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For the ex-exec who has it all…

Two years ago, when WellPoint (WLP) announced it was acquiring Anthem Inc., there was a lot of controversy over the amount of money that WellPoint Chairman and CEO Leonard Schaeffer, who planned to retire post-merger, would receive as a send-off. A quick search of news clips finds that the numbers are all over the map: anywhere from a low of $37.5 million to a high of $260 million. That kind of range should be exhibit A as to why there needs to be better disclosure on these types of merger-retirement-severance deals.

But why mention this now? Because late Thursday, WellPoint filed its proxy and it had this interesting tidbit about Schaeffer’s fancy new office digs:

On July 22, 2005, the Company entered into a lease for space at a location selected by the Company, after consultation with Mr. Schaeffer, to provide such office space for the required period. The lease commenced on November 1, 2005 and continues for Mr. Schaeffer’s use for a term ending on November 29, 2010, at an initial annual rent of $186,507 per year plus parking charges of $6,000 per year. In addition, the Company incurred a one-time cost associated with the build-out of the space of $240,000.

While the deal promising Schaeffer the office space isn’t new, the amount of money WellPoint is spending to provide the space is. Though the company never says where Schaeffer’s offices are located, $186K a year has to buy you a pretty plush office in some downtown office tower, since the parking costs extra. And spending another $240K to make the space just right for Schaeffer? That’s just the icing on the cake.