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)

Tuesday 29 March

By Sheila

Vote down Vote up Report this

Elizabeth gave birth 3 times, to her two eldest sons and to her daughter Eliza with Mike Todd. She & Richard Burton adopted a daughter. Richard Burton then adopted Eliza.

Monday 28 March

By Susan Cangliosi

It seems very strange that a woman like Elizabeth Taylor, or men like Michael Jackson or Elvis Presley, had such crappy legal counsel. Usually, and almost with exception, when planning an estate, an estate attorney will present each and every possible situation!

Wednesday 30 March

By susan

actually, i can see where elvis' estate was messed up due to tom parker. besides, before elvis, no stars earned more after death. i think jackson's estate was set up for this sort of thing and i am honestly surprised that taylor's wasn't also.

By Scott Rose legends in stone

Highest Rank Vote down Vote up Report this

It is amazing how much a famous celebrity is worth after their death. Marilyn Monroe stills makes millions each year and how many years has she been gone? Same with Elvis. Elizabeth Taylor will make millions upon millions and I am sure she has left instruction with the executor of her will where that money is to go. I would not be surprised if she wanted her charities and family to be the recipiants to those funds also. She sure was something. At one time she was known as the most Beautiful Woman in the World. She was just human and made mistakes like we all do in our lives but she was also very lucky, talented and amazingly beautiful. In life she was a beautiful generous lady and in demise she became a Legend.

By steve

High Rank Vote down Vote up Report this

liz taylor was a wonderful person in life, the after life will reward her well she gave to so many in life by being the kind person she was on the screen and off .. just look deep into her beautiful eyes the kindness ozzzzess. she was a pisces sensitive and kind and died one.. honor her wishes stop the greed... life is not about greed.. greed is for the weak souls that will never make the journey in the after life she left enough for everyone remember her inside beauty was left here on earth for everyones enjoyment and to learn a lesson in giving as she did to many charities too save lifes.. her beauty inside and out will never be forgotten....

By dc walker

I cannot believe her lawyer or consultant didn't sit down with her to make an iron clad will. What is wrong with celebrities, has there been one who thought of their after death will and the burdon it places on family members?

By Vela

Elizabeth, You were a beautiful person through and through, no one should fight over your money, but rather respect your final wishes!

By Kelly

The future money should be divided between her children. let them decided what if any goes to charity. she was a very giving person, so I am sure her 4 children were raised the same way.

By Tim

Human-Nights:
She was a real trampet in hollywood, a beautiful woman at that time... I grew up with her love affairs and being the real news.. Her breast where always the attraction and REAL!!! No bolt on's!!! Back in high school early 60's all the girls wanted boobs like Liz.. Life is what you make it and she lived one hell of a full one..

By maricia12

Funny I was in HS then and never once wanted her "boobs". I would have loved to have her face and hair. That was where her real beauty was. Her legs apparently were not very attractive. In fact, Richard Burton said she had legs like a cow. Funny I did not pay that much attention to her legs either. She had remarkable violet colored eyes.

By susieq

She was a truly beautiful person, inside and out. Sure, she made mistakes in her life, most of which were made when she was very young. When she got older, she made some mistakes, I think, out of loneliness. But the friends she made, she kept for life and never turned her back on them -- Roddy McDowell, Montgomery Clift, Rock Hudson, Michael Jackson and James Dean, during his short life, are just a few examples. She was a very honorable woman. And, like others have said on here, her future earnings should be divided like her previous earnings. Period.

By Choperia

I'd say she did pretty darn good in the oldest profession.

By rlnyny

Who told you Rob???? Funny they never name the source of these award winning articles. Name the source before you publish !

Low Ranked Vote down Vote up Report this

I think all the jewelry should go to the families of the men that gave it to her. Heck, return the money she prostituted from the men also. Really, how much was hers and how much was from her marriages that she outlived her spouse or divorced them?

By D Papadopoulos

You people are unbelievable, don't you all have your own dirty laundry to deal with.Live family alone and Elizabeth let her rest in PIECE.It's the least you can do if you have any morals.

By Jay

Rob Shuter, how do you live with yourself? How do you look in the mirror every morning? Do you even read your own crap?

By MARIAH

How really sad.
The roaches are crawling out from under their rock and
she isn't even cold yet. Nice people huh?

By easonglobal

The woman isn't even cold and in the ground yet. Rigor Mortis hasn't even set in. My GOODNESS!!! Can't the vultures wait!!

By Classy?

sarah
( High priced call girl? Are you serious? Then half of hollywood is too. )

YEP!!! Thats about right,I can make a List and it would Drag on forever.

By electrodude69

We ALL knew this was going to happened. Right? This is not a big
surprise for anybody. And I wish all her children the best.

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