Mr. Falcone=LightSquared+Obama crony capitalism

Tax-deadbeat billionaire

By ISABEL VINCENT and MELISSA KLEIN

Philip Falcone controls a billion-dollar hedge fund but couldn’t cough up $192,182 to pay the city taxes he owes on his two Upper East Side homes.

Falcone and his wife, Lisa Marie, failed to pay their semiannual tax bill on July 1 and owe a total $201,101 with interest on the two East 67th Street properties, city records show.

The net worth of Harbinger Capital Partners honcho Falcone sank to $2.2 billion from $2.8 billion last year, according to Forbes magazine, which ranked him as the 188th richest American last week. He was No. 124 a year ago.

While stiffing the city, the couple continue to live the high life, summering at a $700,000 rental in the Hamptons and sinking $45 million into the renovation of one of their mansions.

But the two houses apparently are not enough for Lisa Marie Falcone, who recently rented an $8,000-a-month apartment nearby, according to a source familiar with the transaction.

More information about Philip Falcone and LightSquared.