As much as we try to leave high-profile divorce cases to the coasts, the Midwest occasionally sees one of our own make headlines. The most recent instance is a dramatic turn of events in the divorce of former Chicago Board of Trade Chairman Patrick Arbor. Arbor fled the country recently in what many believe is an attempt to keep a great deal of money from his ex-wife.
Arbor and his ex-wife, Antoinette Vigilante, were married for 16 years. The relationship had always been unconventional, according to Arbor: The couple barely lived together, maintaining separate residences throughout their marriage.
At least one of those residences is now a point of contention. Vigilante is a real estate broker and developer who specializes in flipping houses, according to Arbor in court documents. She maintained a series of homes on the North Shore, but a house in Wisconsin was apparently her favorite retreat — even a retreat from Arbor, who claimed that Vigilante purchased the home without his knowledge and that she had owned the home for nine months before he even knew where it was.
Vigilante at one point borrowed in excess of $2.3 million against that home, using the money to finance her development business. But the market tanked, and she has had trouble making the loan payments. The property was about to be foreclosed on when a family court judge ordered Arbor to pay nearly $80,000 to hold onto the home.
Arbor apparently understood that that money was to be included in the couple’s property settlement. He also believed that, since the couple had barely lived together, Vigilante should have no claim to his Water Tower Place condominium.
The court saw things a little differently. We’ll continue this in our next post.
Source: Chicago Sun-Times, “Ex-CBOT chair’s divorce messy, rich with intrigue,” Mark Brown, Oct. 7, 2013