Elizabeth Taylor was well known as one of the most famous actresses Hollywood has ever produced after seven decades in show business she became a major worldwide celebrity and icon. Sadly she passed away Wednesday at 79.
During those seven decades she built a huge fortune through gifts from eight different husbands and numerous boyfriends as well as major success as an actress and business person through building her brand as Elizabeth Taylor which she was one of the first to do. Her overall wealth including the rights to her image, her jewelry and business interests may reach a billion dollars. It is estimated to be worth between $600 million to $1 Billion dollars as estimated by a Businessweek Diane Brady senior editor on The Early Show on Saturday morning.
"But, you know, clearly, they're auctioning off her jewelry collection. They think that's going to be about $150 million. She had real estate that was worth at least $130 million.
"But a lot of the money she made was actually in her perfume business. She had costume jewelry.
"This was an entrepreneur. So it wasn't just an actress who amassed a fortune. She was one of the first people out there basically branding her personality."
"But the perfume business was where she made a lot of her money - even last year, $77 million in sales.
She was the first woman to get $1 million for a movie. But, the reality is, she made most of her money as an entrepreneur."
So what happens to that money now?
"That's a very good question. You've heard, 'Will it go to the dog?' 'Will it go to the manager?' 'Will it go to the kids?' There is a sense a lot of her money will go toward AIDS. That was obviously something that was a big cause of hers. She raised more than $270 million for that through her foundation. Four children, I'm sure she'll give some of it to them. But realistically, I think that a lot of it will go toward the research that she felt was very important."
I think we'll see a lot of money made for and from Liz Taylor for years to come."
Another good question will be whether the family will fight over it and force probate and trust litigation to consume the probate courts and much attention. The 4 children were from 3 different fathers and there were many grandchildren and some great grandchildren who came from her 8 marriages.
Elizabeth Taylor is nearby in the same funeral home as Michael Jackson. While there is only one Graceland possibly if permitted by the facility charges could be taken to come to her final resting place.
It will be interesting to see if her estate planning efficiently passes her property and is as astute as she was or is a mess like Elvis Pressley and other celebrities which squanderd a large amount in poor estate planning.
With 8 different marriages, charities likely being involved and such a blended scenario it will also be interesting to learn whether the beneficiaries will dispute the terms each is probate for and contest the terms of a will or trust or it passes smoothly.
Sometimes when the family is not in harmony or with greedy beneficiaries when there are non titled assets such as jewelry some beneficiaries try to get their hands on the property and sell or take for their own benefits prior to even seeing what the terms of the will says. In her case there was around $150 million dollars worth of jewelry alone nearly all of which was given to her as gifts.
The US Treasury can be relieved she passed away in 2011 while there is a $5 million exemption and not in 2010 when George Steinbrenner and at least 4 other billionaires passed on with no estate tax.
See also CBS News Elizabeth Taylor's Estate may be around $1 Billion
3 minute video discussing her $150 Million Jewelry collection.
Liz Taylors Estate and Yours Market Watch Video regarding documents people should have.
Elizabeth Taylor Death Certificate
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