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Re: Kurt Cobain's Estate Loses over $500M US
COURTNEY Love finally sobered up and realized that some of the people handling Kurt Cobain's estate had lost all the money the Nirvana frontman had left her and their daughter, Frances Bean, her lawyer says.
A team of investigators, forensic accountants and lawyers found that Cobain's estate had been looted of more than $30 million cash and up to $500 million in real estate.
"I have never seen such greed and moral turpitude. This case is going to make Bernard Madoff look warm and fuzzy," Love's lawyer, Rhonda J. Holmes, of Gordon & Holmes in San Diego, told Page Six.
"We will be filing civil cases . . . within the next 30 days. There are many, many millions missing. We've only been able to track down $30 million, but there is more. And then there is the real estate."
According to Holmes, bank accounts using Cobain, Love and Frances Bean's Social Security numbers were set up and used to buy and sell real estate across the US.
"There is now a web of homes which were bought, flipped and used to launder money -- up to $500 million worth," Holmes said. "Any of the property we can get back will be donated to people who have lost their homes in foreclosures."
Asked how this could have happened, Holmes said, "Courtney noticed the money was gone when there wasn't any left. It's no secret she struggled with substance-abuse issues, but in the last year she's taken a more serious approach to sobriety and started noticing things were wrong. She hired private investigators, accountants and me.
"We are also working with local and federal authorities," Holmes said. "When Mr. Cobain died in 1994, he left his enormously wealthy estate behind for the benefit of his mother, two sisters, a brother, his wife and young daughter. Many of those [involved with] the estate's coffers mismanaged, stole and outright looted it shamelessly."
Re: Kurt Cobain's Estate Loses over $500M US
It's sad, as time goes on I find her an opportunist, just hoping on board for the ride. And now the chow wagons ending, she's realizing other people did things, invested, etc while she just laid around spending it on drugs. It doesn't seem like they "stole" money, just they took the money of the estate, invested it, and keep the gains, while likely returning the original amount. Moral or ethical? No. Legal? Well, they probably had loopholes and newly created 3rd party investment firms they "did business with" (ie the guys friend). As Saikin said, hardly Bernie Madoff revisited. And the $500M sounds like they grabbed that # out of a hat, I'd like so see Courtney provide documention on that amount. Besides, she sold off something like 60% of Nirvana's collection a few years ago for probably a lump sum with no annual residuals, so she probably took the cash grab then & spent thru it all, now has a limited income.
I wish his daughter well though.
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