Latest news with #Mozenter
New York Post
2 days ago
- Business
- New York Post
Jimmy Buffett's widow sues estate co-trustee over late singer's $275 million fortune
Jimmy Buffett's widow, Jane Buffett, is locked in a contentious legal battle over the late singer's $275 million estate. In a petition filed in Los Angeles Superior Court on Tuesday, Jane, 46, asked the court to remove Richard Mozenter as co-trustee of her late husband's estate, claiming that he's acted 'openly hostile' towards her since Jimmy died in Sept. 2023 at age 76, according to Variety. 7 Jimmy and Jane Buffett at the 2022 Vanity Fair Oscar Party. Getty Images for Vanity Fair Jane accused Mozenter, an accountant at the business management firm Gelfand Rennert & Feldman, of mismanaging the trust and not acting in her best interests, including allegedly withholding financial information from the family. Mozenter, according to Jane, told her in February that the estate would pay her less than $2 million annually at a rate of return of less than one percent. She reportedly found this estimate 'shocking' since Mozenter allegedly acknowledged that Jimmy's Margaritaville company, in which the trust owns a roughly 20 percent stake, paid out $14 million over the past 18 months, according to Variety. 7 Jimmy Buffett performs in Gulf Shores, Alabama in July 2010. Getty Images for CMT '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 filing reportedly stated. Jane also claimed that she asked Mozenter to resign as co-trustee on May 30, but he allegedly 'refused, insisting that he remain in a position of authority over her wealth.' 7 Jimmy and Jane Buffett at the 2023 Vanity Fair Oscar Party. Getty Images 7 Jimmy Buffett at Universal Studios Hollywood in March 2017. Rich Polk According to The Hollywood Reporter, Mozenter filed his own petition in Florida state court seeking to remove Jane as co-trustee and personal representative of the estate. Mozenter, in his filing, allegedly claimed that Jimmy purposefully limited Jane's control of the trust because of concerns about her 'ability to manage and control his assets.' 7 Jimmy Buffett and Jane Buffett attend PiCNiC for ParentCorps party in New York in August 2005. Patrick McMullan via Getty Images 'Other than serving as a non-controlling trustee, Jane has no ability to manage the trust. This fact has made Jane very angry,' Mozenter's attorneys reportedly stated. 'As a result, Jane has repeatedly acted in a hostile manner toward Rick and has been completely uncooperative with Rick in his attempts to administer the trust.' Jane and Mozenter are now each seeking to axe the other from their role with the estate and appoint a new co-trustee. The Post has reached out to Mozenter for comment. 7 Jane and Jimmy Buffett attend the 17th Annual Rita Hayworth Alzheimer's Benefit Gala in October 2001. Ron Galella Collection via Getty Images On Tuesday, a close friend of the Buffetts told People that Jane and her inner circle are upset over the legal drama. 'Jimmy would never have wanted Jane to be treated like this,' the friend claimed. 7 Jane and Jimmy Buffett attend Lincoln Center's American Songbook Gala in NYC in 2018 Getty Images for Lincoln Center '[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,' they added. Jimmy and Jane were married for 46 years before the singer died of Merkel cell carcinoma, a form of skin cancer, in Sept. 2023. The couple share three children: daughters Savannah, 46, and Delaney, 33, and son Cameron, 30.
