Latest news with #JaneBuffett
Fox News
4 days ago
- Business
- Fox News
Jimmy Buffett's $275M estate becomes center of heated inheritance dispute
The fight over Jimmy Buffett's estate has sparked a massive legal battle. His widow has filed a petition to have co-trustee Richard Mozenter, who manages the late musician's estate, removed for failing to act in her "best interests" with the marital trust that was "created for her benefit." Jane Buffett, who married the singer in 1977, made the legal filing in Los Angeles Superior Court on Tuesday, alleging that Mozenter, also a co-trustee of the marital trust set up for her, has been "openly hostile and adversarial" toward her and worked against her, according to the legal filing obtained by Fox News Digital. "Mr. Mozenter has failed to perform even the most basic tasks required of him in his role as co-trustee, including providing Mrs. Buffett with information concerning Trust assets and finances, which has left Mrs. Buffett in the dark with regard to the state of her own finances," the filing said. "Along the way, Mr. Mozenter has belittled, disrespected, and condescended to Mrs. Buffett in response to her reasonable requests for information she undoubtedly was entitled to receive. As a result, the majority of Mrs. Buffett's net worth is controlled by someone she does not trust, and to whom the Trust for her benefit must pay enormous fees—more than $1.7 million in 2024 to him and his firm—no matter how badly he treats her." Mozenter has filed his own petition in Florida to have her removed as co-trustee and representative of the estate, according to The Hollywood Reporter. Fox News Digital has reached out to Mozenter for comment. Jimmy Buffett died in 2023 following a battle with cancer, leaving a $275 million estate. Jane's filing claims that one month after the musician's death, she reached out to Mozenter to find out how much she would be expected to receive from the trust going forward. "Rather than help his recently-widowed client understand her finances, Mr. Mozenter spent the next 16 months stonewalling and making excuses for why he could not yet provide the requested information," the filing said. In February, Mozenter finally gave Jane an estimate that the marital trust would generate less than $2 million in net income annually, a rate of return of less than 1%, according to the filing. Mozenter "acknowledged that, over the prior 18 months, Margaritaville—a company of which the Trust owns roughly 20%—had paid distributions of approximately $14 million, but he decided against including any estimate of future distributions from Margaritaville in his analysis of the Marital Trust's future income." The filing stated that Mozenter told Jane that Margaritaville "continues to evaluate future business opportunities and how they deploy existing liquid assets." He told her, based on that analysis, that the trust would not cover her annual expenses, saying she could consider making "adjustments" or selling her own real estate to make up the difference, the filing claims. "If the Marital Trust truly earns such a low return consistent with the financials Mr. Mozenter presented, it will confirm that Mr. Mozenter is either not competent to administer the Trust or unwilling to act in Mrs. Buffett's best interests," Jane's filing claimed. Buffett landed on the Forbes billionaires list for the first time in 2023 for an empire that, along with his music, included his "Margaritaville" island escapism brand sparked by his hit 1977 song. As chair of Margarita Holdings LLC — in which Buffett held a 28% stake — he had resorts, restaurants, casinos, cruises and merchandise. Following their marriage in 1977, Buffett and Jane welcomed three children together, including Savannah, 46, Delaney, 33, and Cameron, who was born in 1994 and adopted by Buffett and Jane.
New York Times
5 days ago
- Business
- New York Times
Jimmy Buffett's Widow Sues in Battle Over $275 Million Estate
A vicious legal battle has erupted over Jimmy Buffett's $275 million estate, with his widow and his accountant filing lawsuits this week seeking to remove each other as co-trustees of a trust containing the 'Margaritaville' singer's sprawling holdings. The widow, Jane Buffett, is angry with the way her husband's estate has been managed since his death nearly two years ago and has filed a petition seeking to oust her co-trustee, the accountant Richard Mozenter. She complains that the marital trust set up by the singer — who built a musical empire off his laid-back, beach-bum persona and infectious, often self-deprecating country-rock and calypso-inflected songs — is producing far too little income. Mrs. Buffett asked a judge in Los Angeles Superior Court on Tuesday to appoint an independent third party to replace Mr. Mozenter. Her petition accused Mr. Mozenter of failing to provide her with basic information about the trust's assets and finances, keeping her 'in the dark with regard to the state of her own finances.' The complaint also said that Mr. Mozenter had 'belittled, disrespected and condescended to Mrs. Buffett.' 'As a result, the majority of Mrs. Buffett's net worth is controlled by someone she does not trust, and to whom the trust for her benefit must pay enormous fees — more than $1.7 million in 2024 to him and his firm — no matter how badly he treats her,' the petition said. Mr. Mozenter filed his own lawsuit in Palm Beach County, Fla., this week, asking the court to remove Ms. Buffett as co-trustee. His suit said that he was a 'trusted financial adviser' to Mr. Buffett for more than 30 years and that he was also the singer's business manager. He claims that during their partnership, Mr. Buffett expressed concerns about his wife's ability to manage and control his assets after his death. 'Other than serving as a noncontrolling trustee, Jane has no ability to manage the trust,' the lawsuit said. 'This fact has made Jane very angry.' Want all of The Times? Subscribe.
