Ronald Fatoullah & Associates - Elder Law

Settlement Reached in Clark Estate

You may have read about Huguette Clark, the wealthy and eccentric copper industry heiress,
who passed away in 2011, leaving two conflicting wills and a three hundred million dollar
estate. After two years in court, a settlement has been reached.

Huguette Clark was the only surviving child of the second marriage of William Clark, a copper
financier. She was briefly married and produced no offspring. Despite owning residences in
Manhattan and California, she became reclusive and moved into Beth Israel hospital, where she
remained for the last 20 years of her life. She paid approximately $400,000 annually for her
care at Beth Israel until her death in 2011, at the age of 104.

Ms. Clark signed two conflicting wills within a six time period of each other and left a $300
million dollar estate. Her second will included only one beneficiary from her first will and cut
everyone else out.

After a two year court battle, it has been decided that 20 relatives from William Clark's first
marriage would receive a total of $34.5 million, to be divided among them. Her longtime nurse,
is ordered to return $5 million of the $31 million she received over the 20 year period that she
cared for Ms. Clark, and must also agree not to pursue any further legal proceedings related to
the matter. A goddaughter and several employees are to receive more than $4 million. The
Bellosguardo Foundation in New York will receive Ms. Clark's seaside estate in California, worth
an estimated $85 million, her doll collection, worth an estimated $1 million and $5 million in
cash. The Corcoran gallery which has received millions of Clark family money over the years,
and has been experiencing recent financial difficulty, will receive half of the value in excess of
$25 million from the sale of Monet's "Water Lillies" and 25% of any money recovered from
other individuals who received monetary gifts from Ms. Clark later in life.

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