Estate Planning

Paul Raymond: Spiv*

By Hull & Hull LLP

There is nothing like sex to get someone's attention. The matter of the estate of Paul Raymond was recently brought to my attention – mainly due to the deceased's business undertakings. 

Britain's Paul Raymond died on March 2, 2008 leaving an estimated estate of 650m pounds. Raymond is described as 'the porn baron turned property tycoon'. Raymond is said to have built his empire on profits from his soft-porn business, which he launched in 1957. According to a BBC report, Raymond's big break came when he side-stepped censorship laws that prevented naked women from moving on stage by having topless women stand on stage completely still. Britain's Hugh Hefner went on to stage plays such as 'Yes, We Have No Pyjamas'. He also launched various pornographic magazines and a strip club. He used earnings from these endeavours to invest heavily in real estate. According to the TimesOnline report, by 1992 he had overtaken the Duke of Westminster as the richest man in Britain, with a fortune estimated at 1.5 billion pounds. He is said to have become a recluse in his final years.

 He left his entire estate to his two granddaughters, aged 22 and 16. It is said that they now control 60 of the 87 acres that make up the Soho district of London. (See Rick Bickhram's blog on one of the granddaughters, Fawn.) However, his illegitimate son is now contesting the will. Another son was also cut out of the will. It is not known whether that son will be challenging the will.

*According to the BBC article, Raymond described himself as a 'spiv' (I had to look that one up), and behaved like one, 'sporting fur coats, a Rolls Royce, a tiny mustache and a fake tan'.

Have a great weekend.

Paul Trudelle

Full post as published by Toronto Estate Law Blog on July 17, 2009 (boomark / email).