Rauschenberg Trustees Awarded $24.6 Million by Florida Judge
- August 05, 2014 23:12
A Florida judge ruled that three trustees of the Robert Rauschenberg Revocable Trust will split $24.6 million in a legal dispute that runs back to 2011 with the artist's foundation.
Robert Rauschenberg appointed three of his friends--Bennet Grutman, Darryl Pottorf and Bill Goldston--to oversee his trust. The legal case grew from the valuation of the artist's estate as his market grew after his death. The trustees sued the foundation for compensation for their "extraordinary services" in administering the estate.
The trustees sought $51 million to $55 million total for their services while the foundation argued the amount should be more like $375,000. Citing the trustees' efforts in growing the value of the estate, the court stated, “The evidence at trial supports a finding that the trustees did an exemplary job.”
After the decision, the artist's son and president of the foundation, Christopher Rauschenberg, said they were reviewing their legal options. "Every dollar spent on this matter is a dollar not spent on the charitable mission that my father cared about so deeply," he added.
