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The worst financial decision I ever made..(5)

Posted by andriantoangkadirjo85 on November 22, 2011

Huguette Clark, in 1930               (1906-2011)

Hi guys,

I kept posting articles about how people spend their money like drunken sailor as they turned millions into zero..In one of my postings, click here, it took only 20 years to spend 1 billion dollars before filling for bankruptcy. Very ridiculous right ? Here’s just another story about Huguette Clark, a copper tycoon’s daughter with a taste for exquisite French dolls, baronial homes and solitude, spend $170 million since 1996–or $1 million a month–until her death at 104 years old in 2011. Check it out..

Huguette Marcelle Clark

The youngest of seven children, Huguette Marcelle Clark was a daughter of a scoundrel. Her father, William Andrews Clark, was born in 1839 to a threadbare Pennsylvania family. Footloose and ambitious, he made his way to the MontanaTerritory, where, in the early 1870s, he struck copper, and with it his fortune.

William Andrews Clark           (1839-1925)

In the late 1890s, desiring a Senate seat, Mr. Clark went out and bought one, at least temporarily. By this time Montana was a state; under the United States Constitution, senators of the period were elected by their state legislatures. Mr. Clark, a Democrat, was reported to have loosed a cataract of thousand-dollar bills on theMontana statehouse, to no small effect. He took up his Senate seat in December 1899.

He vacated the seat in May 1900 as the Senate weighed a resolution to void his election. Later returned to office by the legislature, he served one term, from 1901 to 1907.

By this time, Senator Clark was one of the richest men inAmerica. In 1907, The New York Times estimated his fortune at $150 million — roughly $3 billion today. Besides copper, his interests included railroads, real estate, lumber, banking, cattle, sugar beets and gold.

His first wife bore five children, four of whom lived to adulthood. After her death in 1893, he took up with his teenage ward, Anna La Chapelle. They apparently married in 1901 and had two daughters, Andrée, born in 1902, and Huguette, born inParison June 9, 1906. At Huguette’s birth, her mother was 28, her father 67.

Huguette Clark, right, with her father, William Andrews Clark, and older sister, Andrée, circa 1915, when Huguette was about 9.

William Clark (middle) and daughter Huguette (right)

After leaving the Senate, Mr. Clark settled his family inNew York, erecting a mansion at962 Fifth Avenue, at77th Street, that was considered improvident even in an excessive age. Its 121 rooms included 31 bathrooms, 4 art galleries and a theater; there was also a swimming pool and a thundering pipe organ. It was there, interspersed with stays inCaliforniaandFrance, that Huguette grew up.

The 121-room mansion her father built on Fifth Avenue.

In 1919, Andrée Clark, Huguette’s sister, died of meningitis at 16; by all accounts her death shook Huguette deeply. Senator Clark died in 1925; many of the masterworks he owned now make up the William A. Clark Collection at the Corcoran Gallery of Art inWashington.

Huguette graduated from Miss Spence’s School (now the Spence School) in Manhattan and was introduced to society in 1926. Not long after her father’s death, she and her mother moved to an elegant apartment building at907 Fifth Avenue, at72nd Street.

Engagement announcement for Huguette Clark and William Gower in New York

In 1928, at 22, she married William MacDonald Gower, the son of a business associate of her father’s. The union lasted nine months: she charged desertion; he maintained the marriage was unconsummated, according to a 1941 biography of the family, “The Clarks, an American Phenomenon,” by William D. Mangam. The couple were formally divorced in 1930; she chose to be known afterward as Mrs. Huguette Clark.

By the late 1930s, Mrs. Clark had disappeared from the society pages. Most if not all of her siblings had died; she lived with her mother at907 Fifth Avenue, painting and playing the harp. Her mother died there in 1963.

Huguette spent most of her life in this fantastic apartment building adjacent to Central Park

For the quarter-century that followed, Mrs. Clark lived in the apartment in near solitude, amid a profusion of dollhouses and their occupants. She ate austere lunches of crackers and sardines and watched television, most avidly “The Flintstones.” A housekeeper kept the dolls’ dresses impeccably ironed.

Over the years she developed a distrust of outsiders, including her family, because she thought they were after her money. She preferred to conduct all of her conversations in French so that others were unlikely to understand the discussion. And so ran the rhythm of Mrs. Clark’s life until the day she left for the hospital and checked herself in.

