An agreement for dividing up Huguette Clark's $300-million estate establishes the reclusive copper heiress's proposed arts foundation, which will be located in Santa Barbara, Calif., USA Today reports.
The deal accepted by a New York judge Tuesday makes the Bellosguardo Foundation Ms. Clark's primary beneficiary, as she intended. The charity will receive her $85-million Santa Barbara, Calif., summer home, Bellosguardo, some $4.7-million in cash, and a $1.7-million doll collection. The New York State attorney general, who shepherded the settlement deal, will form its first board of directors, says NBC News.
The settlement excludes a prior Bellosguardo Foundation established in California by one of Ms. Clark's lawyers and estate. That foundation filed an appeal Monday after Surrogate Judge Nora S. Anderson ruled that it could not take part in an anticipated trial over the will.
The deal gives the Corcoran Gallery of Art in Washington $10-million, a share of proceeds from the sale of a Monet painting Ms. Clark owned, and a seat on the Bellosguardo Foundation board, setting the stage for possible future collaborations between the charity and the museum, writes The Washington Post. Ms. Clark died in 2011 at the age of 104.