Wednesday, March 28, 2012

Brooke Astor's Other Beneficiaries

Brooke Astor's 87-year-old son, Anthony Marshall. gets $14.5 million under the will settlement announced today. One major charitable beneficiary, The Metropolitan Museum of Art, gets $20 million or so, presumably including $3 million in token compensation for the Childe Hassam flag painting, sold by Marshall, that the museum expected to receive.

Not yet tallied, the immense sums the dispute has generated over the years for lawyers – lawyers for the estate, lawyers for family members, lawyers for assorted charitable beneficiaries, even lawyers for lawyers.

JPMorgan Chase and Howard Levine, the estate's administrators, won't do badly either. The Court instructed them to split one administrator's fee, not to exceed $5 million.

Want all the details? The New York Daily News has posted the court papers here.

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