Yu Pengian saw much change during his 93 years from the rise of communism under Mao, the economic revolution under Deng, and the unification of his native China and adopted home Hong Kong in the 90’s. During that time he managed to amass a huge portfolio of assets in Hong Kong including a number of high profile properties among them Bruce Lee’s home. When he died in 2014, his net worth of about $1.5 billion made him one of China’s wealthiest with his family, under normal circumstances, expecting a sizable inheritance. Instead they found out the estate is almost entirely dedicated to charity with grandchildren alone receiving some choice items in a safety deposit box. While this was not entirely unexpected, it has sparked a legal challenge by Yu’s surviving sons seeking to overturn a will executed in 2012 that dedicated the estate to philanthropy. No word yet on when the trial will begin.
See, Heirs gird for court battle over late billionaire’s fortune, Ejinsight, December 10, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
