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American Airlines Will Sell $23 Million London Home

American bought five-bedroom townhouse 20 years ago

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    American Airlines is selling a luxury townhouse in London worth tens of millions of dollars, according to a statement released by the Transport Workers Union of America Wednesday.

    Reuters reported in December that experts estimated the five-bedroom home in Kensington, one of London's most exclusive neighborhoods, could be worth as much as $30 million.

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    American said it bought the home 20 years ago, when prices were lower. But the airline drew fire because of the home.

    Wednesday, TWU's president James C. Little released this statement:

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    Today, American Airlines’ lawyers have asked the bankruptcy court for permission to sell a $23 million dollar luxury London townhouse used by CEO Tom Horton and other company executives.

    A year ago, when this ritzy asset showed up on AMR’s books, I said that when so many American Airlines workers were losing their homes it was outrageous for executives to be living in such a posh residence.  At the time, I said ‘American Airlines would have been Marie Antoinette’s favorite airline.’

    The sale of this asset is a step in the right direction and long overdue.  This should have happened before the company entered bankruptcy. Workers, investors and customers are tired of executives living high on the hog while everyone else sacrifices.

    In December, American said it is reviewing all of its real estate holdings.

    More: American Airlines' $30Mln London town house

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    American Airlines Merger:
    Complete coverage of the merger between American Airlines and US Airways into the newly-formed Fort Worth-based company, American Airlines Group (AAL). Click here for more.