The ex-wife of former Los Angeles Dodgers owner Frank McCourt says she made a mistake in agreeing to a divorce settlement of $131 million because she claims the value of his MLB team was misrepresented.
Jamie McCourt wants the settlement set aside because she believes she was misled about the value of the Dodgers. The team was valued at $300 million when their divorce was finalized in 2010 but the Dodgers franchise later sold for $2 billion in May 2012.
An attorney for Mr McCourt said in court in Los Angeles on Wednesday that the settlement should stand because the claims made by McCourt's ex, Jamie, aren't credible.
Mistake: Jamie McCourt, left, the ex-wife of former Los Angeles Dodgers owner Frank McCourt, right, says she made a mistake in agreeing to a divorce settlement of $131 million
His lawyer said during closing arguments of a non-jury trial that Jamie McCourt opted for certainty over risk during tumultuous times for the Dodgers.
The former couple's marriage was dissolved in October 2010, and less than a year later the Dodgers went into bankruptcy.
More...
How the rich got RICHER during the economic recovery - while the other 93 percent became worse off
Restaurant worker 'took photos of bad tippers and posted images online with insulting hashtags such as #jew and #hillbillies'
Woman photographer and Closer publisher facing criminal trial over topless pictures of Kate Middleton
A ruling isn't expected until summer.
In September 2012, the ex-wife of the 59-year-old businessman filed a motion to set aside the couple's 2010 divorce settlement, accusing McCourt of committing fraud by vastly understating the Dodgers’ value.
Jamie McCourt's attorney, Bertram Fields, said that attempts to modify what he called a ‘massive imbalance’ in the settlement failed, forcing her to return to court.
Big league legal brawl: Jamie McCourt (in LA Court for her divorce trial in August 2010) is seeking to get a larger divorce settlement in wake of the $2 billion her husband made selling the Dodgers in 2012
The motion filed in Los Angeles Superior Court claims Frank McCourt misrepresented the couple's Dodger assets as worth less than $300 million before their divorce in 2010.
The team sold in May 2012 for $2.15 billion to a group that includes former NBA star Magic Johnson.
Under the terms of the divorce settlement finalized in October 2011, Jamie McCourt agreed to give up on her share of the Dodgers in exchange for $131million.
She was also allowed to keep four of the couple's six homes.
Fun and games: Los Angeles Dodger manager Joe Torre, left, shakes hands with Dodger owner Frank McCourt on March 31, 2008
Major investment: Frank McCourt paid $430 million in 2004 to buy the team, Dodger Stadium and 250 acres of land. He sold the team for $2 billion in May 2012
In late March, McCourt finalized a record-breaking deal with a group of investors called Guggenheim Baseball Management to sell the troubled Los Angeles team.
'This agreement with Guggenheim reflects both the strength and future potential of the Los Angeles Dodgers, and assures that the Dodgers will have new ownership with deep local roots, which bodes well for the Dodgers, its fans and the Los Angeles community,' McCourt said at the time.
The businessman paid $430million in 2004 to buy the team, Dodger Stadium and 250 acres of land that include the car parks, from the Fox division of Rupert Murdoch's News Corp, a sale that left the team with about $50million in cash.
The Dodgers filed for bankruptcy protection in late June 2011, just days before the team was expected to miss payroll.
The filing came after baseball Commissioner Bud Selig refused to approve a 17-year agreement between the Dodgers and Fox's Prime Ticket subsidiary that would have been worth $ 2billion or more.
When times were simpler: Frank and Jamie McCourt were married for nearly 30 years, before their separation sparked one of the costliest divorce fights in California history
Prior to their divorce, the McCourts had six homes and enjoyed a lavish lifestyle, paying a $225,000 monthly lease for a private jet and $10,000 a month for Jamie's hair stylist.
They also spent tens of thousands of dollars on designer clothing and Frank once shelled out $80,000 on a Caribbean vacation.
The couple met as freshmen at Georgetown University. They married in 1979 and have four sons.
The McCourts announced in October 2009 that they would be ending their 30-year marriage - and Frank fired Jamie as CEO.
Comfortable living: This is the Los Angeles property of Frank McCourt. The couple lived a lavish lifestyle, paying a $225,000 monthly lease for a private jet
The former couple continued their feud over the team’s ownership and then the MLB took control of the club's day-to-day operations in mid-April.
The Dodgers filed for bankruptcy in June 2011 and lawyers for Jamie alleged that Frank was running the team into the ground.
But Frank McCourt’s counsel claimed it was Jamie who was refusing to accept any settlements and was allowing the case to drag on.
The Dodgers blamed a cash-flow crisis on the MLB's refusal to pass the television deal that Frank was counting on to keep the team afloat.
A judge ruled last December that a post-nuptial marital agreement that gave Frank sole ownership of the Dodgers was invalid.
That allowed Jamie to seek half the team under California's community property law.