Sunday, September 11, 2011

Tax Windfall for Northern Marianas

You know that giant abandoned castle on Isa Drive leading up towards Papago? The guy who half-built and then abandoned it is a fugitive billionaire named William H. Millard. I can remember my stepmother speaking ill of him when I was younger. Anyway, his name is making the rounds on the international media circuit today. From the New York Daily News:
Authorities believe they may have tracked down one of the world's most wanted tax cheats, ComputerLand founder William H. Millard, after more than 20 years on the run.

The eccentric millionaire was tracked down in the Grand Cayman Island, the Wall Street Journal reported on Saturday. He was reportedly spotted living in a yellow mansion with his wife.

He had last been seen on the remote Pacific Island of Saipan in 1990, but has been able to avoid authorities for more than two decades.

He left ComputerLand in 1987 after a long battle against investors, moved his family to Saipan – and even began building a castle on the island's coastline, according to the Journal.

But after things went south and the Commonwealth of Northern Mariana Islands ordered him to pay $36 million in taxes in 1994, he disappeared. The unpaid tax bill has continued to grow, and is now worth a whopping $100 million.
That money could fund the CNMI government for just under a year, extent the life of the government retirement ponzi scheme for a few more years, or at the very least, upgrade some infrastructure and perhaps build a Mariana Trench Visitors Center on Saipan.

I am looking forward to see who takes credit for this.

1 comment:

bigsoxfan said...

getting the assets would ba worthwile goal, but I have a feeling that the CNMI will be at the back of a long long line or creditors. I always wondered about that place, thanks for the word.