A settlement has been reached in a family dispute over loans that the late husband of Saratoga Springs socialite Michele Riggi took out using shares of his company.  

Riggi’s late husband, Ronald Riggi, was CEO of Turbine Services Limited (TSL). His brother, Vincent Riggi, is president and a member of the board of directors.

Vincent Riggi had filed a lawsuit in state Supreme Court of Saratoga County in February 2023 over loans of nearly $33 million that Ronald Riggi that had borrowed using shareholder stock.

In 2020, Ronald Riggi had transferred properties on 677 North Broadway and 23 Greenfield Avenue in Saratoga Springs and 116 Bear Cub Lane in the town of North Elba in Essex County to his wife Michele.  

Ronald Riggi died on Aug. 14, 2022.  As of February 2023, he still owed over $27 million on the loans, which has not been paid back.

The lawsuit claimed that Riggi was insolvent and claimed he transferred the properties to his wife to protect them from being used to repay the loans.

The suit sought to have those transfer of those properties voided in order to satisfy the outstanding debt.

The parties have settled the case, according to a stipulation of discontinuance filed in court on Aug. 29. No terms were disclosed.

The property on Northway Broadway, dubbed Palazzo Riggi, was sold at auction to a Lake George couple in September 2023, who paid in cash. The 1.3-acre estate was built in 2003, and it had two custom kitchens, elevator, indoor and outdoor heated flooring and a home theater.

The property initially hit the market with an asking price of $18 million. It then dropped to $12 million and sold for a little over $7 million, according to tax records.

The Daily Gazette was first to report the story of the lawsuit’s settlement.