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Annenberg's Will Splits Fortune Among Family, Charity, Museum

October 05, 2002|From Associated Press

NORRISTOWN, Pa. — Billionaire publisher and philanthropist Walter H. Annenberg left half his fortune to his family, a priceless art collection to New York's Metropolitan Museum of Art and the rest to charity, according to his will.

Annenberg left his holdings in the philanthropic Annenberg Foundation to an organization he set up in 1992 called the Annenberg Foundation Trust.

All other holdings not allocated to his family or the art museum are to be given to his charitable organizations, according to the will, filed this week in Montgomery County outside Philadelphia.

Annenberg, who made much of his fortune with TV Guide, died Tuesday at age 94. Forbes magazine listed him as one of the wealthiest people in the country, ranking him No. 39 in 2002 with an estimated net worth of $4 billion.

Annenberg left $10 million to each of four grandchildren and also gave a total of $17.4 million to three stepgrandchildren--as a favor to his wife, the will said.

"My father, Moses L. Annenberg, was firmly convinced, and he convinced me, that family wealth should stay within family lines, and should not pass to those related by law but not by blood," he wrote.

But Annenberg said he was acquiescing to his wife's wishes.

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