FoxNews: Jimmy Buffett's $275M estate becomes center of heated inheritance dispute

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Jimmy Buffett's $275M estate becomes center of heated inheritance dispute

Jane Buffett seeks to remove estate co-trustee Richard Mozenter from the marital trust the late "Margaritaville" musician left for her.
                       
                       
                           

The fight over You are not allowed to view links. Register or Login estate has sparked a massive legal battle.

His widow has filed a petition to have co-trustee Richard Mozenter, who manages the late musician's estate, removed for failing to act in her "best interests" with the marital trust that was "created for her benefit."

Jane Buffett, who married the singer in 1977, made the legal filing in Los Angeles Superior Court on Tuesday, alleging that Mozenter, also a co-trustee of the marital trust set up for her, has been "openly hostile and adversarial" toward her and worked against her, according to the legal filing obtained by Fox News Digital. 

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"Mr. Mozenter has failed to perform even the most basic tasks required of him in his role as co-trustee, including providing Mrs. Buffett with information concerning Trust assets and finances, which has left Mrs. Buffett in the dark with regard to the state of her own finances," the filing said. "Along the way, Mr. Mozenter has belittled, disrespected, and condescended to Mrs. Buffett in response to her reasonable requests for information she undoubtedly was entitled to receive. As a result, the majority of Mrs. Buffett's net worth is controlled by someone she does not trust, and to whom the Trust for her benefit must pay enormous fees—more than $1.7 million in 2024 to him and his firm—no matter how badly he treats her."

Mozenter has filed his own petition in Florida to have her removed as co-trustee and representative of the estate, according to You are not allowed to view links. Register or Login. 

Fox News Digital has reached out to Mozenter for comment.

Jimmy Buffett You are not allowed to view links. Register or Login following a battle with cancer, leaving a $275 million estate. 

Jane's filing claims that one month after the musician's death, she reached out to Mozenter to find out how much she would be expected to receive from the trust going forward. 

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"Rather than help his recently-widowed client understand her finances, Mr. Mozenter spent the next 16 months stonewalling and making excuses for why he could not yet provide the requested information," the filing said. 

In February, Mozenter finally gave Jane an estimate that the marital trust would generate less than $2 million in net income annually, a rate of return of less than 1%, according to the filing.

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Mozenter "acknowledged that, over the prior 18 months, Margaritaville—a company of which the Trust owns roughly 20%—had paid distributions of approximately $14 million, but he decided against including any estimate of future distributions from Margaritaville in his analysis of the Marital Trust's future income."

The filing stated that Mozenter told Jane that Margaritaville "continues to evaluate future business opportunities and how they deploy existing liquid assets."

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He told her, based on that analysis, that the trust would not cover her annual expenses, saying she could consider making "adjustments" or selling her own real estate to make up the difference, the filing claims. 

"If the Marital Trust truly earns such a low return consistent with the financials Mr. Mozenter presented, it will confirm that Mr. Mozenter is either not competent to administer the Trust or unwilling to act in Mrs. Buffett's best interests," Jane's filing claimed.

Buffett landed on the You are not allowed to view links. Register or Login for the first time in 2023 for an empire that, along with his music, included his "Margaritaville" island escapism brand sparked by his hit 1977 song. As chair of Margarita Holdings LLC — in which Buffett held a 28% stake — he had resorts, restaurants, casinos, cruises and merchandise. 

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Following their marriage in 1977, Buffett and Jane welcomed three children together, including Savannah, 46, Delaney, 33, and Cameron, who was born in 1994 and adopted by Buffett and Jane. 

Fox News' Larry Fink contributed to this report. 

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