The Fight Begins Over Elizabeth Taylor's Fortune

By Rob Shuter Posted Mar 28th 2011 12:01PM

Elizabeth Taylor left an enduring legacy of great films and even greater acts of philanthropy. She also amassed a huge fortune estimated between $600 million and $1 billion, most of that from her savvy business dealings. Already, the fighting has begun as to who will get to manage that bounty along with all the money she's destined to make in death.

I'm told her last wish was for her lucrative jewelry collection, valued at a staggering $150 million in 2002, to be auctioned off and the proceeds given to the Elizabeth Taylor AIDS Foundation and amfAR.

"Elizabeth also made arrangements to split the rest of her fortune between her four children and other charities that she cared so much about," a close friend of the star's tells me. "But what is causing all the problems is not the money she made during her life, but rather what should happen to the millions she is going to make after her death."

Beauty product giant Elizabeth Arden has already announced they'll continue selling Liz's still-popular fragrances -- they made $77 million last year alone -- and there are countless other opportunities, like film re-releases and merchandising that the estate could profit greatly from.

"The one thing she didn't do was understand that, much like Elvis and Michael Jackson, she might be worth more in death," my source says. "This is what has already started to cause friction between family, business managers and the many charities that meant so much to Elizabeth."

The two-time Oscar winner has been worth a lot of money for decades. In 1996, when she divorced her last husband, Larry Fortensky, documents showed her net worth was $608.4 million. The New York Post reported that during the 1990s, Taylor earned about $2 per second, or about $63 million per year. Her perfume, White Diamonds, has never stopped selling.

"Elizabeth was a great actress, but she was also a great businesswoman," a Hollywood insider tells me.

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Liz Taylor Snapshots

British born actor Elizabeth Taylor and her fourth husband American singer and actor Eddie Fisher arrive at a formal event, c. 1962. (Photo by Hulton Archive/Getty Images)

Getty Images

Hulton Archive

Elizabeth Taylor Snapshots

British born actor Elizabeth Taylor and her fourth husband American singer and actor Eddie Fisher arrive at a formal event, c. 1962. (Photo by Hulton Archive/Getty Images)

Elizabeth Taylor Snapshots

(FILE PHOTO) US film star Elizabeth Taylor and her first husband Nick Hilton, of the hotelier family, on their wedding day. (Photo by Keystone/Getty Images)

Elizabeth Taylor Snapshots

FILES)Elizabeth Taylor arrives on the red carpet for her performance of A.R. Gurney's play "Love Letters" starring Taylor and James Earl Jones, 01 December 2007 at Paramount Studios in Los Angeles, California. Taylor, famed for her striking blue eyes and eight marriages as well a glittering film career, has died at the age of 79, a statement by her publicist said March 23, 2011. AFP PHOTO / Robyn BECK (Photo credit should read ROBYN BECK/AFP/Getty Images)

Elizabeth Taylor Snapshots

16th January 1958: Film star Elizabeth Taylor and husband, film producer Mike Todd, arriving at Heathrow. (Photo by Miller/Keystone/Getty Images)

Elizabeth Taylor Snapshots

FILE - In this March 2, 1959 file photo, actress Elizabeth Taylor, accompanied by her physician, Dr. Rexford Kennamer, walks through Waldheim Cemetery in Chicago where she attended ceremony dedicating the grave marker of her late husband, showman Mike Todd who died a year earlier. On Wednesday, March 23, 2011, Taylor, the violet-eyed film goddess whose sultry screen life was often upstaged by her stormy personal life, died of congestive heart failure at Cedars-Sinai Medical Center in Los Angeles, where she had been hospitalized for about six weeks. She was 79. (AP Photo/Ed Maloney, File)

Elizabeth Taylor Snapshots

HENDERSON, NV - FEBRUARY 27: (FILE PHOTO) Dame Elizabeth Taylor arrives with her children, (L-R) Michael Wilding Jr., Christopher Wilding, Maria Burton and Liza Todd Burton, for Taylor's 75th birthday party at the Ritz-Carlton, Lake Las Vegas on February 27, 2007 in Henderson, Nevada. (Photo by Ethan Miller/Getty Images)

Elizabeth Taylor Snapshots

16th January 1958: Film star Elizabeth Taylor and husband, film producer Mike Todd, arriving at Heathrow. (Photo by Miller/Keystone/Getty Images)

Elizabeth Taylor Snapshots

(FILE PHOTO) US film star Elizabeth Taylor and her first husband Nick Hilton, of the hotelier family, on their wedding day. (Photo by Keystone/Getty Images)

