Twin brothers, Bill and David Koch (d. 2019), at a gala in New York City in 2017. David and his brother Charles bought out the stakes in Koch Industries owned by Bill and their eldest brother Frederick (d. 2020) in 1983. Bill and Frederick thought they were shortchanged and spent nearly two decades suing for more before finally settling in 2001. (Photo by Dia Dipasupil/Getty Images for Lincoln Center)
gettyWhen one member of a billionaire family died in September, his will specified precisely how to spread his fortune among the members of his family, including his children, his stepchildren and his siblings—except, the will commands, for his sister Susan. It was the latest development in a long-running fight among members of the Gore family, one of the wealthiest in America, that stretches back decades.
They’re far from the only fractured ultra-wealthy brood. Among the 50 clans on Forbes’ latest list of America’s Richest Families, at least six have gone through very bitter—and very public—family feuds, including legal battles over trust funds, sham adoptions and even murder accusations.
Here are the six billionaire American families whose fierce infighting shows that money—even billions of dollars—doesn’t always buy happiness:
Gore Family: A Fight Over The Share Of The Gore-Tex Inheritance
Net worth: $8.2 billion
Bill Gore (d. 1986) and his wife Genevieve (d. 2005)—founders of W.L. Gore, the company behind waterproof fabric Gore-Tex—created a powder keg when they set up a system of trusts for their grandkids that awarded larger shares of their estates to larger branches of the family. Three of their four children produced four grandkids each; one child, their daughter Susan, only had three kids. That meant her children would inherit far fewer shares from the trusts than their cousins. So in 2003 Susan took matters into her own hands, legally adopting her 65 year old ex-husband as her “child” to increase her branch of the family’s inheritance. The move—which infuriated the rest of the Gore family—didn’t work. The ex-husband reneged on his promise to give his shares to their children, and in 2012 the Delaware Supreme Court ruled that neither the ex-husband nor Susan’s children were entitled to the shares. The family never seemed to get over it. When Bob Gore, Susan’s brother, died this September, his will made his feelings crystal clear: The document states if none of his children or their issue were living at the time of his death, his estate should be divided among his siblings—“not including Susan.”
Charles Koch (Photo by Patrick T. Fallon for The Washington Post via Getty Images)
The Washington Post via Getty ImagesKoch Family: Two Siblings’ Sellers Remorse Over Conglomerate Koch Industries
Net worth: $100 billion
Before they became vilified for their support of the Tea Party and their conservative political influence, the Koch family fought amongst themselves. In 1980, William (Bill) Koch tried to wrest control of family-owned Koch Industries and was immediately fired. Three years later, he and his brother Frederick sold their shares in the family conglomerate, founded by their father Fred Koch (d. 1967), back to their brothers Charles and David for more than $700 million. Then Bill and Frederick decided they were shortchanged and spent the next 18 years suing for more before finally settling in 2001. Since then, the diversified company has grown to $115 billion in revenues from businesses including pipelines, chemicals, Dixie cups and Stainmaster carpet. Charles, who is worth $44.9 billion, and David, who died in August 2019 at age 79, have appeared on Forbes’ ranks of the richest Americans. David’s wife Julia and their three children inherited David’s 42% stake in Koch Industries. Forbes pegs Bill’s net worth at $1.5 billion. Frederick, an art-lover who never became a billionaire, stayed under the radar and died in February 2020.
Liesel Pritzker Simmons (Photo By Vaughn Ridley/Sportsfile via Getty Images)
Sportsfile via Getty ImagesPritzker Family: An 18-Year-Old’s Lawsuit Over A Trust Fund
Net worth: $32.5 billion
Hyatt Hotel heiress Liesel Pritzker was only 18 years old when she filed a $6 billion lawsuit against her father and 11 older cousins, alleging that they looted her and her brother Matthew’s trust funds. Her father, Robert Pritzker, who was divorced from her mother Irene, had begun to tinker with his children's trusts and donated their share in the family holding company to the family foundation. Years later when her cousins planned to divvy up the fortune, they left Liesel and her brother out. "This is not about cash," the heiress told Forbes in 2003. "It's not like I think if we win, it'll be: 'Buy the Bentley! Bling bling!.’" She added: "I filed because I wanted to know what happened. It's going to be tricky, and it will take a long time.” Once the battle was over, Liesel walked away with $500 million. The settlement of her suit led to splitting up the family fortune and creating nearly a dozen billionaire Pritzkers, including Illinois governor J.B. Pritzker, who is the nation’s richest politician, worth $3.4 billion.
