Hogan Divorce Settlement A Financial Smackdown

Some might call it a financial smackdown.

Linda Bollea, 52, who divorced Hulk Hogan in 2009, received a little more than 70 percent of the couple’s liquid assets in their divorce settlement, a recent court filing shows.

In addition, Hogan, 58, the semiretired professional wrestler whose real name is Terry Bollea, agreed to give his ex-wife 40 percent ownership in his various companies and pay her an additional $3 million “property settlement,” according to the filing.

The confidential financial settlement came to light this week after it was attached to a new motion filed by Terry Bollea’s attorneys.

Details from the settlement show Linda Bollea received $7.44 million of the couple’s $10.41 million that was held in bank and investment accounts. Terry Bollea got the remaining $2.97 million.

However, he will not have to pay his ex-wife alimony.

Other details that emerged from the court document include:

• Terry Bollea gets to keep any money he makes from personal appearances and the sale of his book, My Life Outside the Ring, published in fall 2009.

• The couple agreed to sell both of their Pinellas County homes, their Clearwater Beach home and the iconic estate on Willadel Drive in Belleair where much of the reality series Hogan Knows Best was filmed.

• Linda Bollea sold the beach house in 2010 for $1.65 million. She pocketed that money as part of the $3 million property settlement, said her attorney, Ray Rafool of Miami.

• The Belleair home was originally listed at $13.9 million. It is still on the market, listed at $8.87 million. When it sells, Terry Bollea will be responsible for paying any money still owed to his ex-wife from the property settlement. Any additional proceeds will then be divided evenly between the two.

• Linda Bollea got to keep a Mercedes-Benz, a Cadillac Escalade, a Corvette, a Rolls-Royce and various off-road vehicles. Terry Bollea, who had an extensive collection of vehicles, got the rest, though they were not detailed in the agreement.

The Bolleas married in 1983 and divorced in July 2009 after nearly two years of acrimonious proceedings. They have two grown children: daughter Brooke and son Nick.

Throughout much of their separation, the couple was involved in an ongoing civil suit with the guardians of John Graziano. Graziano, 26, suffered a catastrophic brain injury in August 2007 when the car he was riding in with Nick Bollea crashed into a tree in Clearwater. Nick Bollea was speeding and driving recklessly when the crash occurred.

The Graziano case was settled in April 2010. The amount of the settlement is confidential, but an attorney for John Graziano’s father recently estimated it was $5 million or less.

The Bolleas’ divorce settlement surfaced this week because of an ongoing dispute over the amount Terry Bollea owes his ex-wife from his company revenues. The companies manage his trademarked Hogan-themed products and his likeness.

A Pinellas circuit judge ordered Terry Bollea to pay Linda about $126,000 in company revenues last December. An appellate court agreed with the ruling.

His lawyers say the divorce settlement stipulates the couple should handle asset disputes through arbitration, not the courts, and asked a Pinellas judge to set aside the payment order.

David Houston, Terry Bollea’s attorney, said the order is faulty because it directs his client to pay his ex-wife 40 percent of the gross revenues, when the couple’s agreement had stipulated 40 percent of net revenues.

The matter is important, Houston said, because the payments will continue for years.

St. Petersburg Times