Elizabeth Taylor Snapshots

British born actor Elizabeth Taylor and her fourth husband American singer and actor Eddie Fisher arrive at a formal event, c. 1962. (Photo by Hulton Archive/Getty Images)

Elizabeth Taylor Snapshots

(FILES) Movie star Elizabeth Taylor smiles as she appears before the Labor, Health and Human services Senate Subcommittee 08 May 1986 in Washington,DC.Taylor, famed for her striking blue eyes and eight marriages as well a glittering film career, has died at the age of 79, a statement by her publicist said March 23, 2011. AFP PHOTO/Jerome DELAY / FILES (Photo credit should read JEROME DELAY/AFP/Getty Images)

Elizabeth Taylor Snapshots

Tags: Elizabeth Taylor

Comments

(138)

Monday 28 March

By gth0579

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Elizabeth was a generous person in life and made sure that her Will expressed her wishes to be carried out. Seems logical to me that as generous as she was, she would have wanted her original wishes, which she expressed in her Will, to be extended to her future earnings in death. Stop being so greeeeedddy - honor her generous and loving life by making sure her legacy lives on. Stop being so greedy - you will only waste the funds on greedy lawyers. Sit back and relax and enjoy the good fortune she left you. Remember all the good Elizabeth did in her life with her charities, please continue with her legacy and you all will be rewarded more than your greedy little minds can envision right now.

By weezy the grand mother

she was very generous with time and money to help charities hiv patients then poor children, She had so much,possibly didn't know the amount of her worth let her rest in peace and allow her family to be at peace also. Let the money mongers bark at someone else's door..

Tuesday 29 March

By old enough to remember

I was going to say something similar to what you did, but you said it much better.

By dfbe6a8z

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What happened to her children??? Say no more!!!

By SARA B

I AGREE. SHE DESERVES THE DIGNITY IN DEATH AS SHE RECIEVED IN LIFE. ALL THE RAG MAGS WILL FOCUS ON THE FIGHTING. STOP AND ASK YOURSELF, THOSE OF YOU WHO CHOOSE TO BE GREEDY........IS THIS WHAT LIZ WOULD HAVE WANTED? IF SO, SHE WOULD HAVE LEFT FOOD FOR YOU SHARKS. THANK YOU FOR EVERYTHING. RIP AND GOD BLESS YOU, LIZ

By Beth

Lowest Rank Vote down Vote up Report this

Why do you think she did such great work for charities?

When she was aging, she wanted to have her face on TV and in the papers. She was too old for films. All she had to do was add her name, to perfume co. and jewelry. It kept her famous.
She was a "taker", and caused more divorces and broken hearts than any other actress in the business. She told the wives with the broken hearts, " I have a right to take what I want"
And she did. I am older than Liz and I remember. Yes, I remember.

By Clair

D I T T O

By Booboo

WHAT? Aunt Liz died? Tell me it isn't so! Tell me she's not gone! Tell me where I can contact the people divvying up her fortune!

By WANDA

THAT'S NOT FUNNY AT ALL! DO YOU NOT HAVE ANY RESPECT FOR THE DECEASED? JUST BECAUSE ELIZABETH WAS RICH, FAMOUS, & POWERFUL DOESN'T MEAN THAT SHE DOESN'T DESERVE SOME RESPECT IN HER DEATH! MY GOD, HER BODY IS BARELY COLD & YOU'RE IN HERE MAKING JOKES ABOUT HER & HER WILL! ISN'T ANYTHING SACRED TO YOU? YOU NEED TO APOLOGIZE (IN HERE) TO HER FAMILY, HER FRIENDS, & HER FANS (THAT IS, IF YOU HAVE THE "TA-TA'S" TO DO THAT!

By Brent

She might be your aunt, but she's my mother. I'll fight you in court to get more money then you!

By Bonbon

her and michael were so generous to charity, you are quite a dame Liz!

By dora_rice

in case they fight we should not buy her perfume anymore nor anything else they can make money on...

By wanda

I TOTALLY AGREE 1000%!

By kev

Gosh! Michael looks older than Liz.

By dallas

she gave to the charties already...

BUT HER WILL DID PROVIDE FOR ALL OF HER CHARITIES ALSO!

By Patrick

Truly a beautiful women inside and out.....I hope all the greedy people will not tarnish her legacy.......

By Jim

Liz Taylor might have been a very good actress, but when she broke up at least 2 marriages that we know of, that makes her a very high priced call girl...and that means more than any movie she ever made.

What century are you living in anyway? She broke up 2 marriages? The men have no responsibility? The wives were simply victims? Please grow a pair.

By junior

Hey moron, the men could have said no.

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