Shelley Sterling says her estranged husband has the onset of Alzheimer’s disease and is not competent to handle his own business affairs. But that issue is not being litigated. On Monday, the chief financial officer of Sterling’s properties said that if the sale does not go through the billionaire may be forced to sell a large portion of his real estate empire to cover $500 million in real estate loans. Darren Schield, who oversees the finances of the Sterling Family Trust, testified that three banks are ready to recall their loans to Sterling because of his decision to dissolve the trust. Schield said if Sterling has to dump $500 million worth of apartment buildings he could destabilize the Los Angeles real estate market. Sterling attorney Maxwell Blecher suggested that Sterling could take the company public in order to raise funds.
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