The strange saga of billionaire bond king Bill Gross and his bizarre behavior ended just before Christmas, with a California judge finding that Gross and partner Amy Schwartz played the “Gilligan’s Island” theme song on repeat at high decibels to annoy their neighbor.
Gross, founder and former chief investment officer with Pacific Investment Management Company (PIMCO), was allegedly locked in a dispute with the neighbor over the location of an ornate outdoor glass sculpture.
While he and Schwartz claimed their love of the kitschy 1960s CBS sitcom prompted them to repeatedly blast the song, the neighbor noted they were rarely home when it played and suspected it was controlled remotely by Gross.
Superior Court Judge Kimberly Knill ruled it harassment and ordered the couple to adhere to Laguna Beach noise provisions and not play music on their outdoor speakers when away from the property.
According to the Los Angeles Times, Knil also ruled that Gross failed to prove that the neighbor had invaded his privacy—denying Gross’ competing request for a civil harassment order.
“Gross issued a statement that, although ‘disappointed in the outcome,’ he would abide by the terms of the decision, though he complained the “case never should have gotten to this point”—saying he had made offers to settle,” the paper reports. “He said he would ‘continue to dance the night away, Gilligan’s Island forever.’”
PIMCO departure
Gross’ alleged erratic behavior caught the investment industry’s attention in recent years. A strange presentation at the Morningstar Investor Conference in June of 2014 featured Gross in dark sunglasses and references to pop star Justin Bieber.
Angry outbursts on the PIMCO trading floor in part led to his departure from the firm he founded. In 2015, he sued his former colleagues for $200 million, alleging he was driven out by directors because of “power, greed, and a desire to improve their own financial position,” according to court documents.
At the time, Gross harshly criticized former PIMCO Chief Executive Mohamed El-Erian, who left the company in early 2014 over supposed clashes with Gross. Now president of Queens College, Cambridge, President Obama had appointed El-Erian as the chair of the president’s Global Development Council.
Gross claimed the controversy surrounding El-Erian’s departure set the stage for individuals seeking to oust Gross from PIMCO “for their own personal financial benefit and egos,” the suit stated.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
