Chrysler chief feels the heat of Detroit fall
Press and his wife, Suwichada Busamrong Press, purchased a multimillion-dollar, 6,900-square-foot luxury home in the Detroit suburb of Birmingham in June 2008, taking out a $2.2 million mortgage with ING Bank.
By Agencies |
DETROIT: One of the best-known auto industry executives in the world has fallen on hard times. Jim Press, who briefly ran Toyota Motor���s US operations and spent 37 years with the Japanese automaker before joining Chrysler as one of its three top executives in 2007, is facing claims of more than $1.35 million for unpaid federal taxes and a personal loan. The 62-year-old auto executive may be one of the highest profile victims of Detroit���s collapse.
Press and his wife, Suwichada Busamrong Press, purchased a multimillion-dollar, 6,900-square-foot luxury home in the Detroit suburb of Birmingham in June 2008, taking out a $2.2 million mortgage with ING Bank.
The couple, who have put the six-bedroom mansion up for sale at $3.15 million, now face a tax lien against the property for just over $947,000 related to unpaid income taxes for 2007. Press has also been sued by a California credit union for failing to repay $406,000 on a loan dating back to his time at Toyota.
Press and his wife, Suwichada Busamrong Press, purchased a multimillion-dollar, 6,900-square-foot luxury home in the Detroit suburb of Birmingham in June 2008, taking out a $2.2 million mortgage with ING Bank.
The couple, who have put the six-bedroom mansion up for sale at $3.15 million, now face a tax lien against the property for just over $947,000 related to unpaid income taxes for 2007. Press has also been sued by a California credit union for failing to repay $406,000 on a loan dating back to his time at Toyota.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
