When America's Oldest Teenager, Dick Clark, died last month at the age of 82, he left behind a fortune estimated to worth hundreds of millions of dollars.
Dick Clark was described as a workaholic who was involved with many enterprises outside of his well known public persona. Not many people realize he was involved with restaurants, concerts, productions, and real estate.
Much of his fortune came through revenues from his company, Dick Clark Productions. Initially a public company from 1987, it was then taken private again in 2002 to the tune of $140 million. Clark stayed on as CEO and sold his 70% stake, but reinvested with the new owners. He exceptional loyalty to the shareholders was evident when he accepted $12.50 a share vs. $14.50 the other shareholders received.
Clark's fortune grew even more when the company was sold again in 2007 to RedZone Capital for $175 million. At this time, Clark sold the rest of his stake and did not remain as involved as he had with the other company. Which is likened to the fact that he suffered from a stroke in 2004 leaving him with impaired speech and mobility.
It remains to be seen, if ever, how Dick Clark's estate will be handled. No doubt he had a series of solid estate litigation instruments to handle such a vast fortune.
If you've worked as hard as Dick Clark and want to make sure your wealth is taken care of upon your death or incapacitation, please consult with a professional Los Angeles estate litigation Attorney.
*This blog entry was not written by an Attorney and should not be constituted as professional legal advice.