bautista, Imelda's personal assistant and Luna 7 Development Corp., a corporation registered in New York.[4]

Properties in New Jersey

See also: Imee Marcos and Bongbong Marcos

In New Jersey while she was still studying, Imee Marcos, President Ferdinand Marcos’ eldest daughter, was given an 18th-century estate to live in. The estate was purchased on October 26, 1982 and includes a mansion and 13 acres of land.[29] The Marcos family is said to have spent approximately $3 to $5 million in furnishings and improvements.[4]

President Marcos’ only son, Ferdinand Jr., he was given a house in Cherry Hill, New Jersey, purchased for $119,000,  while he was studying in the Wharton Business School of the University of Pennsylvania. Another property was bought for $90,000 in the area for the servants and security that was serving his son on November 23, 1978.[4][9]

Properties in Texas

When he cooperated with the Philippine government after the Marcoses were deposed in 1986, Jose Yao Campos indicated that he had purchased S51 million worth of Land in Texas on behalf of the Marcoses throughout the late 1970s and early 1980s. This included 5,000 acres of prime land in Tarrant County, Dallas as well as in San Antonio and Corpus Christi.[4][30]

Properties in Seattle

Jose Yao Campos also revealed that on May 13, 1983, he and some other close Marcos associates had purchased a whole city block in Seattle, to the price of S9,178,215.[4][31][32]

A shell corporation based in Netherlands Antilles and headed by Campos, named Unam Investment Corp., was used in the transaction. The properties included 600 Pike Street, 614 Pike Street, 1506 Sixth Avenue, 1520 Sixth Avenue, 151 Seventh Avenue, 1521 Seventh Avenue and 1575 Seventh Avenue.[4]

Property in Hawaii

Antonio Floirendo, another Marcos crony who turned over Marcos properties the PCGG as part of a 1980s immunity deal, turned over a $1.35 million estate in Makiki Heights in Hawaii as part of his compromise agreement.[33][34]

Property in California

As part of his compromise agreement with the PCGG, Antonio Floirendo also surrendered a $2.5 million Marcos property Beverly Hills.[34]

Properties in Europe

Various reports also state that the Marcoses owned properties in Europe. A 1985 U.S. Senate Intelligence Committee report stated that the Marcoses owned a mansion in London, said to be worth $18-million; as well as an estate, worth $20-million, in Rome.[35] A New York post report recounts that Imelda Marcos provided 12-year old Ferdinand Marcos, Jr. with a house in London and another in a country village, when he went to study in England in 1970.[36]

