Getty Trust Under Investigation
Prof. Beyer's Wills, Trusts & Estates Prof Blog reported here on what may eventually evolve into an interesting peak into the inner workings of the J. Paul Getty Trust, which runs the J. Paul Getty Museum, the Getty Research Institute, the Getty Conservation Institute, and the Getty Foundation. Bill Lockyer, the attorney general of California, has recently begun a detailed investigation into the finances of the trust.
Prof. Beyer summarized the current allegations of wrong doing as follows:
It seems that one or more of the trustees may have made inappropriate expenditures in breach of their duties such as first-class airline tickets, staying in lavish hotels, and renting high-end cars such as a Porsche Cayenne. There is also an allegation that the Trust sold a parcel of real property to a close friend of one of the trustees for $700,000 less than its appraised value.