Yahoo
2 days ago
- Business
- Yahoo
Jimmy Buffett's Widow in Legal Battle Over $275 Million Margaritaville Estate
Jimmy Buffett's widow Jane and the co-trustee of her husband's estate are suing each other over control of the 'Margaritaville' singer's $275 million estate. A petition filed in Los Angeles Superior Court on Tuesday revealed that Jane Buffett is in the midst of an 'unsolvable rift' with co-trustee Rick Mozenter. She accused Mozenter of mismanaging the trust and failing to act in her best interest, despite his company being paid $1.75 million last year for their services. The filing said Mozenter 'belittled, disrespected and condescended' Buffet's widow in response to 'reasonable requests for information she undoubtedly was entitled to receive.' Mozenter's attorneys filed their own suit on June 2 in state court in Palm Beach, Florida, which claimed Jane Buffet had interfered in ways that have cost the trust financially and that she should be removed as co-trustee. Musician and businessman Jimmy Buffett, who died of cancer in September 2023, was married to Jane for 46 years. She was initially the sole beneficiary of his estate, which also takes care of the couple's three children. After Buffett's death, Mozenter became co-trustee of his assets, including the Margaritaville company. It was named after his 1977 hit song. Buffett's filing stated Mozenter had been 'openly hostile and adversarial' toward her since her husband died. He took over a year to provide her with the estate's estimated income after 'stonewalling' and 'making excuses' for the delay. In February 2025, Mozenter eventually informed her she would received around $2 million annually from the trust and that she may need to sell her own real estate in order to maintain her lifestyle. Buffett found that estimate 'shocking' as Mozenter had acknowledged the Margaritaville company had paid out $14 million over the past 18 months. Buffett's lawyers state that Mozenter is 'is either not competent to administer the trust or unwilling to act in [her] best interests' and has had 'unprofessional and combative communications with Mrs. Buffett,' including stating that his time is 'wasted by her.' Buffett seeks to remove Mozenter and replace him with Daniel Neidich, CEO of Dune Real Estate Partners. The Margaritaville company, which Buffett's estate has a 20 percent stake in, includes more than 30 restaurants and 20 hotels. Buffett's estate also included $34.5 million in property, $15.3 million in airplanes and $11.4 million in fine art according to the lawsuit. Rick Mozenter has been approached for comment.
Yahoo
2 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
Yahoo
2 days ago
- Business
- Yahoo
Jimmy Buffett's Widow Seeks Removal of Co-Trustee in ‘Untenable' Estate Battle
Jimmy Buffett's widow has filed a petition to have the co-trustee of her late husband's $275 million estate removed, alleging conduct that 'belittled, disrespected, and condescended' her. Prior to the 'Margaritaville' singer's September 2023 death, Buffett chose accountant Rick Mozenter of the business management firm Gelfand, Rennert & Feldman LLP as Jane Buffett's co-trustee on his estate; Mozenter, in turn, brought in lawyer Jeffrey Smith to represent the trustees. More from Rolling Stone Afrika Bambaataa Loses Child Sexual Abuse Civil Case on Default Judgment Gwyneth Paltrow Wasn't Going to Be 'Shaken Down' by 'Ridiculous' Ski Trip Lawsuit Luigi Mangione Indicted on Federal Charges Over United Healthcare CEO Killing In Jane Buffett's petition, filed in a Los Angeles superior court and obtained by Rolling Stone, it alleges, 'Mr. Mozenter and Mr. Smith have been openly hostile and adversarial toward Mrs. Buffett as they have worked in tandem against the best interests of Mrs. Buffett personally and as beneficiary of the Marital Trust. When confronted with the facts alleged in this petition, Mr. Mozenter has refused to resign as independent co-trustee, thus necessitating this action.' The petition adds that Mozenter '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.' Jane Buffett also accused Mozenter of 'more than a year of stonewalling her requests for basic financial information,' as well as billing 'the Trust approximately $1.75 million in fees for accounting, tax, business management, and trustee services.' 'Over the 20 months since the death of Mr. Buffett, the administration of the Marital Trust… has been plainly deficient,' the petition claims. 'Mr. Mozenter and Mr. Smith have been openly hostile and adversarial toward Mrs. Buffett as they have worked in tandem against the best interests of Mrs. Buffett personally and as beneficiary of the Marital Trust. When confronted with the facts alleged in this petition, Mr. Mozenter has refused to resign as independent co-trustee, thus necessitating this action.' The situation further boiled over last month when Jane Buffett asked Mozenter and Smith to resign from their roles within the estate. In response, Buffett's petition claims, Mozenter instead made moves to remove her as co-trustee in an effort to 'wrest full control of it from her.' 'The situation is untenable and Mrs. Buffett requests this Court's assistance to resolve it,' the petition asked the court. Mozenter did not immediately respond to Rolling Stone's request for comment. Best of Rolling Stone The 50 Greatest Eminem Songs All 274 of Taylor Swift's Songs, Ranked The 500 Greatest Albums of All Time
