Former Merrill Lynch boss Stan O’Neal has given up ownership of his swanky Park Avenue apartment, handing it over to his wife, according to city records.
The disgraced Wall Street titan – ousted from Merrill last year after the brokerage firm suffered billions in losses from heavy bets on mortgage securities – scooped up the spacious, two-story co-op in 2005 when he racked up $37 million in compensation.
The duplex at 941 Park Ave. – a lavish, pre-War building that is also home to Goldman Sachs CEO Lloyd Blankfein – is worth upward of $20 million, according to real-estate sources.
News of the deed transfer sparked speculation that O’Neal may be looking to protect the upscale digs from potential legal liability. O’Neal has been named in class-action suits from angry shareholders who lost billions as Merrill’s giant subprime losses sent its shares plummeting.
The ownership switch, which was reported yesterday by the Web site Cityfile.com, also spurred chatter that O’Neal and his wife Nancy Garvey might be calling it quits after 20 years.
A source close to O’Neal, however, dismissed any talk of lawsuits and divorce.
“The transfer was part of an estate-planning process drawn up years ago,” the source said.
Although O’Neal was bounced from the helm of Merrill more than a year ago, he’s not hurting for money, having reaped a $162 million severance package that outraged investors at the time.
Nevertheless, he’s been looking for work, sources said.
Recently, O’Neal has been in talks with Vision Capital Advisors – a New York investment fund that takes restricted equity stakes in public companies, according to a source familiar with the matter.
O’Neal and Vision Capital – introduced by a mutual business contact – are in “talks that are ongoing,” as Vision “has been looking to grow its client relationships as well as its investment opportunities,” the source said.