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.

► Follow @NaughtyNiceRob on Twitter!

http://xml.channel.aol.com/xmlpublisher/fetch.v2.xml?option=expand_relative_urls&dataUrlNodes=uiConfig,feedConfig,entry&id=992923&pid=992922&uts=1300891310

http://www.popeater.com/mm_track/popeater/movies/?s_channel=us.moviespop&s_account=aolpopeater,aolsvc&omni=1&ke=1

http://cdn.channel.aol.com/cs_feed_v1_6/csfeedwrapper.swf

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 EddieD

Vote down Vote up Report this

Liked Mr. Shuter's article, but in paragraph#3, I think what he meant to write was that Elizabeth planned to splet her fortune
"among" her children and various charities, instead of "between.
Use "between for 2 people, and "among for any number more than two.

By old enough to remember

She was a well-known actress in her own right. She made a lot of money from the films she was in. She also made a lot of money from the perfume she helped make. A woman does not necessarily get all of her wealth from men; sometimes it is the other way around.

By Rhiana

Her business contract with Elizabeth Arden states that 25% of the gross sales (not net) of all of her purfumes goes to her charities.

By Drgaonlandjade

A billion my FOOT...At end of her life, she could not afford a publicist....

Saturday 02 April

By Barbara.

Sally Morrison was her publicist...

By dragonlandjade

She is one of those Hollywood Trash died off with nothing to show for...In her life, she chose the wrong path again and again...All those FADS could kill but leave few memories .. Why happen to her children??? It makes you wonder!!!! A hint - they are starving in the ghettos!!!

By Nett

She should have given it all to charity. Let her family make their own money. People who are rich do not know the value of money. They don't realize that so many are in need. Charities are one thing, but what about people who charities cannot help. Many that are in need do not fit the requirements of charities. So many are turned away from organization that are in need. What about them? There's so many good things that could have been done to save the hungry, homeless, neglected, abused. Giving to charities is one thing, but sitting on that amount of money is not being a "Saint."

By keithincali

I don't agree with some posters who say that her charities should receive proceeds her estate will generate after her death. I believe any money earned by her estate should go to her children. Furthermore I would find it rather appalling if any charity sues for more than what was donated to them in her will. If her children want to carry on her generosity I believe it's up to them to set it up since she didn't.

By magyymae1

High Rank Vote down Vote up Report this

Now how do you know so much more than everyone else in her life? I don't doubt that she was worth a fortune.

Her children are all well over middle aged and none of them want for anything. Why do people like you think they know anything about her life and her family?

Wednesday 30 March

By Carroll

I thought she was a beatiful woman and a wonderful actress. I admired her acting skills and I saw her as a wonderful person,

By jacobsursula64

Why do we spend so much time and energy capitalizing on the mistakes of others. While we are doing this, let us please remember that no one is perfect. No matter how hard we try, we could never be perfect. The only difference is that some people do a really good job at hiding their skeletons. Elizabeth Taylor was a marvelous woman. She lived her life to the fullest. If a male had done what she had, then, would have been give kuddos. She contributed much more to humanity other than her personal life. Her personal life was just that, "her personal life".

By FinaBiscotti

OOOPPS - forgot about the life-after-death money.

Liz's lawyers screwed up - maybe - on purpose - so that the lawyers could make money handling all the problems caused - by the unfortunate "mistake".

By maricia12

We do not know if this is even true. Surely this woman had financial advisors who planned for this. She knew she had movies and perfume that would make money after her death. One thing she was not is stupid, so I really don't believe this article. What I do believe is that information has not been made public, nor does it have to be. Gracious she has not been dead a week.

By Linda

I think each of her kids should get to choose one peice of jewelry as a momento of their Mom. Let the rest go to action. Split the future earnings the same way the Will states a percentage to her charities and a percentage to each kid. Why does there always have to be a fight?

By lori

i dont understand how people with so much money can fight over more....i live paycheck to paycheck and would love for someone to leave me money i would never fight over it with anyone...i guess that is what being poor all your life teaches you not to be greaty...

By Laurie

The money at the time of her death should go to the designated charities and people that she requested in her will. Any money made beyond that in the future should go strictly to her heirs only. It should be theirs to determine where the additional money from her estate should be spent or given as it was not specified otherwise in her will.

Ned - a family is a family - everyone makes sacrifices in a family. If the decisions that a family makes, creates wealth for them - they should be able to enjoy it - and use the money to donate to whatever they want - to themselves and others. That is what money is all about.

People should be allowed to distribute their wealth - the way they see fit.

You must really like the 55% death tax - that Obama has placed on everyone and their family -
and the corporations who are friends of The Obamas who do not have to pay taxes on their BILLIONS.

By joseph

Miss Taylor was one of our icons. Her family and her charities should carry on her legacies and not foul her legend. Like they say the first generation builds it, the second adds to it, and the third loses it.

By rich

hey what a surprise a bunch of losers making judgements on a dead person. No one is perfect in life

Page 5 of 7