Details on the estate of Arthur Ochs Sulzberger are slowly emerging, according to the New York Daily News.
Sulzberger, one of the most prolific publishers The New York Times had ever seen, passed away in the Hamptons last month. He was 86 years old.
During his lifetime, he was best known as the chairman and CEO of The New York Times Co., where he reigned supreme for 34 years.
The Sulzberger family owns a large portion of The New York Times Co., reports the New York Daily News. One fifth of the company's shares are held in trusts. But overall, the Sulzberger family has 70 percent of the voting rights in the corporation.
Now, the family members want to sell their stock, in the wake of Sulzberger's death.
According to court papers filed at the Manhattan Surrogate's Court, $41 million in company stock may be sold over the coming weeks, reports the New York Daily News.
The children of the deceased newspaper magnate are taking steps to ensure that probate will be delayed, so that they can sell the stock. They filed a request to delay probate in the Surrogate's Court.
This move is to protect the assets of the estate, as market fluctuations could affect the price of the stock. Furthermore, probate could place added restrictions on the sale of the stock.
The shares in the estate will be valued at the fair market value on the date of Sulzberger's death. His overall estate is $70.2 million, which is well over the $5.12 million estate tax threshold. This means that his estate is subject to significant estate tax.
The fair market value of those shares is counted in his taxable estate. As a result, the sale of those shares could be very helpful to pay the estate tax bill and any other expenses associated with administering the estate.
Sulzberger's will left most of his estate to his children and grandchildren. In addition to the shares in The New York Times, his estate includes his 5th Avenue home, valued at $5 million and his home in the Hamptons, valued at $7 million.
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