Howard Hughes’s Heirs Hit by the Real Estate Slump

When Howard Hughes died in 1976, he left behind no will, no children, and nearly 1,000 heirs and beneficiaries. So far, his heirs and beneficiaries have collected $1.5 billion from liquidating Hughes’s estate. 

The heirs and beneficiaries were hoping for one final big payout from some real estate in Las Vegas, however,the value of the real estate has dropped considerably and the company holding the real estate has filed for bankruptcy.

For more information, see Kris Hudson, Real-Estate Slump Hits Howard Hughes’s Heirs, WSJ, Oct. 23, 2009.