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Estate of Richard Pratt, Paper Products Billionaire, Defeats Mistress In Court
By Danielle and Andy Mayoras
January 17, 2012
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Richard Pratt had a colorful life, until he died at age 74 on April 28, 2009. A former professional Australian rules football player and stage actor, he inherited his father’s small cardboard business in 1969 and grew it into one of the world’s largest privately-owned recycling and packaging companies.
Pratt peaked on Forbes’ list of the world’s billionaires at No. 321 in 2005. Two years later, his fortune was valued by Forbes at $2.5 billion (in U.S. dollars). His fortune declined from there, and Pratt eventually admitted to a massive price-fixing scheme, paying a record $33 million fine. Pratt still managed to wind up as Australia’s fourth wealthiest person, leaving behind a $5.5 billion estate (in Australian dollars).
It was well known in Australian society that Pratt enjoyed the company of mistresses, one of whom gave birth to a daughter by Pratt in 1997. But it’s another mistress who caused the biggest headache for Pratt’s estate. Madison Ashton (also known as Christine McQueen) was a Penthouse Pet. She sued Pratt’s estate for millions, claiming he reneged on a “business agreement”.
Exactly what type of business agreement? According to Ashton, Pratt agreed to pay her $500,000 per year if she became his full-time mistress and gave up her lucrative work as an escort. She claims he also promised her a $100,000 Mercedes Benz, $66,000 per year for her rent and travel expenses, and another $5 million in trust funds for her two children. Ashton even alleges that Pratt required her to “service” one of his bodyguards so that he wouldn’t spill Pratt’s secrets.
Pratt’s wife of 50 years and the Estate’s legal team said the only thing Pratt ever promised was to help Ashton set up an accessories business. They feel that Ashton is, shall we say, less than honest. They claim she was a drug addict who actually settled claims against Pratt before he died, accepting a total of $150,000 after the relationship ended.
This legal dispute is very reminiscent of one we include in our book, Trial & Heirs: Famous Fortune Fights!, involving the heir to the Bloomingdale fortune, Alfred S. Bloomingdale. His mistress, Vicki Morgan, similarly sued his estate after Bloomingdale died in 1982. Morgan claimed Bloomingdale promised her financial support as his mistress, but the case was thrown out. Broke at the time, Morgan moved in with a psychologically-disturbed roommate, who tragically murdered her in 1983.
Morgan’s son then appealed the lost lawsuit and eventually won a $200,000 judgment against the Bloomingdale Estate. How did Morgan’s son win the case? Morgan had saved letters written by Bloomingdale promising a lifetime of support, which proved to be the difference in the lawsuit.
So could Ashton’s case have similar success? The newspaper coverage included no mention of similar evidence to the Bloomingdale letters. Without something strong to corroborate her story, Ashton faced an uphill battle. On the other hand, Ashton’s case did survive attempts by the Pratt Estate to have the case dismissed, so maybe she could prevail.
To her dismay, the New South Wales Supreme Court ruled this week against Ashton. This time the judge dismissed her case, not doubting that conversations took place in which Pratt said he would support her. Instead, the Court determined that no legally binding agreement was made. The judge also ruled that even if there had been a valid claim, Ashton already accepted two settlements which meant she did not have the right to sue for a third payday.
Stories like these do have a lesson, even for those without billions of dollars or mistresses. Far too many people make the estate planning mistake of relying on verbal or written promises that contradict the will or trust. Lawsuits involving whether the person who died promised something are never easy for either side, because proving or disproving what the person said is not easy.
That’s why putting those promises in writing can undermine what someone really intended with the will or trust, at least where the writing differs from the estate planning documents. Everyone should work with their legal and financial professionals to properly document their wishes, and not rely on verbal or written promises.
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Legacy expert attorneys Danielle and Andy Mayoras say advisors can point to the bigamy scandal surrounding actress Reese Witherspoon’s family as yet another example of why it’s so important for clients to have their estate planning and legal affairs in order.
Legacy expert attorneys Danielle and Andy Mayoras say even the most savvy and successful entrepreneurs are counting on their financial advisors to protect their life’s work and legacy after they’re gone. Are you up to the task?
Legacy expert attorneys Andy and Danielle Mayoras say your clients have names and reputations that will live on after they’re gone. The estate planning guidance you provide them now will ensure their legacy and wishes are protected for generations to come.
Legacy expert attorneys Danielle and Andy Mayoras say the legal battle between two feuding CEOs provides yet another example of why it’s so important for advisors to make prudent succession planning decisions as their firms grow and evolve.
Legacy expert attorneys Andy and Danielle Mayoras say that contrary to preliminary reports, British songstress Amy Winehouse did not have a will in place at the time of her death—an estate planning mistake that advisors and their clients can’t afford to make.
Legacy expert attorneys Danielle and Andy Mayoras say planners with clients whose families are involved in this type of legal struggle over an elderly parent should keep in mind that there are two sides (at least) to every story, and allegations of a parent’s care or finances being compromised are not always easy to prove.
Legacy expert attorneys Andy and Danielle Mayoras – along with everyone else – have now had a chance to take a look at Whitney Houston’s will. That the deceased music superstar opted for a will rather a living trust points to some shortcomings in her overall estate planning strategy.
Legacy expert attorneys Andy and Danielle Mayoras say the pop star's been very busy lately but it remains unclear what – if any – decisions she’s making herself and illustrates the importance of informed legal and estate planning regardless of your station in life.
Legacy expert attorneys Andy and Danielle Mayoras say it won’t be long before the recently deceased pop star’s estate planning efforts – or lack thereof – will come to light.
John Goodman's lawyer states that the adoption was done to protect Goodman's children, not to shield assets from the family of the slain driver who is suing him. While Goodman, of Palm Beach, has been bashed across the country for his legal maneuver, it actually makes sense from a probate law perspective.
