Multimillionaire Who Isn’t Allowed to Spend His Money

Despite owning over $65 million in assets, Ugo di Portanova controls a single credit card with a $1,000 limit. Mainly due to his diagnosis of schizophrenia, Ugo was declared incapacitated by a Harris County Probate Judge over forty years ago. Since then, over $50 million of his inheritance has gone to trustees, bankers, accountants, attorneys, and guardians.

The most recent battle between trustees and guardians involved a $5-10 million gift to Ugo’s unpaid guardian and friend of over 36 years, Tina LaMatta.  Guardians and their attorneys argue that this gift would help cover expenses associated with potential court fights when the LaMattas inherit Ugo’s personal assets upon his death as provided in his will.  This gift has been blocked by trustees for nine years, costing Ugo approximately $4.5 million in litigation expenses.

One of Ugo’s former trustees stated, “A lot of people are making a lot of money off of him.”

For more information regarding Ugo’s court battles, see Lise Olsen, A Multimillionaire Who Rarely Gets to Spend a Dime, Houston Chronicle, Nov. 29, 2010.

Special thanks to Peter Parlapiano (2011 MBA/M.S. PFP candidate, Texas Tech) for bringing this to my attention.