The details, spelt out in Picower’s will, came as discussions continued over a
settlement with Irving Picard, the trustee leading the effort to recover
“fake profits” made from Mr Madoff’s fraud.
Picower, who died in Florida, was one of the biggest winners of Mr Madoff’s
“Ponzi” scheme. Picower drowned accidentally in his swimming pool after
suffering a heart attack.
In court documents, Mr Picard has claimed that at least $5bn of the $6.7bn
Picower withdrew from his accounts with Mr Madoff’s brokerage firm was money
that belonged to other people.
Mr Picard has filed a number of such “clawback” lawsuits against individuals
he claims knew or should have known about the fraud.
Cars, sliver and paintings
In his will, Picower left his wife $200m and an assortment of jewellery,
paintings, silver, china and cars as well as property in Palm Beach, Florida.
He also appointed her as chairwoman of a new charitable foundation that would
be funded with assets from his estate.
He left $25m to his daughter, Gabrielle, and $10m to his long-time assistant,
April Freilich, who was also left his gold link “good luck” bracelet and
“snake” coffee table.
About 19 other family members and friends were left with a total of more than
$6m.
Picower’s wife, Barbara, said in a statement that her husband had been
committed to reaching “a fair and generous settlement” with Mr Picard.
“Jeffry was determined that we would put Madoff behind us, reclaim our good
name and reverse the damage [of] Madoff’s fraud,” she said. The negotiations
with Mr Picard cover a settlement range of $2.4bn to $7bn, according to
William Zabel, Picower’s attorney.
Mr Picard, who has recovered about $1.4bn on behalf of Mr Madoff’s victims so
far has estimated that about $21.2bn had been lost through the Ponzi scheme.
Mr Zabel said that even after any settlement with the Madoff trustee and
bequests to the family, “the substantial assets acquired by Mr Picower
through his many successful investments over the years (separate from
Bernard Madoff) will be available and sufficient to fund the new charitable
foundation”.
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