More on Astor Settlement

As I previously blogged, Brooke Astor’s son, Anthony Marshall, accepted a settlement of $14.4 million in March. According to Attorney General Eric Schneiderman who negotiated the settlement, Marshall’s inheritance would have totaled $31 million, but $12.3 million was subtracted as punishment and $4.3 million was given to tragedy. The $14.4 million will likely decrease substantially, however, after the $11.6 million in judgments against Marshall come to a close.

Marshall’s wife, Charlene, nicknamed “Miss Piggy” by Astor’s staff, received a number of bequests from her mother-in-law although a witness testified at trial that Astor despised Charlene. Charlene received a 367-diamond necklace and matching earrings and two used fur coats (the coats were given with cruel intentions by Astor as she knew the full bodied Charlene would not be able to fit in them.)

Marshall’s twin sons, Philip and Alec, both of whom testified against their father in court in 2009, will receive $1 million each. Neither son has had contact with their father since testifying against him. Philip brought the original guardianship case against Marshall in 2006, alleging that Marshall was depriving Astor of her fortune and misusing her funds. Criminal charges were later pursued though the civil case settled quickly. Philip and Alec will receive $1 million each from the settlement.

After the original settlement in 2009, Tony and Charlene were required to return items valued at over $1 million they had taken from Astor’s estate. After the recent settlement, Tony was allowed to take $76,680 worth of his mother’s possession, and he chose a pair of antlers ($300), a grand piano, a first edition of David Copperfield, his maternal grandfather’s navy officer’s sword, a wall bracket ($30), a drawing of himself as a child, and a painting of a donkey by Giovanni Tiepolo ($40,000).

Astor’s closest friend and guardian, Annette de la Renta, was entitled to receive four of Astor’s dog paintings under the settlement, but she declined the paintings, asking that their proceeds go to charity instead. Astor’s attorney, Henry “Terry” Christensen also renounced his claim to a painting Astor left to him. Chris Ely, Astor’s butler, will receive $50,000.

For more on the beneficiaries of the Astor settlement,see Meryl Gordon, The Astor Settlement: Anthony Marshall’s Friends and Family React, Vanity Fair, Mar. 29, 2012. 

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.