Legacy expert attorneys Andy and Danielle Mayoras say most of music diva Whitney Houston’s purported financial woes could have been averted had she and her family sought out and received professional financial and estate planning advice before things turned sour.
Legacy expert attorneys Andy and Danielle Mayoras say it’s not too late to help your clients tackle an issue that should be among their most important resolutions in the New Year: estate planning.
It took years for the great civil right activist’s final wishes to finally be honored, something that legacy expert attorneys Andy and Danielle Mayoras say could have been resolved much sooner had she done a better job – or had better advice and professional assistance – with her estate planning.
Legacy expert attorneys Andy and Danielle Mayoras say there’s no doubting the greatness of Martin Luther King Jr. However, he made a mistake common among millions of Americans: He didn't have a will.
Legacy expert attorneys Andy and Danielle Mayoras say events surrounding his estate have been anything but consistent with his musical legacy. In the 30 years since his death, his estate has seen far too many court fights, lawsuits and money-grabs to count. And that legacy of fighting over money doesn’t seem likely to end any time soon.
Legacy expert attorneys Andy and Danielle Mayoras say the intrigue and legal wrangling surrounding the copper heiress’s $400 million estate serve as a stark reminder that everyone -- wealthy or not -- needs to get proper estate planning advice from their financial advisor before it’s too late.
Al Davis, the long-time principal owner and general manager of the Oakland Raiders, died last week at age 82. As legacy expert attorneys Andy and Danielle Mayoras point out, estate taxes are huge concern for NFL owners and it appears that Davis, unlike other professional sports owners, made the necessary arrangements to keep the franchise under his heirs’ control.
Soon after the tragic news of Steve Jobs' death broke, people began wondering what would become of the Apple co-founder and innovator extraordinaire's fortune. Forbes recently estimated Jobs’ wealth at $7 billion. According to legacy expert attorneys Andy and Danielle Mayoras, it appears Jobs had his estate planning act together.
An auction of the deceased actor’s memorabilia, clothes and other property recently garnered more than $1 million but none of his five children, including actress Jamie Lee Curtis, have yet to receive a dime. And, from most indications, that’s exactly the way the “Some Like It Hot” star wanted it.
Celebrities are not the only ones to make mistakes with their estate planning. It happens to people all across the country on a regular basis. According to legacy expert attorneys Andy and Danielle Mayoras, one of the most common estate planning mistakes that people make is joint ownership.
Now almost 30 years old and seemingly back at the top of her game, why would the pop superstar still need her father to serve as her conservator? One company claims it’s simply a ploy to duck a deposition in a multimillion-dollar lawsuit.
The so-called “Godfather of Soul” passed away on Christmas Day 2006, and generously left his $100 million fortune to a special trust set up to help poor and needy children. Yet, four-and-a-half years later, not one child has seen a cent. Why?
Russell Armstrong was the 47-year old husband of "Real Housewives of Beverly Hills" cast member Taylor Armstrong. Tragically, Russell committed suicide on Aug. 15, about one month after Taylor had filed for divorce. His untimely death and the subsequent squabbling by surviving relatives highlight the importance of estate planning whether you're famous or not.
Zsa Zsa Gabor has never been one to shy away from the limelight. But when does pursuing fame cross the line for a 94-year-old? That point may have come this week, when her husband of 25 years told CNN that he had started the process of donor matching and blood work so he could turn Zsa Zsa into Ma Ma.
One of the challenges that we have as professionals is motivating our clients to do their estate planning. Our new television special titled "Trial & Heirs: Protect Your Family Fortune!" debuts tonight and we think it will help motivate your clients to take the necessary estate planning steps that many have put off for far too long.
It’s shocking how many rich and famous people make mistake and after mistake, which often leads to heirs fighting over inheritances. But, it’s not only the rich. Everyday across the country, people from all walks of life make the exact same mistakes time and time again. The only difference is the dollar amounts that they’re fighting over.
Civil rights icon Rosa Parks passed away in Detroit at the age of 92 back in 2005. Almost six years later, her legacy is still tied up in a lengthy court battle. The case features allegations of abuse, cronyism and corruption by the probate judge as well as the two lawyers he appointed to oversee the estate and trust.
Ryan O'Neal is at it again. He and Craig Nevius, a Hollywood producer who used to work closely with Farrah Fawcett, are in the midst of more legal fighting against one another.
Celebrity heirs fighting over the estate is far from uncommon but it is unusual when an ugly court battle starts before the celebrity even dies. That certainly has been the case with the Dennis Hopper estate.
No, it can’t be. Has the 15-year saga started by Anna Nicole Smith, as she tried to get money from the estate of her deceased husband, really come to an end?
Leona Helmsley, widely regarded as the “Queen of Mean” before she died at age 87 in 2007, left behind a fortune valued by some to be worth $40 to $80 billion. She earmarked twelve million dollars to take care of her dog, Trouble, until the Judge reduced it to a paltry $2 million.
While Whitney Houston was recently admitted to rehab, she has one other big concern that she still has to face - her no-holds-barred court fight with her late father’s widow.
Irvin Feld was a rock-and-roll promoter who purchased “The Greatest Show on Earth” in 1967. He created a promotion company to manage the Ringling Bros. Circus, along with Disney on Ice and monster truck shows, but none of his shows have been as eventful as what’s happened between his two children the last few years.
The Michael Jackson Estate has featured fireworks since very shortly after Michael died on June 25, 2009. His mother, Katherine Jackson, was not happy about non-family members, including attorney John Branca and music executive John McClain, being named as executors of his estate. So she hired lawyers and challenged the executors in probate court. They fought … and fought … and fought.
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