Fight to Claim Astor Fortune Mirrors Battle 50 Years Ago

[babylonsister]

Fight to Claim Astor Fortune Mirrors Battle 50 Years Ago

By JOHN ELIGON
Published: April 25, 2009


A battle is raging over the Astor fortune.

The main beneficiary is accused of scheming with others to drain the estate. The deceased, it is alleged, did not have the mental capacity to execute the will. Document experts have been asked to examine the authenticity of the will, the credibility of the witnesses to its signing has been questioned and the court fight has been a headline-grabbing sensation.

Sound familiar?

It might. But this probably is not the case you are thinking of.

The year was 1959. John Jacob Astor VI accused Brooke Russell Astor of using “improper conduct and undue influence” to persuade her husband, Vincent Astor, who had died from a heart attack at 67, to change his will. When Vincent signed off on his will, he “was mentally deficient,” claimed John Jacob, his half brother.

Now, half a century later, Mrs. Astor, who died two years ago at 105, is again at the center of a tug of war over one of New York City’s most venerable and benevolent family fortunes — only this time it is her will and mental state that are being probed.

Opening statements are scheduled Monday in the criminal trial of Mrs. Astor’s son, Anthony D. Marshall, who is accused of taking advantage of her diminished mental state as a result of Alzheimer’s disease to force her into changing her will and direct millions his way. Francis X. Morrissey Jr., a lawyer who worked on Mrs. Astor’s estate, is also facing fraud and forgery charges.

Although this case, which involves criminal allegations, is more serious than the 1959 dispute, which was settled in surrogate’s court, they share subplots of manipulation, greed and plenty of fodder for the news media. And there is, of course, the Astor name.

“This is one of the great American fortunes,” said Meryl Gordon, author of a book, “Mrs. Astor Regrets,” about the controversy over Mrs. Astor’s will. “It seems amazing that, half a century later, there would still be fighting over this.”

more...

http://www.nytimes.com/2009/04/26/nyregion/26astor.html

[Demeter]

1. So, Obscene Wealth Makes One's Heirs Presumptive Crazy?

The kids will be so glad to know I have spared them this much.

[babylonsister]

2. Ha! I thought it might be interesting for any history buffs.

Our kids will be glad, too.

[Baby Snooks]

3. Then and now...

The original battle was different because John Jacob Astor had claimed he should have had "equal" share in the estate of his father along with Vincent Astor. Brooke Astor settled with him and settled very generously which according to some she really didn't have to do.

This is a little more complex than a greedy son stealing millions - he was generously provided for in both wills and the difference between the two wills apparently is in the distribution of the residual estate to the charities.

The grandson became concerned over the manner in which his grandmother was being cared for - reality is she was old and at 103 when all of this apparently began to unfold probably did not think about the ramifications of the changes she made to the original will. Her son may have manipulated her along the way. She probably knew he was. And let it go. He was, after all, her son. And he wasn't costing her money. Some of his investments were making her a lot of money. There were two estates that were left to her. $60 million left to the foundation. $60 million left to her. She was at one point worried about going broke. Her son more than anyone else made sure that didn't happen. Hopefully that will be brought out in court. But probably won't be.

I doubt she cared whether the fresh flowers each day, and there were fresh flowers every day, cost $150 at a Park Avenue florist or $15 at a flower stand. It was not a case of elder abuse - simply a case of a grandson believing her last days should be spent in the luxury in which she had always lived. Everything else that was "wrong" was merely the result of age. We get old. The body slows down. The mind does as well.

There were others involved in bringing the criminal complaint - Oscar de la Renta and his wife who then brought in the big guns. David Rockefeller and Henry Kissinger. Neither of whom I would consider "altruistic" types. Somewhere there is an ulterior motive.

What would Brooke Astor say about all of it? She would probably say it was not anyone's business but hers. And then she would tell the de la Rentas and David Rockefeller and Henry Kissinger to go to hell.

[Baby Snooks]

4. The NY Times story...

She settled far more than $250,000 on John Jacob Astor - rumor was it was around $5 million. The $250,000 was what was publicly announced. According to the rumor the additional money was to keep him from ever discussing the matter publicly - he apparently had threatened to write a book. Life with the Astors certainly would have made for a very interesting book. Vincent Astor was, in a word, an asshole. Had he not died, she probably would have divorced him. She stayed with him mainly because she would have been a fool not to have. When he told her he had left everything to her and left her control of the foundation he told her to "have fun with it" and she certainly did. Maybe his way of making up for being such an asshole to her.

She could not have lived off the interest from a charitable trust - she lived off the interest from a separate trust and from time to time spent capital. If there was $127 million, it was split evenly. At one point, again, she worried about going broke. I think she even said so in an interview in the 1980s. She dissolved the Astor Foundation, I believe when she turned 100, and what remained was being held for distribution upon her death according to some accounts. The accounts all vary. It was a complex estate. And is again.

She did dislike the daughter-in-law as did the grandsons and that of course figures into the accusations.

It is going to be quite a trial and most expect the tabloids will dig up all sorts of things. From then and now.