Friday, January 19, 2018

Estate of Kerkorian (Cal. Ct. App. - Jan. 19, 2018)

You see in today's opinion a story of what is unquestionably true love:

"Two days before the wedding, [Kirk] Kerkorian gave . . . (Mandekic) $10 million with written instructions to give the money to petitioner upon their marriage “as a transfer from [Kerkorian] to [petitioner] outside of [Kerkorian’s] estate and . . . in place of any transfer to [petitioner] that [Kerkorian] might make upon [his] death.” The day before the wedding, petitioner signed a “Waiver of Marital Rights” (the waiver) in which she relinquished any right to receive assets of Kerkorian’s estate through intestate succession, under Kerkorian’s will, or as an omitted spouse pursuant to statute. Mandekic then transferred $10 million to petitioner as directed. . . .

Petitioner and Kerkorian separated roughly two months later. Kerkorian died just over a year thereafter, in June 2015. His will was admitted to probate, and Mandekic was qualified to serve as executor of the estate. The July 2013 will is not part of the record on appeal, but it is undisputed the will (1) does not mention petitioner, (2) provides approximately $40 million in specific bequests to several individuals, including Mandekic (whose bequest has already been distributed), and (3) gives the remainder of Kerkorian’s estate, valued at approximately $2 billion, to unidentified charitable organizations to be selected by a committee appointed in the will."

Needless to say, Kerkorian's former wife -- Una Davis -- now seeks a huge chunk of the $2 billion as an omitted spouse.

The $10 million payment right after the wedding.  The prenup signed the day before.  The separation months after the marriage.  A demand for huge amounts after the former spouse dies.

Modern romance.