In a bankruptcy filing last year, Dee Wyly listed assets of $67 million and debt of $81 million, and that was before the IRS filed its claim for $1.2 billion. Among her assets are a $6.7 million Dallas mansion, a home in Woody Creek, Colorado, valued at $28 million, $4 million worth of furs and jewelry, and more than $1 million worth of art, books and antiques. It’s not nearly enough to repay her creditors, she says.
Julianne Breitbeil, a spokeswoman for the IRS, said federal law bars the agency from commenting on individual tax returns.
A federal jury in Manhattan found the Wyly brothers, who developed companies including the arts and crafts retailer Michaels Stores Inc., hid stock offshore and made illegal trades for 13 years, making $550 million in illegal profit.
The bankruptcy is Samuel E. Wyly, 14-bk-35043, U.S Bankruptcy Court, Northern District of Texas (Dallas).