Why is the Bellagio in a Court Battle over the Estate of an Art Dealer?

Family feuds can affect more than blood relatives.

No one likes being caught in the middle of an argument.

Unfortunately for the MGM Grand—the owner of the Bellagio casino in Las Vegas—they are.

According to a recent Trust Advisor article titled “Pierre-Auguste Renoir Masterpiece At Center Of Bitter Estate Feud,” the Bellagio is involved in a dispute over the Pierre-Auguste Renior painting “La Balayeuse”.

Why?

The Bellagio recently sold the painting for $1.085 million.

The Bellagio was unable to receive the payment, however.

The reason?

The sons of art dealer Sam Salz claim the painting belongs to the estate of their father.

How did it get to the Bellagio then?

In 1999, the widow of Sam Salz sold the painting to Steve Wynn who founded the Bellagio.

Wynn then put the painting on display.

The two sons claim she had no right to sell the piece in the first place.

They also claim she had been scheming to secretly sell the painting without the knowledge of the two sons.

The widow died in 2015, but the sons have been continuing to battle her estate.

Their demand?

The sons say the $1.085 million belongs rightfully to the estate of their father rather than the Casino.

No ruling has been made in favor of either party.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: Trust Advisor (April 10, 2017) “Pierre-Auguste Renoir Masterpiece At Center Of Bitter Estate Feud”