Whitney Houston Leaves Bobbi Kristina $20 Million Estate
By Linda Seccaspina
WHITNEY HOUSTON LEFT EVERYTHING TO HER ONLY SURVIVING CHILD, 19-YEAR-OLD BOBBI KRISTINA,.
"Krissy" will inherit the late pop star's entire estate valued at around $20 million. No specific assets were mentioned but Houston's furnishings, clothing, personal effects, jewelry and cars all go to the teenager who has struggled to cope with her mother's death.
The money will be put into a trust with sister-in-law and manager, Patricia Houston, who was appointed as executor of the estate. There is an amendment that if the 19-year-old dies before she turns 30, ex-hubby Bobby Brown could have access to the money. It stipulates if the 19-year-old dies before probate is completed or before she turns 30, ex-hubby Brown and various relatives would split up all of Whitney's assets. I have no doubt in my mind that Bobby Brown and his brood are going to have their hand out constantly no matter what the will stipulates.
According to The Huffington Post, Bobbi Kristina will receive part of the money when she turns 21. Additional funds will be distributed at age 25 and the balance at the age of 30. Houston's trustees can give her money from the trust for various purposes, including tuition, purchasing a home and to start a business. The will was signed on Feb. 3, 1993, barely a month before Houston gave birth to her daughter.
I found it odd that the statement above made no mention of real estate, rights to image and rights to music. According to Black Like Moi, Houston did not receive a large share of revenues from her work because Houston's label,Sony's Legacy Records, owned the catalog of her albums and paid the singer royalties for her performances. Because the late singer did not write her hit songs, she did not receive any revenues for those publishing rights.
There were also lots of advances that Whitney consistently received with Clive Davis's assistance, reports music-industry blogger Wayne Russo. The last big loan was reportedly from Clive for $1.2 million, though everyone knows it came from Sony and not from Clive, Russo writes.
“No way Clive would ever reach into his own pocket for anyone’” one former label employee tells him.
Russo estimates that the amount of money Houston owes Sony is approximately $38 million. Whitney Houston used to laugh off reports that she was broke, but now as sales of her albums increase any hope her family had of rolling in the dough have been dashed. According to Russo, the Houston estate would need to sell 5 million records in order to repay the singer’s debt to Sony Music.
The 48 year-old pop star, whose voice fueled her rise to global fame in the mid-1980s, was found underwater in a bathtub at a Beverly Hills hotel on February 11. An exact cause of death has yet to be determined, but authorities do not suspect foul play.
Well, I'm not sure I believe that part about Bobby Brown's family receiving Whitney's assets if Krissi does not survive to age 30.
Whitney loved her family and would not leave them out in favor of Bobby and his family, so I just do not buy this. Moreover, Whitney's lawyers really seemed to be good, so I would imagine they would have had her do the standard update her Will after her divorce from Bobby, so that if Krissi did not survive her or attain the age of 30, Whitney's family would benefit instead of Bobby's.
I think I am going to wait for the Will to be filed with the court. This is just more speculation.
I do hope Krissi has a Will, though.