Clintons keep UK sparkler but sell Wal-Mart
By Tom Braithwaite in London and Andrew Ward in Washington
June 15 2007
For 164 years it has made jewellery fit for a queen but now it turns out that Garrard of Bond Street is fit for a president, too.
In filings in the US on Friday, it was disclosed that Bill Clinton, the former president, holds shares worth up to $250,000 (£125,000) in the exclusive company that Queen Victoria appointed her Crown Jeweller in 1843.
The intriguing investment came to light after senator Hillary Clinton released a statement of personal financial assets, as members of Congress must do, in which item number six on a list of non-publicly traded assets was described as Garrard, “retail jeweller with flagship store in London, England”.
It also emerged on Friday that the Clintons had dissolved a blind trust worth somewhere between $5m and $25m in what appeared to be an attempt to shed stocks that might prove embarrassing to Ms Clinton during her presidential campaign. The trust included holdings in Rupert Murdoch’s News Corporation, oil companies, defence contractors, pharmaceutical groups, and Wal-Mart, the giant retailer on whose board Ms Clinton once sat.
Mr Clinton is far from being the first American to part with thousands of dollars in Garrard, which sets great store by its international clientele. Its customer base also includes hip-hop artist Missy “Misdemeanor” Elliott.
The former president’s stake is thought to have been acquired when his friend and business partner Ron Burkle bought Garrard in March last year. The Californian billionaire is thought to have paid $20m-$30m via his Yucapia investment vehicle in a deal that severed Garrard’s eight-year association with fellow luxury group Asprey.
Luxury British jewels attracted Mr Burkle again only last week when he acquired a large minority stake in the business of Stephen Webster, creator of the gem-studded pieces worn by the likes of Madonna and David Beckham.
The pair met through another of Mr Webster’s celebrity clients, pop singer Christina Aguilera. Meanwhile, Mr Burkle has also been considering a bid for Dow Jones, owner of the Wall Street Journal.
Under current income is a list of Mr Clinton’s speeches, with fees ranging from $75,000-$450,000, in locations as diverse as Auckland, New Zealand, and Saskatchewan. |
