Chrysler’s Marchionne purchases two homes in Michigan – Car Pro News

Chrysler CEO Sergio Marchionne purchased two homes in northern Oakland County for $5.3 million earlier this month — as the head of the Fiat-Chrysler alliance puts down roots in Metro Detroit.

Chrysler declined to comment, however, a person briefed on the transaction confirmed the moves.
The main 9,300-square foot lakefront home in Commerce Township was purchased for $3.9 million.

The home was built in 2007 and has six bedrooms, six fireplaces, a four-car garage, in ground pool and sits on two acres.

It was listed for $4.6 million earlier this year, down from $5.5 million.

Marchionne purchased a second nearby home for guests for $1.4 million, a person familiar with the matter said.

Marchionne acquired both homes in part for security reasons, the person briefed on the matter said.

The peripatetic executive splits time between Michigan — where he has lived in a Birmingham condo — and Turin, where Fiat is based.

Marchionne has already moved into his new lakefront compound.

In January, the United Way for Southeastern Michigan announced its 2012 fundraising and education campaign is being led by Marchionne.

The purchase of the two homes was reported earlier by Crain’s Detroit Business.

Marchionne has expressed praise for Detroit and pride in the city’s turnaround. Last year’s two-minute Super Bowl ad and this year’s highlighted the Motor City’s recovery. Many other auto executives have routinely commuted to Detroit from New York or elsewhere.

GM CEO Dan Akerson bought a condo in downtown Detroit and joined an Oakland County golf club.

Unlike, GM and Ally Financial — which both remain under Treasury Department oversight for pay to top executives — Chrysler exited oversight last summer, when Fiat acquired the government’s remaining stake. Marchionne never faced pay limits — since he received no pay for his work at Chrysler, but remained on the Fiat SpA payroll. That allowed him to continue to use corporate jets — a perk GM executives can’t use.

1 Comment
  1. […] a home in Michigan by Sergio. Would you rather live in Milan or some ritzy Oakland County digs?…n-car-pro-news Originally Posted by Tre-Tre Regardless of how we analyze it, one thing is for sure Fiat […]

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