In February 2010, Clark became the subject of a series of reports on msnbc.com, which said caretakers at her three residences had not seen her in decades, and that her palatial estates in Santa Barbara, California, and New Canaan, Connecticut, had lain empty throughout that time, although the houses and their extensive grounds were meticulously maintained by their staff. Msnbc.com investigative reporter Bill Dedman later determined that she was in the care of a New York City hospital, and that some of her personal possessions had been quietly sold. Possessions sold included a rare 1709 violin called La Pucelle (or The Virgin) made by Antonio Stradivari and an 1882 Pierre-Auguste Renoir painting entitled In the Roses. Building staff reported that she was frail but not ill when Clark left her Fifth Avenue co-op in an ambulance in 1988. Initially she took up residence at Mount Sinai Medical Center to be more comfortable but was later transferred to another hospital in Manhattan.

Clark died at Beth Israel Medical Center on the morning of May 24, 2011, two weeks short of her 105th birthday. She had resided at the hospital for more than 20 years, leaving vacant but meticulously tended her grand homes inSanta Barbara,New Canaan,Conn., andNew York City.

So, how Huguette Clark spent her fortune  all without leaving hospital room ?

Court documents filed in a legal battle over the $400 million estate of Huguette Clark shed light on how the reclusive and eccentric mining heiress spent her fortune. Clark’s relatives–the descendants of her father, William Clark, a copper and banking tycoon andU.S. senator who was born before the Mexican War of 1840–are expected soon to challenge her will, which cut out her family entirely.

Among the revelations in the court documents, MSNBC reports:

• Since 1996, $170 million–or $1 million a month–was spent fromClark’s personal account or from an account controlled by her lawyer and accountant, who held legal power of attorney during that period. Both the attorney, Wallace Bock, and the accountant, Irving Kamsler, are reportedly being investigated by law enforcement for their handling of the fortune.

• Au Nain Bleu, a doll and toy shop inParis, was paid $2.5 million between 1997 and 2006. A friend of Clark’s said her dolls were “her closest companions.”

• Theriault’s, an auctioneer of dolls, received $729,000 between 1997 and 2009.

• Clark paid a combined $60 million to the IRS and in New Yorkstate income taxes, since 1996.

• A charity that built a controversial security system for Jewish settlers in theWest Bankreceived $1.85 million in donations. Bock’s daughter lives in the settlement protected by the system.

• Bock’s law firm received around $250,000 a year, and Kamsler around $90,000. If Clark’s will is allowed to stand, both men would receive much more–more than $8 million–as beneficiaries and as executors of the estate.

• Clark’s private nurse, Hadasah Peri, received a $5 million lump-sum payment, and around $131,000 a year.

• Beth Israel Medical Center inNew York, where Clarklived even though for most of that time she wasn’t sick, received about $4.9 million since 1997, or around $1,000 a day.

• Clark’s closest friend, Suzanne Pierre, who served as her social secretary, received almost $12 million.

• Clarkspent $3.75 million on taxes and co-op fees to maintain her unoccupied 15,000-square-footFifth Avenueapartment. She also paid more than $100,000 a year on property taxes for her New Canaan,Conn.country home.

Both Bock and Kamsler have declined to comment on their management of their accounts, but their representatives have said the men acted honorably in complying with Clark’s wishes.

In the end, perhaps Mrs. Clark’s fondest wish — simply to vanish — has been realized, at least to an extent. Some of the most conspicuous artifacts of her former life are gone, chief among them the family’s Fifth Avenue mansion, which was razed after her father’s death.

Her Connecticut estate is on the market for $24 million. On the Web site advertising it for sale, photographs show its vast gracious rooms hauntingly empty.

Huguette has never spent a single night in the 12,766 square foot property

The home has been on the market since 2005, now with an asking price of $24 million

Huguette bought the home in 1952

And it has been empty for 57 years

andriantoangkadirjo85 bottom line 

– It’s amazing how fast people can run through $ million these days..

– Never ever thought having millions dollar bucks will surely make you and fam live happily ..

– Be thankful, whatever you & your fam’s condition right now,  surely the key to live happily in this world..

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One Response to “The worst financial decision I ever made..(5)”

  1. Dr Rashmi Patel dental license suspended

    The worst financial decision I ever made..(5) « andriantoangkadirjo85’s blog

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