Local News

 

Port Authority Sold Rights To 'World Trade Center' For $10

Port Authority Sold Rights To 'World Trade Center' For $10

(Christopher Robbins) How much was the World Trade Center's brand worth to the Port Authority? $10. According to a report in The Record, the Port Authority sold the rights to five "World Trade Center" trademarks to a non-profit group created in part by a man who was instrumental in the construction of the Twin Towers.

The report states that in 1986, the Port Authority quietly sold the rights to use the WTC name to the World Trade Centers Association, who was then headed by Guy Tozzoli, the former director of the World Trade Department at the Port Authority.

Tozzoli, who died in January at the age of 90, is credited with helping choose the Twin Towers' architect and building the Windows on the World. In the late '70s he also was criticized for taking lavish trips around the world with his wife that were paid for by the PA. “Never have I put a penny in my pocket," Tozzoli said at the time, rebuffing the accusations of impropriety.

The licensing deals the WTCA would capture later made Tozzoli millions. The Record reports that in 2011, Tozzoli's last year leading the WTCA, he took a salary of $626,000 for working an average of one hour a week.

Read More: Gothamist

Photo Credit: Getty Images/Pool

 

More Articles