Michael Mastro facts for kids

Michael R. Mastro, born on June 1, 1925, is an American real estate developer. For 40 years, he managed apartments and office buildings in Seattle. He faced a major financial problem called bankruptcy in 2009.

Mr. Mastro and his wife, Linda, who used to be a teacher, left for France in 2011. This happened after they were asked by a judge to hand over two very expensive diamond rings, worth $1.4 million, to people they owed money to. They were arrested in 2012 near Lake Annecy in the French Alps.

After their arrest, it was found that they were accused of not following rules about their money during bankruptcy. They were later accused of hiding money from those they owed. After being held for some time, a French court decided in 2013 not to send them back to the United States. The court felt they were too old to be put in jail, even though they had not followed financial rules. Michael Mastro's bankruptcy is known as the largest personal bankruptcy in State of Washington history.

Michael Mastro's Early Life and Career

Michael Mastro began his work in real estate in 1967. Over 40 years, he developed many projects, including office buildings and homes. These projects were worth a lot of money, at least $2 billion.

His company, Michael R. Mastro Properties, was well-known in and around Seattle. Most of his projects were in this area. Some of his developments included the Town Plaza in Vancouver, Washington, and the Allison Park Apartments in Des Moines, Washington. He also developed the Ballard Lofts in Seattle.

In 1974, Mastro met Linda Ann Gale, who was born in 1949. They both worked at a bank, where she was a loan officer and he was a branch manager. They got married on June 3, 1989.

In 1989, Mastro sold some office buildings he had developed with a partner to Boeing for $211 million. In the early 2000s, he started buying land to build new homes.

Understanding Michael Mastro's Bankruptcy

Michael Mastro was forced into bankruptcy in July 2009. This means he had more debts than he could pay. In September 2009, he reported that he had over $249 million in assets (things he owned) but owed over $586 million. This information was given to the U.S. Bankruptcy Court.

In May 2010, a judge decided that two diamond rings, valued at $1.4 million, belonged to Linda Mastro. This meant they could not be used to pay off debts.

In June 2011, a judge ordered Michael and Linda Mastro to hand over these two diamond rings. However, the couple did not follow this order and disappeared in June 2011.

In May 2013, it was reported that all the jewelry taken from the Mastros was worth about $3 million. Michael Mastro's bankruptcy is considered the biggest personal bankruptcy ever in Washington state.

Legal Issues and Extradition Attempts

Because the Mastros did not hand over the diamond rings, they faced legal problems. In August 2011, a secret legal complaint was filed against them. This complaint accused them of not following rules during their bankruptcy.

After warrants were issued for their arrest, they were found and taken into custody in France on October 24, 2012. The next day, they were officially accused of 43 counts of not following bankruptcy rules and hiding money. They were accused of trying to hide their money from people they owed.

The couple remained in custody in Chambéry, France. A group of French judges did not agree to let them go, even though they argued they were old and in poor health. The court felt the accusations against them were serious. Before their arrest, the FBI and U.S. marshals had been looking for them for 16 months.

On November 15, 2012, the Seattle Times reported that the two diamond rings were now with French authorities. The rings were in a safe deposit box in Annecy.

On December 12, 2012, the Seattle Times reported that Michael and Linda Mastro had been released from jail. They had been held for seven weeks. A panel of judges decided their health was suffering. They were required to wear electronic tracking devices and could move around Annecy.

Efforts to Bring Them Back to the United States

On February 23, 2013, the Seattle Times reported on the efforts to bring the Mastros back to the United States. A court in France ruled that the Mastros could not be sent back unless American authorities promised they would not face jail time, only electronic monitoring. Treaties between France and the United States allow France to refuse to send someone back if they are very old or in poor health.

On June 5, 2013, the French court officially denied the request to send Michael and Linda Mastro back to the United States. This decision was based on Michael Mastro's age (88 years old), his poor health, and his daily need for his wife's help. The U.S. Department of Justice had asked for them to be sent back. However, French prosecutors did not agree to send the case to their highest court. Because of this, the couple was no longer restricted from leaving their home in the evenings.

Where the Mastros Lived After Financial Problems

Before their bankruptcy, the Mastros lived in a large house in Medina, Washington. This city is near Seattle. They moved to California in 2010.

In 2011, they began a journey that started at Mr. Mastro's sister's house in Seattle. They then went to Toronto, Canada. Investigators believe they ended up in a house in Veyrier-du-Lac, France, which cost €5,000 per month. This house was on the eastern shore of Lake Annecy. They later moved to Saint-Marceau, France, where they were arrested in 2012.

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