Divorce Could Prove Costly For Developer Manchester
Doug Manchester, Wife Married For 43 Years
9:34 AM, Aug 13, 2009
A divorce could cause big financial problems for developer Doug Manchester, 10News reported.Manchester, who developed and owns the Manchester Grand Hyatt in Downtown San Diego, is splitting with his wife of 43 years, Betsy.However, according to divorce documents obtained by 10News, Betsy Manchester wants her fair share.The Manchesters lived a lifestyle that is envied by most people. They own a 2,500-square foot oceanfront estate in La Jolla and four vacation homes -- all paid for with the proceeds from Manchester Developments.In divorce papers filed last week, Betsy Manchester said, "Doug and I amassed a substantial fortune worth some hundreds of millions of dollars." Those same papers list Betsy Manchester's monthly expenses as at least $131,625 per month.Carmen Bianchi, a family business consultant with the Entrepreneurial Management Center at San Diego State University, said, "We are a community property state."Bianchi added that the Manchester split could create a field day for lawyers if the couple did not plan for this day."Did Mr. Manchester create a pre-nup or a post-nuptual agreement with his spouse?" said Bianchi.Could an expensive divorce impact Manchester Development's ability to get funding?"Yes and no, because people then become cautions because they know about this divorce and then they're thinking, 'Oh my gosh, if we give this kind of money and this development isn't going to take place because of a divorce and the division of assets ," said Bianchi.Those substantial assets appear to be a critical component of Betsy Manchester's petition for divorce.A hearing is scheduled for Sept. 17.10News contacted lawyers for both sides but was unable to get any comment on the divorce proceedings.