Payday For Executors Working on Leona Helmsley’s Estate

Leona Helmsley’s estate has five executors, and collectively, they can pay themselves $4.5 million for their first year of work on the estate that has assets valued in excess of $5 billion.  Alvin Rosenthal, David Panziere, Walther Panzirer, Sandor Frankel and John Cody are the five executors who will receive $900,000 each for managing what the judge calls “‘an estate of singular magnitude and extraordinary complexity.'”

The estate will take years to unravel, which means it would take a lot of time for the executors to get paid.  To avoid this long wait, the executors requested that they get an advance on their first year’s work, and the surrogate jude, Nora Anderson, agreed. 

See Dareh Gregorian, Helmsley Estate Executors Allowed to Pay Themselves $4.5M, New York Post, Sept. 4, 2012. 

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.