Daily Mail
5 days ago
- Business
- Daily Mail
Jimmy Buffett's 'upset and confused' widow locked in legal row over late singer's $275M fortune
A legal battle is brewing over the estate of late singer Jimmy Buffett. The Margaritaville singers's widow Jane Buffett said in legal docs she believes the co-trustee of the estate is not being forthright about the $275 million in it, according to legal documents reviewed by People. Jane says both the co-trustee Richard Mozenter, as well as an attorney assigned to carrying out the high-profile transaction named Jeffrey Smith, have been 'openly hostile' toward her, according to court docs reviewed by the magazine. Lawyers for Jane Buffett told the court in legal docs that she has on multiple occasions urged Mozenter to 'act responsibly and perform his duties' to no avail. They added, 'Mr. Mozenter has failed to perform even the most basic tasks required of him in his role as co-trustee, including providing Mrs. Buffett with information concerning Trust assets and finances, which has left Mrs. Buffett in the dark with regard to the state of her own finances. 'Along the way, Mr. Mozenter has belittled, disrespected, and condescended to Mrs. Buffett in response to her reasonable requests for information she undoubtedly was entitled to receive.' Jane's legal team told the court that her late spouse initially put together the Trust in 1990 so she would have a nest egg if anything happened to him. Changes were made to the Trust in 2017 and 2023, according to the outlet, which noted that the pair's three kids have shares of the remnant Federal estate tax exemption totaling about $2 million in value. An insider told the outlet that Jane and her confidantes are upset and confused by the drama. 'Jimmy would never have wanted Jane to be treated like this ... I know how close Jimmy and Jane were all these years, and how Jimmy relied upon and trusted Jane around so many of his important decisions in his life and career,' the source said. Jane said that Mozenter was vague and evasive when pressed on details about the estate following the singer's death. 'Rather than help his recently widowed client understand her finances, Mr. Mozenter spent the next 16 months stonewalling and making excuses for why he could not yet provide the requested information,' Jane said in the filing. Jane said that earlier this year, Mozenter put 'shocking' results in front of her, as 'he showed the Marital Trust earning less than $2 million in net income, a remarkably poor return for a Trust with an estimated $275 million in assets.' Jane said that Mozenter advised her to 'consider adjustments' in her budget and possibly sell off real estate, according to the court filing. The filing said 'if the Marital Trust truly earns such a low return consistent with the financials Mr. Mozenter presented, it will confirm that Mr. Mozenter is either not competent to administer the Trust or unwilling to act in Mrs. Buffett's best interests.' Daily Mail has reached out to Richard Mozenter for further comment on the topic. The singer-songwriter, who popularized beach bum soft rock with the escapist Caribbean-flavored song Margaritaville and turned that celebration of loafing into a billion-dollar empire of restaurants, resorts and frozen concoctions died at the age of 76 on September 1, 2023. 'Jimmy passed away peacefully on the night of September 1st surrounded by his family, friends, music and dogs,' a statement posted to Buffett's official website and social media pages said at the time. 'He lived his life like a song till the very last breath and will be missed beyond measure by so many.' The classic song Margaritaville, released on February 14, 1977, quickly took on a life of its own, becoming a state of mind for those 'wastin' away,' an excuse for a life of low-key fun and escapism for those 'growing older, but not up.' The song is the unhurried portrait of a loafer on his front porch, watching tourists sunbathe while a pot of shrimp is beginning to boil. The singer has a new tattoo, a likely hangover and regrets over a lost love. Somewhere, irritatingly, there is a misplaced salt shaker. 'What seems like a simple ditty about getting blotto and mending a broken heart turns out to be a profound meditation on the often painful inertia of beach dwelling,' Spin magazine wrote in 2021. 'The tourists come and go, one group indistinguishable from the other. 'Waves crest and break whether somebody is there to witness it or not. Everything that means anything has already happened and you're not even sure when.' The song - from the album Changes in Latitudes, Changes in Attitudes - spent 22 weeks on the Billboard Hot 100 chart and peaked at number eight. The song was inducted into the Grammy Hall of Fame in 2016 for its cultural and historic significance, became a karaoke standard and helped brand Key West, Florida, as a distinct sound of music and a destination known the world over. 'There was no such place as Margaritaville,' Buffett told the Arizona Republic in 2021. 'It was a made-up place in my mind, basically made up about my experiences in Key West and having to leave Key West and go on the road to work and then come back and spend time by the beach.' The song soon inspired restaurants and resorts, turning Buffett's alleged desire for the simplicity of island life into a multimillion brand. He landed at No. 18 in Forbes' list of the Richest Celebrities of All Time with a net worth of $1 billion. Tributes following the singer's passing came from all walks of life, from Hollywood star Miles Teller posting photos of himself with Buffett to former U.S. Sen. Doug Jones of Alabama, who wrote on X that Buffett 'lived life to the fullest and the world will miss him.' Brian Wilson of the Beach Boys wrote: 'Love and Mercy, Jimmy Buffett' and Paul McCartney called him 'one of the kindest and most generous people.' Buffett's evolving brand began in 1985 with the opening of a string of Margaritaville-themed stores and restaurants in Key West, followed in 1987 with the first Margaritaville Café nearby. Over the course of the next two decades, several more of each opened throughout Florida, New Orleans and California.
