October 3, 2011
Don't Sell This Home. Ever.
Here's a property story from my local paper. Heiress Emma Watts grew up in creepy-looking mansion in Richmond, Kentucky. During her life, the local university (Eastern Kentucky U.), repeatedly attempted to purchase the property from her. The relationship between Emma and EKU deteriorated, and she refused to sell.
Here's the propety angle: When Watts died in 1970, her will specified that the mansion could never be sold. She left a trust fund to pay for basic upkeep and, for four decades, no one has touched the building or its furnishings. The will reads:
(The trustee) shall have no power or authority to sell or in any manner hypothecate any of my real estate located in Madison County, Kentucky, or any of the furniture, furnishings, linens, china, silver, glassware, books, ornaments or other tangible personal property located in Elmwood at the time of my death. . . . It is my primary testamentary intention to preserve my residence, “Elmwood,” and to maintain it in its present condition, in so far as is possible, for the benefit of my cousins, Margaret Kilgore Cope, Millard Lewis Cope, Jr., and Margaret Parhan Cope.
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