David Rockefeller Sr., the last surviving descendent of oil magnate John D. Rockefeller, died last month at the age of 101, making him the oldest billionaire at the time of his death. Rockefeller’s will details all issues for his estate from his plans for his Maine island, to his art collection, to charitable gifts. A large part of Rockefeller’s estate was divided up amongst his five surviving children, while the assets that he personally controlled are being sold off to benefit charities. Upon liquidation of his assets, Rockefeller’s estate will likely donate approximately $700 million to various charities and use a leftover $250 million to finance the launch of the David Rockefeller Global Development Fund. Further, the will dictates that his children have first priority to purchase certain owned properties at fair market value, with any leftover properties being donated to historic preservation trusts, land preserves, or charities. Rockefeller also owned approximately 15,000 artworks. The bulk of this collection will go to the Museum of Modern Art.
See Michela Tindera, Inside Late Billionaire David Rockefeller’s Will: Picassos, a Beetle Collection and a Maine Island, Forbes, April 20, 2017.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
