When someone mentions Farrah Fawcett, most people think of her looks. But what about her brains — her financial savvy in particular? The actress and model who rose to fame as one of Charlie’s Angels planned well to protect her troubled son, Redmond, after she passed away. Yet all was not angelic when it came to her financial legacy.
This is installment #9 of our Estate Planning Lessons From The Stars series, which is based on the Celebrity Legacies TV show for which we provide commentary as the estate legal experts. See other articles in the series here.
Farrah Fawcett was far from the stereotypical blonde model when it came to finances. She was hired to do five seasons of Charlie’s Angels, by Aaron Spelling’s production company. After the first season hit it big, Fawcett re-negotiated for more money. Relying on the fact that she never actually signed the contract, she was able to secure an increase in per-episode salary from $5,000 to $100,000.
Fawcett’s savvy definitely came Read more...
Farrah Fawcett’s estate planning wishes have been at the center of a number of lawsuits, as we describe in this article about Ryan O’Neal. O’Neal was sued by the University of Texas, which claimed that he wrongfully removed the famed Andy Warhol Farrah Fawcett painting from her home after she died. O’Neal defended himself, saying that this copy of the painting was his and he had permission to take it back after Fawcett died.
The University of Texas disagreed, suing O’Neal back in 2011. The University’s lawyers felt that, because Fawcett’s revocable living trust left all of her artwork to the University, it should be the rightful owner of the Farrah Fawcett paining, not O’Neal. It turns out there were actually two copies of the famed portrait, and the University already received one of them. But it sued O’Neal for the other one too.
The case proceeded to trial last month, lasting three weeks. O’Neal called several witnesses, including former friends of Fawcett and her former caregiver, who Read more...
Seventies beauty icon Farrah Fawcett died in June of 2009 at the age of 62, following a terrible battle with cancer. She did the proper estate planning, complete with a will and a trust. [You can read the trust here]. So why are there not one, but two lawsuits over one of her assets?
It all comes down to a famous Andy Warhol painting of Fawcett. Warhol painted two silkscreen paintings of Fawcett and reportedly gave them both to her as presents. [You can see one of the two paintings here].
Fawcett’s trust provides that her art collection passed to the University of Texas, her alma mater. The University received one of the two Warhol paintings, but not the other. So where is it?
In the possession of Fawcett’s former on-again, off-again boyfriend, Ryan O’Neal … and he doesn’t even dispute that he has it. So the University of Texas sued O’Neal, claiming the painting belonged to Fawcett when she died and should now belong to it.
O’Neal denies Read more...
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.
Initially, they both sued, each claiming the other had exploited Fawcett while she was sick from the cancer that claimed her life. Why? They both said the other had taken advantage of her to produce a documentary about her life and her sickness. Those lawsuits ended when Nevius ran out of money for legal fees.
Now, he has no choice but to continue fighting. Ryan O’Neal — Farrah’s ex and father to Farrah’s son — has sued Nevius again. What’s at stake this time? It’s all about the art.
Specifically, a certain, famed Andy Warhol painting of Fawcett in O’Neal’s possession. O’Neal says Warhol gave it to him years ago. Not everyone thinks he’s being honest though.
In fact, Farrah Fawcett’s Trust, which you can read here, states that her collection of artwork — which may include Read more...
Farrah Fawcett, dying from cancer, floated in and out of consciousness and needed a full-time nurse when Ryan O’Neal interceded to appease NBC and make sure a documentary about Fawcett’s struggle with cancer aired in time for the May sweeps period. At least, that’s the picture painted in a recent New York Times article.
We’ve blogged before about the lawsuit which pitted Fawcett-confidant and television producer, Craig Nevius, against the on-again, off-again ex-husband/boyfriend of Fawcett, Ryan O’Neal. Nevius was working with Fawcett to produce a documentary about her struggles with cancer, to help highlight flaws in the American medical system and how it treated cancer patients.
But, NBC wasn’t pleased with the progress of the documentary and insisted that it be completed on time for a May 2009 airing. Nevius did not want to release the footage without final approval from Fawcett, but she was too sick to provide it, he says.
In stepped Ryan O’Neal. He obtained a signature on a document that gave him full control of Read more...