Goldman Family: No Mom, We Want Your Share Of The Real Estate Empire
Net worth: $13.2 billion
When he died in 1987, Sol Goldman was the richest landlord in New York City, with properties that had once included the historic Chrysler Building. Shortly after his death, Sol’s four kids and his estranged wife Lilian began battling over the inheritance. Sol and Lilian had filed for divorce in 1983, but they attempted to reconcile; in 1984 they signed a formal agreement granting Lillian 33% of his estate. That was later challenged by her children, but after 5 years of lawsuits, the agreement stuck. When Lillian died in 2002, her estate was divided nearly equally among her children, according to court documents. “Since that time, the family has resolved all outstanding disputes and all members are very close with one another,” a statement provided to Forbes in 2016 said.
Rollins Family: A Greek Tragedy—And A Nearly Decade-Long Lawsuit
Net worth: $13.1 billion
For decades, the Rollins family was known for two things: its Orkin pest control business, which helped them make a fortune, and throwing lavish parties in Georgia. Founded by two siblings, Wayne and John, in 1948, Rollins Inc. pulled in $2 billion in sales in 2019 and is the biggest pest control company by revenues in North America. Yet the extravagant parties are no more. Wayne's sons, Randall (d. August 2020) and Gary, joined the family business and later became chair and president, respectively. In 2010, Gary's four children sued their father and uncle, claiming they were being denied their rightful cash allocations. Around the same time, Gary’s wife Ruthie filed for divorce from Gary after 45 years of marriage. "It's like a Greek tragedy," one of the family members told Forbes in 2014. After nine years of legal battles and two weeks into a jury trial, the family reached a confidential settlement in 2019. One account describes the four adult children who sued walking across the courtroom in tears to hug their father and their uncle.
Edward J. "Joe" Shoen with his son on his shoulders (Photo by Al Seib/Los Angeles Times via Getty Images)
Los Angeles Times via Getty ImagesShoen Family: The Clan’s Fight For Control Of U-Haul
Net worth: $9 billion
Three decades after husband and wife duo L.S. Shoen and Anna Mary Shoen cofounded the truck and trailer rental company U-Haul, L.S. and his eldest son, Samuel, expanded the company into new and arguably unrelated businesses: rentals of video tapes, dance floors and jet skis. Two other children, Joe and Mark, thought he was wrecking the company. Joe staged a coup in 1986, took control of the company and forced his dad into retirement—alienating most of his 12 siblings and half-siblings (L.S. remarried after his first wife died). The family was mired in lawsuits for 25 years. At one point, L.S. even accused his estranged sons of taking part in the murder of Samuel's wife in 1990, before a paroled rapist confessed. L.S., who told Forbes in 1994 that Joe was mentally ill, died by suicide in 1999. The last of the litigation concluded in 2012. Both Joe and his brother Mark each own roughly one-fifth of U-Haul parent Amerco, where Joe is president and chairman.
"bitter" - Google News
December 17, 2020 at 06:00PM
https://ift.tt/2KCZA3q
More Money, More Problems: Inside The Bitter Family Feuds Of America's Richest Billionaire Clans - Forbes
"bitter" - Google News
https://ift.tt/3bZFysT
https://ift.tt/2KSpWvj
Bagikan Berita Ini
0 Response to "More Money, More Problems: Inside The Bitter Family Feuds Of America's Richest Billionaire Clans - Forbes"
Post a Comment