Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

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Tuesday, September 25, 2012

Estate of Brooke Astor Holds an Auction

Brooke AstorMoney is like manure. It's not worth a thing unless it's spread around. - Brooke Astor

These words were exclaimed by the late Brooke Astor, and represent one of the fundamental values she owned. As I have previously discussed, the estate undergone a serious of legal challenges in the past. Most recently the estate learned that Ms. Astor still has a few open bank accounts at Citibank that have yet to be claimed. Now, the words that Ms. Astor stated are now being put into effect. This past Monday, the estate began its auction of the late-philanthropist's property; the money obtained from the sale will be donated to the charities of Ms. Astor's choice. The two-day auction is set to last about two days and place about 900 items up for sale. Among the property that is being sold are Astor's two residences, "European and Asian furnishings, old masters, Qing Dynasty paintings, and more than 10 paintings of dogs." All of property is expected to earn between $6.5 and $9 million. 

See Caroline Davies, Brooke Astor's Collected Life Finally Goes Under the Hammer, The Guardian, Sept. 24, 2012. 

Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.

http://lawprofessors.typepad.com/trusts_estates_prof/2012/09/estate-of-brooke-astor-holds-an-auction.html

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