Financial Details of Phil Ivey’s Divorce Surface

According to an article that appeared on Monday in the Las Vegas Review-Journal, financial details surrounding poker pro Phil Ivey‘s (pictured) divorce have emerged. The deal, which has been discussed at length in the poker community, reportedly included the following: “Phil Ivey’s ex-wife received a purse collection worth more than $1.2 million, jewelry valued at more than $1 million, and $180,000 a month in alimony as part of her divorce settlement with the poker star, according to a document filed earlier this month with the Nevada Supreme Court.”
Ivey has been in the hot seat for his association with Full Tilt Poker, which U.S. Department of Justice officials labeled a “global Ponzi scheme” in September. The insolvent site saw two of its co-founders indicted on Black Friday on charges that included operating an illegal gambling business and violating the Unlawful Internet Gambling Enforcement Act. Neither has been taken into custody.
Ivey filed suit against Full Tilt in June, reportedly to get out of his non-compete clause, and then brought a group of European investors to the table to bail out what was once the second largest online poker room in the land. In September, one day after the Alderney Gambling Control Commission revoked Full Tilt’s license, Groupe Bernard Tapie agreed to acquire its assets in a sale that is currently ongoing. You can read our latest Full Tilt Poker update by clicking here.
Ivey commented in court filings, “Luciaetta ended up with no debt, with millions of dollars worth of property, and with specific unambiguous alimony provisions.” The judge assigned to the divorce proceedings, Bill Gonzalez, received campaign contributions from Phil Ivey in early 2010, according to the Las Vegas newspaper. Ivey’s legal team also reportedly contributed funds.
Luciaetta Ivey’s camp remarked, “The public is entitled to know that impartiality is the rule for the judiciary. Further, Luciaetta is entitled to fairness and the appearance of fairness before this court and recusal is the only way that she can be sure to receive both.”
The campaign contributions to Gonzalez were a hot point of contention. According to the Review-Journal, Luciaetta Ivey commented upon hearing about the conflict of interest, “I was blindsided. I was very upset. I was very disgusted.” Phil Ivey’s lawyers retorted by pointing out, “At the time of the contributions, Judge Gonzalez no longer had jurisdiction over the case because it was closed.” Gonzalez reportedly received $70,000 in total contributions, $5,000 of which, or 7%, came from Phil Ivey.
The Review-Journal also disclosed that Phil Ivey has over $15 million in gambling debt, as his ex-wife would receive “her car, her life insurance policy, 40% of a stock account, a down payment for a new residence, half of the proceeds from the sale of the couple’s home, and 40% of all business interests with the exception of Tiltware, LLC. As part of the divorce settlement, according to the answer, Phil Ivey accepted more than $170,000 in credit card debt and more than $15.1 million in gambling and other debt.”
In 2008, Ivey and his then-wife pulled in $8 million in combined income. You’ll recall that year, he won the World Poker Tour’s L.A. Poker Classic for $1.6 million. He final tabled the WSOP Main Event one year later for $1.4 million following a seventh place exit.
According to the Hendon Mob, Ivey is third on poker’s all-time money list with $13.8 million in career tournament earnings. He’s behind only Erik Seidel ($16.8 million) and Daniel Negreanu ($14.6 million, pictured) in that department, but is widely regarded as the game’s top all-around player, excelling in both cash games and tournaments across various disciplines.
Ivey recently made his return to live poker at the Asian Pacific Poker Tour’s stop in Macau last month. According to the Hendon Mob, he has not cashed in a major live event since January, three months before Black Friday.
Ivey was absent from the 2011 World Series of Poker while his dormant employer was searching for a way to pay back players. Full Tilt has still been unsuccessful in that endeavor, as according to U.S. Government officials, it owes nearly $400 million to players worldwide. Rafe Furst, Chris Ferguson, and Howard Lederer were singled out as masterminding the alleged Ponzi scheme.
Check out the Las Vegas Review-Journal article for full details.