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American Airlines Filed Motion To Sell London Townhouse
By Steve Hall

December 20, 2012 - Today in bankruptcy court, AMR filed a motion to sell its infamous London townhouse. The sale price is over $23 million. As so many of us will recall, this property continued to receive a great deal of attention from the onset of AA's bankruptcy last November, and some questions about it remain unanswered to this day. In particular, we cannot help but wonder why the Company waited so long to sell the luxury home.

The townhouse has five bedrooms and is approximately 5,242-square feet located in Cottesmore Gardens, a ritzy London neighborhood. The townhome had been the target of critics, stating the property was an example of American’s free spending ways.

Thursday’s motion indicates that with each additional month the Company owns the property “the Debtors could be subject to unnecessary maintenance costs and other fees…” Of course, that did not prevent the Company from holding the property until July (conveniently following the Wimbledon Championships), when it was finally put on the market.


The townhouse has been used as a residence for chairman and chief executive Tom Horton when he was a vice president in charge of American’s European operations and for corporate functions since the airline purchased the property back in the early 1990s. American Airlines had declined to disclose the original price it paid for the property. The Association of Professional Flight Attendants referred to the property as the “infamous London townhouse.”

American spokesman Sean Collins said Thursday “We are pleased with the proposed sale price of the London property, which is consistent with the appraised value of the property. The proposed cash sale will enable American to realize immediate funds that will increase the pool of assets available for our creditors.”

In American Airlines filing, the company had reported it had signed a deal to sell the property to CG Property Nominees Ltd. on Wednesday for about $23 million. In July when the property was listed it received four offers.


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