Elizabeth Taylor had quite the fortune,
but what she didn’t have was a public will. So, were her family members or her fans the
lucky ones to inherit her belongings? Keep watching for the inside scoop!
Film legend Elizabeth Taylor starred in such classic films as Cat on a
Hot Tin Roof and Who's Afraid of Virginia Woolf?
She’s also remembered for her beauty, violet-colored eyes, and many award wins.
Married eight times, Taylor’s also built a business empire that sold perfume and other
products. In fact, she was one of the first Hollywood icons to create her own brand.
At the time of her death in 2011, Taylor had an estate worth an
estimated $600 million to $1 billion, according to Bloomberg Businessweek.
Taylor was hospitalized at Los Angeles' Cedars-Sinai Medical Center early that year as
she struggled with heart issues. She died there on March 23rd of congestive heart failure. Taylor's
four children were with her at the end; she also had 10 grandchildren and four great-grandchildren.
With such a large family, it wasn't clear initially how her
massive estate would be divided and how her charitable efforts might continue.
A devoted philanthropist, Taylor had raised more than $270 million through her own foundation.
Of course, Taylor's rise to financial success wasn't borne out of sheer luck.
She amassed a fortune during her life thanks to a series of clever career and business decisions.
For one thing, Taylor was the first actress ever to receive a payment of $1 million for
a role. Before filming Cleopatra, Taylor asked for so much money and
had so many on-set demands that she figured the studio would walk away.
"You will kneel." "I will what?"
"On your knees."
However, given her fame and the popular demand that came with it, Twentieth Century
Fox agreed — a decision that almost led to the studio having to file for bankruptcy.
Taylor also made several investments, including beachfront property in Mexico that skyrocketed
in value thanks to its association with Hollywood royalty. She was also an avid art collector and
had pieces by some of the most sought-after artists in history, from Picasso to Van Gogh.
Being so savvy, it should come as no surprise to find that Taylor made a series of strategic
moves to prepare her family for life after her death. She established a trust,
which allowed her to pass along her assets without having a public will.
Taylor's choice to establish a revocable living trust rather than a will meant that her
estate never had to go through probate in the courts, where it would have been made public.
For that reason, how Taylor chose to divide her money is not public knowledge, though
it's believed the majority of it went to her children, her grandchildren, and her charities.
One person has publicly revealed what Taylor left to him, however: Her final ex-husband,
Larry Fortensky, told The Daily Mail that he received £500,000 after she died.
Before her death, Taylor also planned to have some of her assets sold off. Much of her jewelry
collection went up for auction in December 2011, and it brought in an impressive $156.8 million.
All the proceeds from the sale went to the Elizabeth Taylor Trust, with a portion of
the profits being given to Taylor's charity. Her son, Chris Wilding, said at the time:
"I think she would be happy to know that her collections will
continue to enrich the lives of those who have acquired pieces."
In 2019, more of Elizabeth Taylor's personal items were auctioned off. This time around,
fans had a chance to own a piece of Taylor's fashion history as many of her costumes,
outfits, and accessories were included in the event.
The auction also featured numerous variations of Taylor's signature garment — the caftan.
Taylor's grandson, Quinn Tivey, said that he had been working on an archive of her life and work,
and along the way, came across certain items that "seemed perfect for a sale."
While growing up, Taylor was just a normal grandmother to Tivey, and he remembered her
for their times together, watching movies and chatting. Now, as a trustee for her charity,
he works to preserve her legacy as an actress and humanitarian.
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