Who Inherited Howard Hughes’ Money
Introduction
Howard Hughes was an American business magnate, investor, aviator, filmmaker, and philanthropist. He was one of the wealthiest individuals in the world during his time and left behind a vast fortune upon his death. In this article, we will explore who inherited Howard Hughes’ money and how his estate was distributed.
The Howard Hughes Corporation
One of the primary beneficiaries of Howard Hughes’ fortune was The Howard Hughes Corporation. This corporation was established by Hughes himself and was involved in various industries, including real estate, aviation, and entertainment. Upon his death, the majority of his assets were transferred to this corporation, making it the primary inheritor of his wealth.
Hughes’ Relatives
Howard Hughes had several relatives who were also entitled to a portion of his estate. One of the most notable beneficiaries was his cousin, William Lummis. Lummis received a significant share of Hughes’ fortune, which included various assets such as stocks, real estate, and cash. Additionally, Hughes’ siblings and their descendants were also entitled to a portion of his wealth.
The Hughes Medical Institute
Howard Hughes had a keen interest in medical research and established the Hughes Medical Institute (HMI) during his lifetime. The HMI is a non-profit organization that supports biomedical research. Upon his death, a substantial portion of Hughes’ estate was bequeathed to the institute, ensuring that his philanthropic efforts in the field of medical research would continue.
Charitable Organizations
In addition to the Hughes Medical Institute, Howard Hughes also left a significant portion of his wealth to various charitable organizations. These organizations were involved in a wide range of causes, including education, healthcare, and poverty alleviation. By donating to these organizations, Hughes aimed to make a lasting impact on society even after his death.
The Summa Corporation
The Summa Corporation was another entity that inherited a portion of Howard Hughes’ money. This corporation was established by Hughes as a holding company for his diverse business interests. Upon his death, the Summa Corporation received a substantial share of his assets, including investments, real estate, and other business ventures.
The Howard Hughes Will Controversy
Following Howard Hughes’ death, a legal battle ensued over his will. Several individuals claimed to be the rightful heirs to his fortune, leading to a lengthy and complex legal process. Ultimately, the court ruled in favor of the beneficiaries mentioned in Hughes’ will, ensuring that his estate was distributed according to his wishes.
The Howard Hughes Estate
The Howard Hughes estate was valued at several billion dollars at the time of his death. It included a vast array of assets, such as real estate properties, stocks, cash, and various business ventures. The estate was meticulously managed and distributed among the beneficiaries mentioned in Hughes’ will, ensuring a smooth transition of his wealth.
Conclusion
Howard Hughes’ fortune was distributed among various entities and individuals upon his death. The Howard Hughes Corporation, his relatives, the Hughes Medical Institute, charitable organizations, and the Summa Corporation were among the primary beneficiaries. Despite the legal challenges surrounding his will, Hughes’ estate was ultimately distributed according to his wishes, ensuring that his wealth continued to make a positive impact even after his passing.
