Much of the estate of Barbara Walters is being sold.
Family and friends do not always value or appreciate the same things.
With an inheritance, some people will want specific paintings or furniture.
Other items may hold no sentimental value to heirs.
According to a recent New York Post article titled “Barbara Walters’ belongings auction-bound — own a piece of the broadcaster’s beloved NYC home,” tangible personal property for an estate is often sold because no one wants it or to help pay for estate taxes and other administrative expenses.
Why, then, is some property of Barbara Walters being auctioned off or sold?
It could be either reason or a mixture of both.
More than 300 items from the Upper East Side apartment of Barbara Walters are up for action at the end of October and in early November.
Having died at age 93, the news anchor was a household name and lived 30 years in this apartment.
Barbara Walters enjoyed nice things, including fashion, jewelry, furniture, decorative items, treasured American art, and cherished personal mementos.
The auctioneer Bonhams has quite a collection of items.
What will be included in the sale?
At least 120 pieces of jewelry will be auctioned.
These included several bold brooches and earrings the news anchor wore during her interviews.
Other jewelry includes the 13.84-carat engagement ring Barbara Walters received from Merv Adelson prior to their short marriage.
This ring alone is estimated to be worth between $600,000 and $900,000.
The diamond and ruby floral brooch Walters wore to the Waldorf Astoria for the eighth annual Night of Stars fashion festival in 1991 will be auctioned.
Gifts from famous guests and friends include a silver-plated cigarette box from Catherine Zeta-Jones and Michael Douglas.
The extensive dinnerware collection of Barbara Walters is also listed for auction.
It is likely several celebrity guests of her soirées used these, including Andrew Lloyd Webber, Hugh Jackman, Dr. Henry and Nancy Kissinger, and Oscar and Annette de la Renta.
Net proceeds from these auction sales will be donated to charities Barbara Walter supported during her lifetime.
Although not up for auction, the 944 Fifth Avenue two-bedroom apartment owned by Barbara Walters was placed on the market in April.
This real estate includes a 10-foot-high ceiling and views of Central Park for a mere $19.75 million.
While I find this article interesting from a human interest perspective, I really would like to know the details of her estate plan from an estate tax minimization perspective.
With a $12.92 million exemption in play for 2023, her home alone (i.e., the value of her “home” by itself, not the movie “Home Alone”) exceeds that exemption limit.
Reference: New York Post (Oct. 5, 2023) “Barbara Walters’ belongings auction-bound — own a piece of the broadcaster’s beloved NYC home”