The only son of late philanthropist Brook Astor had his inheritance cut in half under the terms of the settlement reached in the five-year legal battle over the control of his mother’s estate. Anthony D. Marshall, currently age 87, was also stripped of his control over the sizable charitable contributions his late mother’s estate will soon begin making.
Brooke Astor died in 2007 at the age of 105. However, after allegations arose in 2006 claiming that her son had been mishandling her affairs as her legal guardian, the question of who would run her estate after she died has been in doubt. Much of that doubt was removed after Mr. Marshall was convicted of stealing from his mother three years ago and sentenced to one to three years in prison. Though he is currently appealing the conviction, the terms of the settlement brokered by the New York office of the Attorney General will apply regardless of the outcome of the appeal.
Under the terms of the settlement Mr. Marshall will receive $14.5 million of the original $31 million inheritance he was going to receive. He will also play no role in the creation or management of the Brooke Astor Fund for New York Education. This fund will be started with a $30 million endowment from the Astor estate. The rest of the estate funds will go towards other charitable groups such as Central Park and city playgrounds located in New York City.