See also

References

  1. ^ "An Introduction to the Conclusion: 100 Day Report and Plan of Action, 1 October 2010 - 8 January 2011" (PDF). The Stolen Asset Recovery Initiative (StAR) Corruption Cases Database. Wold Bank Group and the United Nations Office of Drugs and Crime. October 2010.
  2. ^ Through the Years, PCGG at 30: Recovering Integrity –A Milestone Report. Manila: Republic of the Philippines Presidential Commission on Good Government. 2016.
  3. ^ "World Bank, UN plan looks to return stolen loot". Reuters.Com. 2007-09-17. Retrieved 2020-06-06.
  4. ^ a b c d e f g h i j k l m n o p q Manapat, Ricardo (1991). Some are smarter than others : the history of Marcos' crony capitalism. Aletheia Publications. ISBN 978-9719128700. OCLC 28428684.
  5. ^ Dumlao, Artemio (2012-01-28). "Marcos mansions rotting". The Philippine Star. Retrieved 2018-05-04.
  6. ^ https://web.archive.org/web/20170627021736/http://newslab.philstar.com/31-years-of-amnesia/never-convicted
  7. ^ a b c Aquino, Belinda A. (1999). The transnational dynamics of the Marcos Plunder. University of the Philippines, National College of Public Administration and Governance. ISBN 978-9718567197. OCLC 760665486.
  8. ^ https://web.archive.org/web/20181117124314/https://www.scmp.com/week-asia/society/article/2173729/how-law-caught-philippines-imelda-marcos-and-her-stolen-millions
  9. ^ a b Linge, Mary Kay (2019-11-09). "Imelda Marcos rises again in the Philippines — through her son Bongbong". The New York Post. Retrieved 2019-11-10.
  10. ^ https://www.washingtonpost.com/archive/politics/1986/03/23/marcos-confidant-cant-be-found/02e07d33-1d1e-4715-8646-3795a25e7bf8/
  11. ^ https://www.latimes.com/archives/la-xpm-1986-02-28-mn-12789-story.html
  12. ^ https://www.latimes.com/archives/la-xpm-1990-04-22-mn-384-story.html
  13. ^ http://www.ateneo.edu/ateneopress/product/some-are-smarter-others-history-marcos-crony-capitalism
  14. ^ Russakoff, Dale (March 30, 1986). "The Philippines: Anatomy of a Looting". The Washington Post.
  15. ^ a b c IMELDA ROMUALDEZ-MARCOS, vs. REPUBLIC OF THE PHILIPPINES, G.R. No. 189505 (Supreme Court of the Philippines April 25, 2012), archived from the original on 2019-03-10.
  16. ^ Buan, Lian. "SC affirms forfeiture of Imelda Marcos' 3rd jewelry set". Archived from the original on 2020-07-26. Retrieved 2020-07-26.
  17. ^ https://www.upi.com/Archives/1986/04/09/New-York-real-estate-agent-says-Marcos-owns-four-buildings/8734513406800/
  18. ^ a b c Hylton, Richard (10 February 1991). "Philippines Gains Little In Marcos Building Sale". The New York Times. Retrieved 24 November 2015.
  19. ^ https://www.nytimes.com/1991/02/10/nyregion/philippines-gains-little-in-marcos-building-sale.html
  20. ^ a b c d e https://www.washingtonpost.com/archive/politics/1986/03/30/the-philippines-anatomy-of-a-looting/620251dc-cffe-46f3-be40-a248f501882c/
  21. ^ https://www.nytimes.com/1982/07/15/business/herald-sq-korvettes-store-to-be-mall.html
  22. ^ Cuozzo, Steve (2013-03-12). "$50M makeover on tap for Herald Center". Retrieved 2019-11-10.
  23. ^ a b https://www.nytimes.com/1988/12/25/realestate/commercial-property-herald-center-revitalizing-mall-that-marcos-s-millions-built.html
  24. ^ Oser, Alan S. "Perspectives: 40 Wall Street; Asian Buyer Accepts a Leasing Challenge", New York Times, June 20, 1993.
  25. ^ News, Bloomberg Business (December 7, 1995). "40 Wall Street Is Sold to Trump". The New York Times. ISSN 0362-4331. Retrieved November 7, 2017. {{cite news}}: |last= has generic name (help)
  26. ^ "Meet the obscure German magnates who actually own Trump's most valuable building". The Real Deal. January 6, 2017.
  27. ^ a b Klasfeld, Adam (2018-03-30). "Claims Over Marcos Family Treasures Head to NY Trial". Courthouse News. Archived from the original on 2018-03-30. Retrieved 2019-11-10.
  28. ^ https://nypost.com/2017/08/01/inside-a-dictators-lavish-long-island-manse/
  29. ^ "Marcos mansion in New Jersey sold". 1987-04-21. Retrieved 2019-11-10.
  30. ^ https://www.nytimes.com/1986/03/21/world/claim-on-marcos-is-filed-in-texas.html
  31. ^ Gerth, Jeff; Times, Special To the New York (1986-03-16). "The Marcos Empire: Gold, Oil, Land and Cash". The New York Times. ISSN 0362-4331. Retrieved 2019-11-10.
  32. ^ Lardner, George Jr (1986-03-23). "Marcos Confidant Can't Be Found". Washington Post. ISSN 0190-8286. Retrieved 2019-11-11.
  33. ^ Times, Constance L. Hays and Special To the New York. "The 'Simple' $4.5 Million Marcos House". Retrieved 2018-05-23.
  34. ^ a b R., Salonga, Jovito (2000). Presidential plunder : the quest for the Marcos ill-gotten wealth. [Quezon City]: U.P. Center for Leadership, Citizenship and Democracy. ISBN 9718567283. OCLC 44927743.{{cite book}}: CS1 maint: multiple names: authors list (link)
  35. ^ https://archive.macleans.ca/article/1985/12/16/the-marcos-money-empire
  36. ^ https://nypost.com/2019/11/09/imelda-marcos-rises-again-in-the-philippines-through-her-son-bongbong/
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