May 31, 1985 |
The Getty family, one of America's wealthiest, on Thursday resolved its feud over a $4-billion trust after a Los Angeles Superior Court judge ordered the lone remaining dissenter to agree to a plan that divides the mammoth bequest into four smaller trusts of $750 million each and sets aside $1 billion for taxes.
May 22, 1985 |
With resolution of a family feud over disposition of the $4-billion Sarah C. Getty Trust at hand, a Getty family lawyer Tuesday broke ranks with his client and 25 other family members who want to end the dispute, saying the proposed settlement would compromise the rights of unborn heirs to the J. Paul Getty fortune. Los Angeles lawyer Seth M.
CALIFORNIA | LOCAL
May 4, 2006 |
The director of the J. Paul Getty Museum will meet with Greek culture officials in Athens May 16 to discuss demands that the Getty return four allegedly looted antiquities. The visit by museum Director Michael Brand, announced Wednesday by the J. Paul Getty Trust, comes as Greek authorities step up a criminal investigation aimed at securing the return of four Getty objects, including a 2,500-year-old solid gold funerary crown considered to be one of the museum's antiquities masterpieces.
May 30, 1985 |
The Getty family, one of America's wealthiest clans, today resolved a bitter feud over disposition of a $4-billion trust and agreed to divide it into four smaller trusts of $750 million each. Agreement was reached after the attorney for 16-year-old Tara Getty ended his lone opposition to the settlement and told Superior Court Judge Richard P. Byrne that he had reconsidered and agreed to sign it in the interest of "family peace."
March 16, 2009 |
The J. Paul Getty Trust, envied as the economic Goliath of the museum world, is slashing its operating budget nearly 25% for the coming fiscal year, an emergency response to investment losses that have totaled $1.5 billion since July and nearly $2 billion since mid-2007. President James Wood said the financial stability of the Getty, the world's richest arts institution, could "fall off a huge cliff" if it delayed drastic cuts and hard times continued.
CALIFORNIA | LOCAL
September 4, 1993
A jury has ruled that the multimillionaire son and daughter-in-law of the late oil baron J. Paul Getty must pay a Torrance aircraft brokerage firm almost $4 million in damages for withholding a $432,500 commission on the purchase of a luxury Boeing 727. Figures in the 2 1/2-week trial included members of one of America's wealthiest families, an aircraft broker whose clients have included Frank Sinatra, John F. Kennedy and Sammy Davis Jr.
December 7, 1997
1953: J. Paul Getty founds the J. Paul Getty Museum at the site of his Spanish-style home on his 65-acre ranch in Malibu as a California charitable trust, thereby earning large tax breaks from the IRS. The museum opens, with an annual budget of $25,000, in May 1954, absent Getty, who sends his regrets from the oil fields of Kuwait. * 1968: Getty decides to build a larger museum on the same site in a design identical to the Villa dei Papiri at Herculaneum.
December 15, 2006 |
The J. Paul Getty Museum is having what amounts to a garage sale -- only theirs is expected to bring in as much as $2 million. Through Sotheby's auction house, the Getty plans to dispose of 39 paintings, mainly 17th century Dutch and Flemish works that Scott Schaefer, curator of paintings, said were acquired by J. Paul Getty to hang at his homes.
May 23, 1985 |
A Los Angeles Superior Court judge, siding with the lone holdout to settlement of litigation over the $4-billion Sarah C. Getty Trust, on Wednesday asked Getty family lawyers to consider changing their agreement to protect the rights of unborn heirs to the J. Paul Getty fortune. "I've (privately) expressed the concerns I have with the settlement agreement," Judge Richard P. Byrne told the two dozen Getty family lawyers gathered in his courtroom.