Jimmy Buffett’s $275 Million Estate Sparks Sprawling Margaritaville Legal Battle

by

A dispute about who should control Jimmy Buffet’s $275 million estate has arisen, as both his wife and accountant have started legal action to take charge of the trust.

On Tuesday, Jane Buffett submitted a complaint in Los Angeles Superior Court, citing an “irreconcilable divide” with Rick Mozenter, the co-trustee of her late husband’s estate, who she claims is working against her best interests. She alleges that Mozenter has been mishandling the trust, providing her with approximately $2 million per year at a return rate of less than one percent. According to the lawsuit, Mozenter suggested that Buffett should reconsider her lifestyle or sell her personal assets to cover the shortfall, which is the basis of her legal action.

Last month, Jane Buffett informed Mozenter that the partnership had dissolved, and she threatened to take legal action unless he stepped down by the end of the week. In response, Mozenter filed a lawsuit in Florida state court over the weekend, seeking to have Jane removed as co-trustee and executor of the estate.

Jimmy Buffett passed away in 2023 after a four-year struggle with Merkel cell skin cancer. Originally aiming for a career as a country singer, he experienced success in the early ’70s when he secured his first record deal and eventually embraced the laid-back beach persona that has become synonymous with him. His fame escalated following the release of his sixth album, which featured the popular track “Margaritaville,” which eventually led to a vast hospitality business partially owned by his trust.

Upon Jimmy Buffett’s passing, the majority of his possessions were either kept within or shifted to a trust for his wife. A month afterward, Jane Buffett inquired from Mozenter about the anticipated amount she would receive, but she was reportedly left in the dark for over a year, as the lawsuit claims. Eventually, she had to engage her own legal representation to demand the necessary information.

Earlier this year, Jane Buffett was informed by Mozenter that the trust’s total assets amounting to $275 million would yield her less than $2 million per annum. According to her, Mozenter admitted that Margaritaville, a company in which the trust holds a 20% stake, had distributed around $14 million over the past 18 months. However, he opted not to factor any projection of potential future income from this business into his calculation of future earnings.

In a discussion with Jane Buffett, as stated in the lawsuit, Margaritaville expressed that it is still considering potential business ventures and determining the best ways to utilize its current financial resources.

According to the allegations in the lawsuit, it’s suggested that Mozenter, who receives $1.7 million yearly for managing the trust, may lack the ability to properly handle the trust or might not be acting in the best interest of Mrs. Buffett.

Additionally, Mozenter is urging Jane Buffett to endorse his proposal that Jeffrey Smith continues as legal counsel for the co-trustees. However, she objects to Smith accusing her of violating her fiduciary duty towards the trust by proposing that Irvin Azoff, Jimmy Buffett’s longtime music manager, negotiates an agreement with a production company regarding a planned documentary about the singer. The breaking point was when his firm submitted a vast draft of the estate’s tax returns and requested her comments within three days, according to the lawsuit. After Smith stepped down as legal counsel for the trust, he allegedly threatened to investigate Jane Buffett for slandering Mozenter.

Furthermore, the petition aims at challenging Mozenter for transferring properties, which are claimed to have belonged to Jane Buffett individually, instead to her estate. These properties are located in New York, Florida, and the island of St. Barthélemy.

Mozenter didn’t immediately respond to requests for comment.

Read More

2025-06-05 00:54