Trust Management Causes du Pont Heir Concern

Alexis du Pont de Bie Sr. is a direct descendant of the du Pont family and is complaining about the mere $3,000 per month he receives as his share of the trust income.

In a suit against the trustees, Alexis alleges that they wasted his assets and undertook a “course of conduct adversarial to [Alexis] and contrary to [his] needs in that it has harassed, demeaned, antagonized, belittled, humiliated and otherwise degraded [Alexis].”  He seeks $10 million in actual damages and $50 million in punitive damages.

The trust fund was originally worth $7 million but has fallen to $2.7 million in recent years.

Alexis claims he is basically homeless and spends time living with friends.  Despite having a Ph.D. degree, it appears that he is not employed and has not engaged in a savings program with his trust income over the years.

See Helen Peterson, A homeless millionaire: ‘Degraded’ Du Pont heir files suit over evaporating 2.7M trust fund, N.Y. Daily News, Jan. 14, 2006.

Special thanks to Prof. Joel C. Dobris of the University of California — Davis for pointing out this article.