According to reports from the Detroit Free Press and Detroit News, Chrysler Group LLC's Deputy Chief Executive and former Toyota exec Jim Press is in the hole to the tune of $1.4 million to both the feds and a credit union.
Digging through Press' financial records, the two Detroit papers discovered the exec currently owes the IRS nearly $1,000,000 and Western Federal Credit Union over $600k, the latter of which Press defaulted on in November of 2008, blaming his Auburn Hills employer's precarious financial situation and pleading for more time to pay off the loans. Press has since sold his New York City town house for nearly $15 million, is attempting to sell his $3.15 million property in Birmingham and owes another $470,000 on a condo in the New Orleans' French Quarter. Check out the two reports for all the details here and here.
[Source: Freep, Detroit News | Image Source: Stan Honda/AFP/Getty]
Digging through Press' financial records, the two Detroit papers discovered the exec currently owes the IRS nearly $1,000,000 and Western Federal Credit Union over $600k, the latter of which Press defaulted on in November of 2008, blaming his Auburn Hills employer's precarious financial situation and pleading for more time to pay off the loans. Press has since sold his New York City town house for nearly $15 million, is attempting to sell his $3.15 million property in Birmingham and owes another $470,000 on a condo in the New Orleans' French Quarter. Check out the two reports for all the details here and here.
[Source: Freep, Detroit News | Image Source: Stan Honda/AFP/Getty]
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