The late Paul Allen (right) of Vulcan Aerospace – Photo: Vulcan Aerospace
Paul Allen’s family office will live long and prosper.
The billionaire’s vast holdings at Vulcan Inc. — with real estate, art, sports teams and venture capital stakes — would take years to unravel, if that’s even what he wanted. Allen, who died Monday, had no spouse or children to divide his empire. But there are many others with interests at stake, including family, staff and charities, as well as potential investors eager to snap up pieces.
“Even though this is a person’s life and their personal holdings, it’s almost like the dissolution of a major corporation,” said Darren Wallace, an attorney for Day Pitney who handles estate affairs for high-net-worth clients. “Even if things go along as you might expect, it could easily be three to five years.”
The Microsoft Corp. co-founder spent more than three decades outside the software company, amassing a variety of business and philanthropic endeavors. 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. But important questions loom about which of his assets are likely to be liquidated.
Read more starting at ‘Vulcan, the 32-year-old company that oversees Allen’s money, was the umbrella for a’ at….
Paul Allen’s $26 Billion Estate Will Take Years to Unravel