Matthew Velarde, son of Littlewoods millionaire Patricia Moores, wins battle for $73m trust fund

Must Read


A son of one of the UK’s richest families has won a legal battle against his brother for a slice of their late mum’s £40 million-plus ($A73 million) fortune, after he was cut from her will.

The Moores’ wealth is linked to the UK Littlewoods football pools and mail order retail empire, plus the Liverpool and Everton football clubs.

Patricia Moores died in 2017 aged 86 at her home on the Isle of Man, leaving an estate worth around £40 million ($A73 million) as well as a sizeable trust fund of undisclosed amount.

Mrs Moores had received the trust fund prior to the death of her dad Cecil, and she had appointed her three children, Christian, Rebecca and Matthew Velarde, as equal beneficiaries in 1981.

But she performed a U-turn in 1997 and cut out Matthew, in the wake of his divorce.

That move left only Christian and Rebecca as beneficiaries of the fund, which was set to pay out an undisclosed sum on her death, although Matthew was still to inherit a share of the £40 million ($A73 million) not held in the trust.

RELATED: Homeless woman dies with 1.1 million fortune

RELATED: Man invests $100,000 inheritance in crypto

But the three children subsequently went to court fighting over part of her fortune and the meaning of her will as after she died, a clause in her will was revealed – which Matthew said showed his mum intended to let him back into an equal share of her wealth.

“I leave devise bequeath and appoint the whole of my real estate and the rest residue and remainder of my personal estate … unto my children Peter Christian Velarde, Matthew Julian Velarde and Rebecca Velarde,” the clause says.

Matthew and his lawyers, backed by his sister, argued that the clause overturned the earlier “declaration of appointment” which cut him out of the trust fund, and splits her whole fortune equally.

RELATED: $445k inheritance ruins woman’s life

His mum had intended to treat her three children “equally in every respect” and so her fortune should be split three ways, he said.

But Christian argued that their mum still wanted Matthew to get less than the others, even on her death bed, because her relationship with him had “cooled” over the years.

Now a judge has backed Matthew and declared that Mrs Moores wanted her three children to share the whole of her fortune equally.

But, he did not disclose the value of the trust which the three siblings will now share.

Fighting between siblings delays payment

While the trust fund was meant to be split at the time of her death, the row between her children has led to a four-year delay, so it has not yet been distributed.

Deputy Master Martin Dray, settling the fight in Matthew and Rebecca’s favour on Tuesday, described the will as “ambiguous”.

He said it came down to “tension” between a “literal reading” as pushed by Christian, and a “contextual meaning” advocated by Matthew.

“Christian alluded to Matthew’s divorce and also to an alleged general cooling in the relationship between Matthew and their mother.

“Matthew disputed the suggestion of a cooled relationship.

“I attach no weight to Christian’s assertion insofar as it was put forward to support the notion that Mrs Moores intended in her will to exclude Matthew from sharing in the Patricia Trust Fund.

“The divorce itself was then a distant memory.”

Mr Dray added: “Matthew’s ex-wife had remarried a wealthy man in 1999 and had never sought to re-open the financial arrangements concluded between the couple.

“Further … Mrs Moores was quite content to leave by her 2007 will one-third of her valuable estate – ignoring the Patricia Trust Fund – to Matthew, echoing the position under the 1993 will, which points against any notion of a cooled relationship.”

The judge said that Patricia had twice said: “I wish in my will all my worldwide assets to be taken into account and divided equally between my three children.”

“That statement is in line with clause 7 of will and … certainly consistent with the notion that Mrs Moores intended that Matthew receive a third of everything that lay within her gift,” he said.

“I shall thus declare that the effect of the appointment pursuant to the settlement made by clause 7 of the will is that Christian, Rebecca and Matthew are each beneficiaries under the settlement in equal shares,” he concluded.

Diamonds and pearls bequeathed to children

Mrs Moores’ will, made in 2007, split her money equally between her three children and she made specific gifts of jewellery to each of them.

Christian was left a gold orchid brooch with ruby centre and diamond leaves with matching gold and diamond earrings.

Matthew was given a gold Cartier watch, his mum’s gold Russian three ring wedding ring, a three-strand pearl necklace with a large emerald and diamond clasp and two pairs of diamond earrings.

Rebecca received an art deco diamond bracelet set in platinum, diamond and pearl earrings, a diamond fern and flower brooch and a Leo medallion in gold and silver.

Family members were ‘richer than the Queen’

The family Littlewoods football pools and retail empire was built from scratch by Sir John Moores, aided by his brother Cecil Moores.

The astute pair rose from being the sons of a bricklayer to having – at one point – three female family members said to be richer than the Queen.

The company was sold to the Barclay brothers in 2002 for £750 million ($A1.3 billion), leaving many members of the family with vast multimillion-pound fortunes.

This article originally appeared in The Sun and was reproduced here with permission



Source link

Leave A Reply

Please enter your comment!
Please enter your name here

Latest News

Wallabies set for twin Eden Park missions | Ralph Lauren

The Wallabies will get two chances to break their Eden Park hoodoo this month after New Zealand Rugby...

More Articles Like This