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 Cheryl

Highest Rank Vote down Vote up Report this

I don't think the courts can make that determination regarding her future earnings and having them go to charity. Her heirs (children and current husband) would naturally be heir to any earnings (and of course the Federal, State and Local governments will take their WINDFALL). Unless her wishes are spelled out in a Will, the money probably cannot be taken from her natural or named heirs or some related family member on down the line. I'm sure the attorneys will be scrambling to offer their services, as they would stand to gain a continuous paycheck.

By hoghair

Lowest Rank Vote down Vote up Report this

elvis and liz would have made a fanascic couple

Tuesday 29 March

By adlerman

High Rank Vote down Vote up Report this

Elvis and Elizabeth Taylor a couple? She would have dumped that redneck in less than a year. Luckily he died before she got to know him.

By JEB BUCKINGHAM

And now the vultures begin swooping in to get their piece of Elizabeth Taylor. It's sickening.

By WANDA

Vote down Vote up Report this

YEP! YOU'RE SO RIGHT ABOUT THE VULTURES (which may end up being lots of attorneys, the IRS, her family, her friends, her current boyfriend, a couple of ex-husbands who are still living, her many charities, etc.)! JUST THE DIVVYING UP HER WILL PROJECT WOULD PROBABLY MAKE A GOOD MOVIE IN ITSELF! GUESS WE'LL SOON FIND OUT B/C TIME WILL TELL!

By speech

I hope Ms. Taylor did the right thing and left her black boyfriend a token of her gratitude

By gposner29

Animals...nothing but vultures and animals...Lizzie had a will and a trust...all will be divided according to her wishes...No fights necessary or permissible.

By dinehAntares

Create jobs with her fortune, spring break is around the corner, we all need to work or attend school. Our parents need help too. Forget all you damn money hunger greedy SOB. Or Liz should have just taken it all to hell.

By Jackie Murphy

@gth0579......My sentiments exactly. That's it in a nutshell, continue with the same provisions of will for future earnings.

By Jeffrey Tobias

Elizabeth Taylor will be so invaluable from here on out,just who she was is so invaluable as Money has no Say.

By bob

I am Liz taylor's illigitmate son. im am now awaiting my money because of all the pain ive endured by never having my mom when i was growing up in the orphanage where she dumped me off when i was but a week old. my whole life has been impacted by this event. i believe getting her entire estate is just a mere drop in the bucket relative to all the pain ive endured.

By george

just split it 5 ways between the 4 kids and the rest to her aids foundation then theres no fighting

By Jules

RIP, Elizabeth. Be glad your NOT here to see the GREED start.

By CAT herine

Elizabeth the end of an ERA the beginning of a legend

By Jimmy

One more thing that the writer needs to know, and that it's "among" not "between". It's among three or more people but between two people or groups.

By alans022

Low Ranked Vote down Vote up Report this

is that michael jacksons mom at the front of the line waiting for Liz's money????

By callmeq2

SHE AND MJ UNDERSTOOD EACH OTHER BECAUSE SHE HAD A RX DRUG PROBLEM FOR DECADES,BESIDES BOOZE.ADDICTS ALIKE.BESIDES THEY EACH HAD THAT SOFT FEMININE VOICE.

By pat engstrom

was Liz Taylor ever pregnant or was her children adopted?

By aria

LIZ TAYLOR HAS AT LEAST THREE BIOLOGICAL KIDS- ONE MAN IN HIS 54- I BELIEVE MICHAEL IS HIS NAME -AND A GIRL NAME LIZA SHE ADORES FROM FISHER, THE GUY SHE TOOK FROM DEBBIE REYNOLDS..AND ALTER MARRIED.
QUITE A DAME
PEOPLE TALK ABOUT HER BEAUTY BUT THATS NOT ALL SHE HAD. NOTHING LIKE THE BIMBOS TODAY
SHE WAS SPECIAL. I MISS HER.

By Beth

Liz had two sons from Michael Wilding, her second husband.
Before the second son was born, she was sleeping with Michael Todd the rich Jewish producer.

She married Todd. Had a baby girl. He was killed. So since Debbie was her only friend, why not take Fisher, and marry him?
She took Fisher to Rome with her so he could carry her bags, and feed the 4 dogs and parrots she took with her.

Fisher saw her lying on the sand kissing her co-star in Cleopatra...and he began drinking. He was devastated.
She told him to take a hike and also told Burtons wife Sybil, to also take a hike and promised to pay her for the cost of raising her two little girls. Such a sweet woman...

Dream you're little dream, also read Debbie Reynolds auto-biography. You will see what Liz wss really like..

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