Not bad for a year’s work.
The five executors of Leona Helmsley’s estate can pay themselves a total of $4.5 million for their first year of work on her multibillion-dollar estate, a Manhattan judge has ruled.
The executors — Alvin Rosenthal, David Panzirer, Walter Panzirer, Sandor Frankel and John Cody — contended that they should be paid $900,000 a pop, and Surrogate Judge Nora Anderson agreed.
While the state Attorney General’s office — which oversees charities such as the bulk of Helmsley’s estate — urged that they be paid less, Anderson noted they were managing an “estate of singular magnitude and extraordinary complexity.
“The estate’s assets have been valued in excess of $5 billion. Assets include over $2 billion in individual bond issues, hundreds of items of personal property and a diverse portfolio of real property, consisting of hotels, office and apartment buildings and other residential and commercial property owned by corporations, partnerships and limited liability companioesi n which the estate has an interest,” the judge wrote.
Because the estate will take years to unwind, it would also consequently take years for the executors to get paid, so Anderson granted the group’s request for an “advance” on their first year’s work after Helmsley’s death at 87 in 2007.
Helmsley estate executors allowed to pay themselves $4.5M
September 4, 2012
New York Post