Showing posts with label Helmsley. Show all posts
Showing posts with label Helmsley. Show all posts

Friday, June 13, 2014

Bill for Settling Leona Helmsley's Estate: $100 Million

Settling the $5.4 billion estate left by Leona Helmsley had its challenges, according to this Daily News dispatch:
The four executors who filed their request in Manhattan Surrogate's Court were two Helmsley grandsons, Walter and David Panzirer, her longtime attorney Sandor Frankel and friend John Codey. [A fifth executor was Leona's brother, now deceased.] 
According to court papers, the executors quietly sold off $2 billion in government bonds, handled her interests in more than 80 properties — including the Empire State Building — and dealt with her financial stake in five corporations and 27 businesses. 
In addition, they convinced a judge to trim the $12 million bequest from Helmsley to her dog Trouble to $2 million and sorted out a dicey challenge to her will by a pair of disinherited grandkids.
For completing those tasks and more, the executors request a fee of $100 million.

Friday, November 06, 2009

“Stimulus” From Wall Street Bonuses?

On The Wealth Report, Robert Frank wonders whether Wall Street bonuses are fueling a yacht binge.

Perhaps Wall Street's shaking of the money tree can help the real estate market, too. Greenwich, for instance, has plenty of genuinely impressive estates for sale.

Topping the list: Dunellen Hall, now offered at $60 million, less than half the original asking price.

Thursday, August 27, 2009

More Charity for Pooches May Depend on Politics

Animal-welfare groups want the trustees of the Helmsley Charitable Trust to hand over some of the loot left by Leona Helmsley. The groups' best chance, opines The Economist, may lie in politics:
This will be a hard case to win, and much may depend on the attitude of the state’s attorney-general, Andrew Cuomo, who has so far supported the trustees. Will Mr Cuomo, who most analysts reckon wants to be the next governor of New York, maintain a position so upsetting to the state’s animal-lovers? *** If the money doesn’t end up going to the dogs, maybe Mr Cuomo’s election chances will.

Wednesday, August 12, 2009

“Grr, Yap, Snarl!”

Animal-welfare groups believe the fortune Leona Helmsley left to the Leona M. and Harry B. Helmsley Charitable Trust should go largely to the dogs. The groups have gone to court on behalf of the four-legged beneficiaries.

The Helmsley trustees disagree. See their statement.

Cheer up, pups! At least prospects for canine inheritance are looking up in Connecticut. H/T to the Wills, Trusts and Estates Prof for news that the state has enacted a pet trust statute.

Thursday, June 04, 2009

Deleveraging In Greenwich

Was it that long ago that experts said the high-end real estate market still looked healthy?

In Greenwich, Connecticut, hedge-funders are pulling out or cutting back. Result: a mansion glut. The asking price for the Helmsley place has dropped $50 million in a year.

Shown below: Mel Gibson's Greenwich estate, where sheep graze. It can now be yours for $29.5 million, down from $39.5 million.

Thursday, April 23, 2009

Should Court Have Honored Helmsley Will?

The Humane Society of the United States is upset. Seems the trustees of the Harry and Leona Helmsley Charitable Foundation doled out $136 million of grants. How much did "dog-related organizations" get? Just $1 million.
Thwarting the intentions of those who leave their estates to benefit animal protection has a sad and deplorable history, including in the cases of Helen V. Brach, Geraldine R. Dodge, and Doris Duke, who like Mrs. Helmsley bequeathed their great wealth for the benefit of animals. The foundations these women left behind may be operating in their names, but their wishes are not being honored.
"There is a larger principle at stake…," says the HSUS, "one of protecting the decisions of people who leave their money for the care of animals, a wholly legitimate philanthropic purpose."

[Before you snicker, ask yourself this: If the Great Recession turns into another Great Depression, would you want to see Bo Obama wandering, homeless and hungry, through the streets of Washington, D. C.?]

Tuesday, April 21, 2009

This Week's Real Estate Steal

Good news, house hunters! The Helmsleys' storied Dunnellen Hall, originally offered at $125 million, an asking price later lowered to $95 million, may now be yours for $75 million. So reports The Huffington Post.

Thursday, February 26, 2009

Good News for Cats?

This just in from The New York Daily News: A Manhattan judge has ruled that Leona Helmsley's estimated $5-billion estate need not go entirely to the dogs.

A 2004 revision to the mission statement of the Leona M. and Harry B. Helmsley Charitable Trust ordered that the money should be used for "purposes related to the provision of care for dogs" as well as other charities.

Before being revised, the mission statement mandated that the money would provide health care for the poor, with an emphasis on children.

Monday, January 26, 2009

Dead More Generous Than The Living

Seven out of the ten largest gifts to charity last year came from estates, Robert Frank notes in The Wealth Report. The largest came from the estate of "Trouble's" best friend, Leona Helmsley.

