The Real Deal New York

Executors of Leona Helmsley’s will: We want $100M

The four men say they've liquidated complex real estate holdings and settled legal disputes

June 13, 2014 08:30AM

From left: Empire State Building and Leona Helmsley

From left: Empire State Building and Leona Helmsley

The executors of Leona Helmsley’s will say the winding down of the $5.4 billion estate was extraordinarily complex — and they’re seeking a massive payout for their troubles.

The four men are asking a surrogate court judge to award them $100 million, or $25 million each, in compensation for their seven years of service.

During that time, the executors managed a sprawling portfolio of 84 real estate properties in 17 states and settled a number of posthumous legal disputes, reports DNAinfo.

The executors include the late-Helmsley’s two grandsons, David and Walter Panzirer, her lawyer Sandor Frankel and her friend John Codey. The men received prior payouts for their work on the estate, including $900,000 each in 2012.

Among the largest real estate holdings was Helmsley’s interest in the Empire State building, which the executors say they sold for $722 million. The exact property transfer total has been the subject of some dispute. The last major property to be disposed of — the 605-unit Park Lane Hotel — sold in November for $653 million, leaving just two smaller interests

Helmsley, known as “The Queen of Mean” for her often tyrannical behavior, died in 2007. She was 87.

Proceeds from the sale of the estate’s property holdings have gone to the $4 billion Leona M. and Harry B. Helmsley Charitable Trust. [DNAinfo]Tom DiChristopher

 

 

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