For more than four decades, multimillionaire oil heir Ugo di Portanova has been all but powerless over his vast fortune.His three Mercedes-Benzes, his chartered plane trips, his yacht excursions and the rest of his spending are all controlled by a small militia of Harris County probate court guardians, financial trustees, lawyers and judges.
Despite $65 million-plus in assets, di Portanova — described as one of the world's wealthiest "partially incapacitated" men — controls a single credit card that maxes out at $1,000 a month.
Fluent in Italian and English, a poet and patron of the arts, di Portanova has suffered from schizophrenia and has, say those who know him, a distaste for litigation and financial mumbo-jumbo. Though judged unable to manage his money or most personal decisions, he did successfully fight the courts to regain his right to marry, write his own will and control pocket money.
Over the decades, at least $50 million of his inheritance has gone to more than two dozen court-appointed guardians, trustees, attorneys, accountants and bankers - about $4.5 million of which was consumed in the latest yearlong battle that ended only weeks ago. Those estimates are based on the Chronicle's review of accountings, related records and interviews with various participants in the long-running probate case.
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A Multimillioinnaire Who Rarely Gets to Spend a Dime
6 comments:
Here we go - this is exactly what they do. They put the ward on a budget and "protect" the ward's assets for themselves.
He can marry, write his own will, and control pocket money but he's incompetent to control his estate?
BALONEY.
I am so sorry this happened to him. They don't care about him...all they want is his money.
A fifty million feast thus far? It makes me sick. I hope he and his family find their way to NASGA.
It's becoming a real tragegy.
Does the Organized Bar have no shame?
This is not a protective law; it's being used as a protection racket!
this is so outrageous i say let Ugo di Portanova spend his own money however he wants to this is insanity nuts at the highest level the greedy lawyers are sucking him dry anyway probate is making fools out of us and how is it we let this happen there are more of us than them i wish the same fate to the pack of wolves that they are guardianized karma
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