The Real Deal New York

On hold: $100M payout for executors of Helmsley will

Attorney General's charity division to review how $5B portfolio was handled
October 13, 2014 10:05AM

The New York Attorney General’s office has delayed a $100 million payout being sought by the executors of real estate heiress Leona Helmsley’s estate amid an investigation.

In June, the four men requested $25 million apiece for seven years of service, including management of a portfolio of 84 buildings in 17 states and the settlement of several lawsuits. Schneiderman has assigned a charity division to review documents showing how the executors handled $5.4 billion in assets over the next several months. The executors and Schneiderman are expected to meet again in court in November.

The Real Deal reported last year that the AG’s office would review the Helmsley estate sales. A spokesperson for the office told the New York Post  that the delay is routine but important given the complexity of the Helmsley estate. [NYP]Mark Maurer

  • patrickswqyze

    HA. Greedy. Could have paid 1M/ year to a law firm to get that done.

    • Marc

      It’s not greedy. Such payouts can be quite normal due to the size of the estate. Also the executors are exposed potentially to a lot of liability. The court is simply scrutinizing here. Many times the court doesn’t bother but they will in this case. A law firm would not perform this work for a million/year. No way.