ESTATE FIGHT OVER ANDY WARHOL ARTWORK: Ryan O’Neil and UT fight over a Farrah Fawcett Warhol
Florida residents, and indeed Florida probate courts, are used to estate beneficiaries “fighting” over inheritances.
That’s what Florida probate courts are for, aren’t they? And Florida has a lot of money and a lot of estates to fight over, right? Mansions on the water in Delray Beach, jewelry from fine Worth Avenue shops, and lots of money in Palm Beach bank accounts and Broward County brokerage accounts.
Not surprisingly, valuable artwork is often the subject of probate trials and estate cases. Who “gets” the artwork? Who owned it? Was it purchased or was it given to someone?
There is a high profile case going on right now, Fox News reports: www.foxnews.com.
Here is the Fox News link:
Farrah Fawcett’s estate is involved in a probate dispute along with longtime lover Ryan O’Neil and the University of Texas, were Farrah Fawcett evidently studied. The probate dispute: who owns an Andy Warhol silk screen of FarRah Fawcett?
According to Fox News: “Fawcett decreed in her will that all her artwork go to the school, yet O’Neal insists that Warhol gave him a copy of the portrait as a gift and it belongs to him.”
In Florida, probate court judges decide who owns artwork and whether a gift was made or not. Florida gift law says that for a gift to be valid, there has to be an intent to make a gift, delivery of the gift and acceptance of the gift.
The Farrah Fawcett estate and probate dispute over who inherits the Warhol painting continues. The inheritance trial is ongoing.
While the names of O’Neil, Fawcett and Warhol gather headlines and Florida citizens read about the probate fight over what may be a multi-million dollar piece of artwork, consider: how are you planning your estate? Do you know where your artwork goes when you are dead? Who are you leaving your artwork to? Now may be a good time to talk to your Florida probate lawyer, or your Florida lawyer who writes wills and trusts.