November 11th, 2014
In one of the biggest U.S. divorce judgments, Continental Resources CEO Harold Hamm has been ordered to pay his ex-wife nearly $1 billion in their divorce settlement, according to a court filing on Monday.
Oklahoma Special Judge Howard Haralson issued an 80-page ruling following a nine-week divorce trial that ended in October. According to his decision, Harold Hamm is to pay Sue Ann Hamm $995.4 million in “property division alimony.”
The ruling states that Harold Hamm, 68, will pay Sue Ann Hamm $322.7 million by the end of the year. He will make minimum payments of $7 million each month starting January 2015 until the remaining balance is paid.
Sue Ann Hamm, 58, has already received roughly $25 million since the case was filed in 2012, the court said.
Harold Hamm was granted over $2 billion in marital assets, including over 122 million shares of Continental stock, which values around $1.3 billion. Judge Haralson’s ruling allows Harold Hamm to maintain his 68% stake in the company.
The couple’s marital home in Oklahoma and most of its contents were awarded to Sue Ann Hamm, valued at more than $4.9 million. She was also given their Carmel Valley, California ranch, assessed at $17.5 million.
Harold Hamm was given ownership of “Star” and “uno,” two horses stabled at the California ranch. He is ordered to move the animals within three days.
In addition to the couple’s $750,000 Branson, Missouri home and $10 million jet, Harold Hamm “requested that he be awarded certain family pictures, a few books, guns, shotguns, some pictures, geode in quartz display and his hand tools,” according to the divorce papers.
Sue Ann Hamm sought support alimony, but Judge Haralson denied her claim, stating that her portion of the marital estate “represents a substantial sum of money.”
The couple had been married since 1988 and had no children. They married with no prenuptial agreement.
Harold Hamm drove the growth of Oklahoma City’s Continental Resources since 1990; the company is the leading oil driller in Bakken Shale play of North Dakota and Montana, the largest U.S. oil discovery decades. He is believed to own more undergrown oil than any other American.
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