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The Money: The Battle for Howard Hughes's Billions [Hardcover]

James R. Phelan (Author)
3.0 out of 5 stars  See all reviews (2 customer reviews)


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Book Description

September 16, 1997
Howard Hughes's death in 1976 exposed a unique American horror story. Hughes wandered six years in exile in a self-constructed private asylum, the victim of such gross neglect that neither he nor his keepers dared disclose him to public view. When he died, he weighed ninety-two pounds and was indistinguishable from a street derelict, dehydrated and ravaged by drugs.        

        



There was no discoverable will, and thousands of people became involved in a bitter struggle to claim his fortune. There were those who lied, fantasized, and forged in an effort to seize a prize that, in the opinion of most contemporary financial experts, was worth $2 billion. More recently, however, Hughes's worth at the time of his death has been shown to be in excess of $6 billion--approximately three times J. Paul Getty's wealth at his death.        

        



Among the motley of contenders fighting for The Money were two powerful groups. On one side was Will Lummis, a soft-voiced conservative lookalike cousin of the billionaire, and twenty other Hughes cousins claiming legal heirship. On the other side were the people who had managed the empire of the phobia-ridden Hughes during his last six years. They were headed by an executive triumvirate: Chester Davis, Hughes's aggressive and abrasive chief counsel; Frank W. "Bill"  Gay, his mousy, low-profile executive vice president; and Nadine Henley, a plump, peroxided one-time secretary.        

        



When Hughes died, both Texas and California claimed him as their taxable own, setting off years of litigation that went several times to the U.S. Supreme Court.        

        



The final irony of Hughes and The Money was that the fight for his fortune demolished the privacy it had bought for him at great cost in his later years. The secrets came flooding forth as the men who had hidden him and those who ran his businesses were put under oath and required to talk.        

        



This remarkable story--revealed here for the first time--is told by two of the most knowledgeable "Hughes watchers."  James R. Phelan, for years one of the most respected independent investigative journalists in this country, was the first to reveal the true story of Hughes's final days in the bestselling Howard Hughes: The Hidden Years. Lewis Chester is a former editor of Insight, The  Sunday Times (London) investigative team, and is the coauthor of Hoax: The Inside Story of the Howard Hughes -Clifford Irving Affair.          

        



Based on interviews and a massive collection of court documents, sworn testimony, and depositions, The Money tells the bizarre--and truly almost unbelievable--story of the palace struggles that ensued when the emperor died and a contentious cast of contenders, a collection of characters rivaling those on TV's Dallas, fought over his billions.

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Editorial Reviews

Amazon.com Review

The Money: The Battle for Howard Hughes's Billions, by James R. Phelan and Lewis Chester, who each penned earlier books on the extraordinarily eccentric tycoon, focuses on the heated competition for a piece of the notorious recluse's enormous estate following his 1976 death. In spite of his well-known predilection for control, Hughes apparently died without leaving a valid will. And despite his lifelong penchant for secrecy, his curious demise set off a string of courtroom skirmishes and corporate infighting that involved more than 1,000 people and ultimately revealed much of the bizarre behavior that continues to fascinate us.

From Library Journal

Phelan (Howard Hughes: The Hidden Years, 1976) and Chester (Hoax: The Inside Story of the Howard Hughes-Clifford Irving Affair, 1972) are no strangers to Hughes's life. They do not claim to have written a biography but offer fascinating personal glimpses into Hughes's life. Hughes apparently died intestate, and his fortune of $6 billion attracted various claimants. The primary adversaries in the battle to obtain that fortune were Hughes's former employees, who sought to keep the money in the Howard Hughes Medical Institute, which they controlled, and a slew of Hughes's distant relations. The authors tell this convoluted and intriguing tale in a lively style; it is as lurid as anything in the tabloids but with obvious attention to accuracy. A good title for public libraries.?A.J. Sobczak, Pasadena, Cal.
Copyright 1997 Reed Business Information, Inc.

Product Details

  • Hardcover: 270 pages
  • Publisher: Random House; 1st edition (September 16, 1997)
  • Language: English
  • ISBN-10: 0394556372
  • ISBN-13: 978-0394556376
  • Product Dimensions: 9.2 x 6 x 1.1 inches
  • Shipping Weight: 1.2 pounds
  • Average Customer Review: 3.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Best Sellers Rank: #2,057,415 in Books (See Top 100 in Books)

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12 of 12 people found the following review helpful:
4.0 out of 5 stars Not bad, if you haven't read any books on this before, June 1, 1998
By 
Derek Parker (Melbourne, Victoria Australia) - See all my reviews
(REAL NAME)   
This review is from: The Money: The Battle for Howard Hughes's Billions (Hardcover)
This book has come under heavy criticism for not covering any new ground (both authors have written about Howard Hughes before). That may be so (the large biblography indicates the extent to which Hughes life and death has already been dissected). However, outside of America there is less of an obsession with Hughes; so if this is the first book you have read on the subject (as is the case with this reviewer), it is actually pretty entertaining - and that is how it should be read: as entertainment rather than heavy-duty information.

Phelan and Chester, after giving a reprise of Hughes' life and death, plunge into an analysis of the chaos he left behind: no will, not much idea of how much money was in the estate, no list of assets, not even a clear place of legal residence. The person press-ganged into the role of fireman was William Lummis, a lawyer and cousin of Hughes.

In ways that only Americans can manage, the determinaton and settlement of Hughes' estate was the subject of an avalanche of litigation and bizarre claims, as a parade of fake wills and fake relatives appeared and then were removed from the stage by a large hook. In fact, the outright looniness of some of these claims makes for the most entertaining aspect of the book, although they were perhaps not much stranger than Hughes' own life.

Lummis gradually managed to consolidate the estate: the last big struggle was with the IRS. The estate (under a billion dollars; the figure varied depending on how and when it was calculated) was eventually divided amongst Hughes retainers and employees, his relatives, and the bulk (after tax) going to the Howard Hughes Medical Institute. The HHMI had been set up as an elaborate tax dodge, but it eventually managed to rebuild itself as a genuine philanthropic and research organisation. So Hughes (as one commentator noted) did leave a useful legacy after all - but probably not what he expected.

This book might not add much to the pool of knowledge about Hughes, but for those to whom the subject! is fairly new ground, The Money is a pretty good read.

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5 of 13 people found the following review helpful:
2.0 out of 5 stars Yawn..., October 15, 1997
By A Customer
This review is from: The Money: The Battle for Howard Hughes's Billions (Hardcover)
HRH fans - stay away! This is a very, very poor book, with no additional revelations about The Man. This is an exercise in fawning. Skip it, and wait for the HRH movies that rumor has in development at several Hollywood studios.
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