CJS4715 said:
Is that the lake house he rents for free?
I am not sure how that transaction occurred. Originally, the mortgage note was to be paid off and then Saban would make drastically reduced payments on the new "loan." He still owned the house, but paid a pittance in house payments on like a 50 year loan or some such. A portion of the loan gets forgiven each year, that Saban picks up as income, but he has the corresponding property tax and interest deduction to off-set that "income."
That may not be how the transaction was finally consummated, however. Once you get tax lawyers reviewing things, deals like this always get tweaked.
(Miss Terry has very good taste, except for that monstrosity of a fireplace. The scale works with the vaulted ceiling, but it is out of place relative to the rest of the house. Like a medieval gathering room in a castle. I'd wager they don't use that fireplace often.)