Thursday, September 25, 2008

The Battle over Trust Funds for Pets

In Rich Bitch, an Annals of the Law piece in The New Yorker, Jeffrey Toobin uses Leona Helmsley and Trouble to discuss inheritances for pets:
[T]he clear motivation underlying Leona Helmsley’s will—her desire to pass her wealth on to dogs—is more common than might be expected. Pet-lovers (many of whom now prefer the term “animal companion”) have engineered a quiet revolution in the law to allow, in effect, nonhumans to inherit and spend money. It is becoming routine for dogs to receive cash and real estate in the form of trusts, and there is already at least one major foundation devoted to helping dogs.
Leona's love for Trouble was matched, it seems, only by her disdain for almost all members of the human race. Could this be true of others who leave wealth to those who woof?

Monday, June 16, 2008

Trouble for Trouble?

A New York Surrogate's Court has approved a reduction in the trust fund Leona Helmsley left for Trouble, her reportedly evil-tempered dog. Trouble's inheritance drops from $12 million to $2 million. In addition, the New York Post reports, two grandchildren disinherited by Leona will receive a total of $6 million.

Tuesday, February 19, 2008

Art for Charity's Sake

As Jim Gust observes in the preceding post, we must now learn to think of Leona Helmsley as the Queen of . . . Philanthropy!

The Helmsley charitable trust will be augmented not only by the proceeds from the sale of Dunellen Hall, as reported earlier, but also by the proceeds from the sale of her art, collectibles and furnishings at Christie's.

This large green jade water buffalo from Leona's collection was crafted in China in the 1600s or 1700s. Christie's hopes the rare beast may fetch $500,000 or more.

Tuesday, February 05, 2008

Asking Price for Leona's Mansion? $125 Million. Its History? Priceless!


As noted in The Wall Street Journal, Leona's Helmsley's Greenwich mansion is up for sale.

"Known as Dunnellen Hall, the estate of more than 40 acres was at the center of Mrs. Helmsley's 1989 federal tax-evasion trial, when she was accused of illegally billing her company for more than $3 million of property renovations."

For a country estate less than a century old, Dunellen packs a lot of history.

The history starts with Daniel Grey Reid, the King of Tin Plate.

Before World War I, in the days when "rich" meant RICH, Reid's only child, his daughter Rhea, married Henry Topping, son of the head of Republic Iron and Steel. As recounted in this Greenwich Time article, Reid decided the young Toppings should live well:
Set on one of the highest hills in the backcountry, with distant views of Long Island Sound . . . Dunnellen Hall was named by Rhea for her mother, Ella Dunn, according to "The Great Estates" by the Junior League of Greenwich. Built of steel and reinforced concrete, it originally was surrounded by 40 acres. The Toppings acquired additional land for a total of 208 acres, but today the surrounding grounds again total 40 acres.

Among its outstanding features are eight double-stacked chimneys, in varying terra cotta designs.

It has a marble-floored 47-foot-long reception hall; a marble stairway with wrought-iron railings swoops up to a double landing on the second floor and an 86-foot gallery crosses the entrance hall.

The living room measures 45 by 25 feet, with molded plaster ceiling and teak floor, and includes a floor-to-ceiling fireplace of limestone. The library is swathed in oak paneling and has floor-to-ceiling shelves and a 15th-century carved stone mantel.
• • •
When the Toppings were in residence, the estate, like many of its contemporaries, was a private world with a working farm -- corn and potato fields, vegetable gardens, a herd of registered Guernsey cows, chickens and pigs.

The year the building of Dunnellen began, Reid also gave his daughter his six-story home on Fifth Avenue. In the wintertime, when the Toppings lived there, and later in an apartment, vegetables, milk, cream and butter from the farm were sent on the baggage car of the 8:15 a.m. train to the city, where they were collected by one of the family chauffeurs for home consumption.

There were 23 servants living in the Greenwich mansion, and several working families lived on the estate. A coachman, dairyman, gardener, two chauffeurs, a farm worker and an engineer lived on site.
• • •
The three sons of the Toppings were famed in town for their parties at Dunnellen Hall and their indoor motorcycle staircase rides. Two of them also were known for their multiple marriages.

Dan, a co-owner of the New York Yankees, had five wives, among them Sonja Henie, the Norwegian ice-skating and film star, who won three Olympic gold medals, and Arline Judge, the dancer and actress, who was later married to Dan's brother, Henry J. Jr., known as Bob. Bob also was married to Lana Turner, the movie star.
After World War II and the death of Rhea and Henry, Sr., Dunnellen passed through various hands. Those I remember belonged to Jack Dick, who for a time made Greenwich the Black Angus capital of New England. (It was a tax shelter venture that didn't end well.). In 1983 the Helmsleys' bought Dunnellen and its furnishings for $11 million. They then proceeded to fix the place up.

The rest is tax history.


Proceeds from the sale of Dunnellen won't go to Trouble, Leona's Maltese. (The dog is already well provided for.) Under the terms of her will, the money will be added to the Leona M. and Harry B. Helmsley Charitable Trust.

Monday, September 03, 2007

Trust Fund Bitches, Tabbies and Chimps

The media are calling Leona Helmsley's pet, Trouble, a rich bitch, but The New York Times reports that Mrs. Helmsley did not approve of those who called Trouble a dog. "Princess" was the preferred designation.

Trust fund pets have been more numerous than one might think, as John Campanelli reports here.