Paul Allen’s $26 Billion Estate Will Take Years to Unravel

Paul Allen had no children nor spouse to divide his vast holdings through his parent company of Vulcan, assets that included real estate, art, sports teams, and venture capital stakes. But there are many others with possible interests, including family, staff and charities, as well as potential investors.

Darren Wallace, an attorney for Day Pitney who handles estate affairs for high-net-worth clients, predicts that “even if things go along as you might expect, it could easily be three to five years.” At least half his $26 billion fortune is probably earmarked for charitable purposes after he joined the Giving Pledge almost a decade ago, and an estate tax bill will apply on much of what remains.

Lori Mason Curran, Vulcan Inc.’s director of real estate investment strategy, said no changes are imminent for Allen’s network of interests, including the investment firm itself. “Paul thoughtfully addressed how the many institutions he founded and supported could continue after he was no longer able to lead them,” she said in an emailed statement, without elaborating. “Now, is the time to focus on Paul’s life and allow his family and friends space to grieve. We will continue to work on furthering Paul’s mission and the projects he entrusted to us.”

See Noah Buhayar & Simone Foxman, Paul Allen’s $26 Billion Estate Will Take Years to Unravel, Financial Advisor, October 18, 2018.

Special thanks to Joel C. Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.