How did Los Angeles' richest man's $6.2B fortune vanish into debt?

Once worth $6.2 billion from telecom firm Global Crossing, Los Angeles tycoon Gary Winnick saw his fortune collapse after the dot‑com bust. Heavy borrowing against mansions like Casa Encantada and mounting legal woes left his estate insolvent. By 2025, lenders moved to foreclose as his widow fought claims of a 'loan-to-own' scheme in court.