Slow times in the newsworthy estates area. Going back a few months, Andrew Getty was the 47 year old grandson of J. Paul Getty who died of a meth overdose last year. His father, Gordon Getty, filed a claim against his son’s estate for repayment of $14 million that he allegedly loaned him. Gordon Getty is also seeking the return of 55 pieces of art valued at $1 million. The younger Getty’s Hollywood Hills house was listed for sale this week at $8 million.
Several quick points:
- Creditors of a decedent have to file a claim against the estate if they want to secure payment for a debt. In Ohio, the claim must be filed within six months of the date of death.
- Based on the amount of the claim filed by Gordon Getty, it is obvious that he financed his son’s life.
- Andrew is the second Getty grandchild to die a drug related death. An incentive trust might have helped them manage their finances.
- It should be no surprise that Gordon Getty is seeking money from his son’s estate. His father charged a son interest on the ransom he paid for the release of a kidnapped grandson. Apples do not fall far from the tree.