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The Family Business of Paul Allen Will Live Long and thrive
The Immense Assets of the Multimillionaire of Vulcan Inc. -With Real Estate, l & # Art, sports teams and venture capital badets would take years to dissolve, even if that was what he wanted. Allen, who died Monday, had no spouse or children to divide his empire. But there are many others who have interests at stake, including family, staff and charities, as well as potential investors eager to go somewhere.
"Although this is the life of a person and his personal property, it is almost like the dissolution of a large corporation," said Darren Wallace, a lawyer at Day Pitney, who It deals with issues relating to the succession of wealthy clients. "Even if things go as planned, they could easily go from three to five years."
The co-founder of Microsoft Corp. He spent more than three decades away from the software company to develop a variety of philanthropic activities and activities. Probably, at least half of his $ 26 billion fortune will go to a charity after signing the "Giving Pledge" initiative almost 10 years ago, and a bequeath tax will be applied to a large part of what's left.
Vulcan the 32-year-old Allen's money manager, brought together various types of investments, activism and philanthropy. These include Vulcan Real Estate, a commercial portfolio that Bloomberg estimates at US $ 1,500 million; and Vulcan Capital, which invests in public and private companies. He has also accumulated one of the largest art collections in the world and held a majority stake in two professional sports teams valued at approximately 3,000 million US dollars.
If other great heritages serve as a reference, the legal transfer of their property will probably take years. Federal tax returns for deceased taxpayers must be filed within the next nine months, although a six-month extension is often requested. A field as vast and complex as Allen's, even well prepared for an estate, will likely be subject to auditing the internal tax department, if only because of its size and complexity, said Mr. Wallace. Meanwhile, the administrative staff is often called upon to deal with agency issues.
Allen's death has already fueled speculation among Seattle real estate market professionals about the opportunity buyers are taking back some of their properties and projects.
The company has buildings under development for Facebook Inc. and Google Alphabet Inc., as well as a series of apartment complexes in downtown. He also acquired land in the vicinity of Bellevue, fueling the speculation that he could build a building for a large company.
Companies owned by Vulcan Inc. and other entities that it may not be easy to liquidate or transfer. to a charitable vehicle. Beyond real estate, for example, he founded Stratolaunch Systems, which develops the world's largest aircraft to launch smaller vehicles in the space.
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