Bloomberg
5 days ago
- Business
- Bloomberg
Jimmy Buffett's Widow Sues to Remove Trustee of $275 Million Estate
Jane Buffett, the widow of singer Jimmy Buffett, is seeking to remove the co-trustee of her husband's estate, saying he has failed to act in her best interests. The singer, who died in 2023, left an estate with $275 million in assets for the benefit of his wife, but Jane Buffett claimed in a court filing Tuesday that she's been told by her co-trustee that she's to receive less than $2 million annually, a rate of return of less than 1%.
Yahoo
5 days ago
- Business
- Yahoo
Jimmy Buffett's $275 Million Estate Sparks Sprawling Margaritaville Legal Battle
A legal battle has broken over Jimmy Buffets $275 million estate, with his wife and accountant initiating proceedings for control of the trust. In a petition filed in Los Angeles Superior Court on Tuesday, Jane Buffett points to an 'unsolvable rift' with Rick Mozenter, the co-trustee of her husband's estate allegedly acting against her best interests. She accuses Mozenter of mismanaging the trust, which is paying her roughly $2 million annually at a rate of return of less than one percent. Based on the estimate, Mozenter told the late singer's wife to 'consider adjustments' to her lifestyle or sell her own assets to make up the difference, the lawsuit says. More from The Hollywood Reporter Jessie J Reveals Early Breast Cancer Diagnosis Aging CEOs, Ambitious Nepo Babies and a Tech Revolution: Succession in the Music Biz Cynthia Erivo to Discuss the Making and Meaning of Her Second Studio Album, 'I Forgive You,' In TalkShopLive Show The relationship collapsed last month, with Jane Buffett telling Mozenter that she'd sue unless he resigned by Monday. Mozenter, in turn, filed a petition in Florida state court over the weekend to remove her as co-trustee and personal representative of the estate. Jimmy Buffett died in 2023 following a four-year battle with Merkel cell skin cancer. After initially pursuing a career as a country singer, he found success in the early '70s when he scored his first record contract and later adopted the laid-back beach-bum persona he's most recognized for today. Mainstream attention followed the release of his sixth album, which included hit track 'Margaritaville,' which spawned a sprawling hospitality company partially owned by the trust. When Jimmy Buffett died, most of his assets were held in or transferred to a trust for his wife. A month later, Jane Buffett asked Mozenter how much money he expected her to receive but was allegedly stonewalled for over a year, the lawsuit alleges. She ultimately hired her own counsel to press for the information. When Mozenter responded earlier this year, Jane Buffett was told that the trust's $275 million in assets would net her less than $2 million anually, she says. Mozenter allegedly acknowledged that Margaritaville, which the trust owns 20 percent of, had paid out roughly $14 million over the prior 18 months but that he decided against including any estimate of future distributions from the company in his analysis of future income. Margaritaville 'continues to evaluate future business opporutnities and how they deploy existing liquid assets,' Mozenter told Jane Buffett, according to the complaint. If the estimates are correct, the lawsuit claims that Mozenter, whose firm is paid $1.7 million annually to oversee the trust, is 'either not competent to administer the trust or unwilling to act in Mrs. Buffett's best interests.' Also at issue: Mozenter pushing Jane Buffett to approve his request that Jeffrey Smith be retained as counsel for cotrustees. She takes issue with Smith accusing her of breaching her fiduciary duty to the trust by suggesting that it rely on Irvin Azoff, Jimmy Buffett's longtime music manager, to negotiate an agreement with a production company over a planned documentary about the singer. The tipping point came when his firm sent her a voluminous draft of the estate's tax returns and asked her to provide any comments within three days, the lawsuit alleges. Smith, who has since resigned as counsel for the trust, allegedly later threatened to investigate her for defaming Mozenter. Additionally, the petition targets Mozenter transferring property that allegedly should've been left to Jane Buffett personally to the estate. This includes properties in New York, Florida and St. Barthélemy island. Mozenter didn't immediately respond to requests for comment. Best of The Hollywood Reporter How the Warner Brothers Got Their Film Business Started Meet the World Builders: Hollywood's Top Physical Production Executives of 2023 Men in Blazers, Hollywood's Favorite Soccer Podcast, Aims for a Global Empire
