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Old 11-27-2010, 04:13 PM   #21
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Originally Posted by Ronnieboy View Post

The family says they were spending $15 to 18k per months during the good times......unbelieveable!!
Actually, it sounds like "spending" wasn't their problem but rather "investing" (in land, homes, home improvements, margin accounts, etc.). Spending 18k/mo for 65 years would have just emptied their mattress if they'd stuffed it full of the $14mil. Of course, YMMV
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Old 11-27-2010, 09:11 PM   #22
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They did good charity work. They redistributed the wealth.

The only problem was they did it too fast, and too thoroughly.
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Old 11-28-2010, 09:52 AM   #23
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What a freaking moron...$10million after taxes could have easily provided them almost $35-40K income PER MONTH for the rest of his life...now he works for less than that amount per year...no sympathy from me...guess we now know why the brother ran the company and he was only a minority owner...
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Old 11-28-2010, 10:15 AM   #24
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... he still sounds angry at his brother and others who decided to sell the company and who he says gave him little voice. Some of them got more than $100 million each, he said, while he got $14 million, as did his father and his sister Ann, because they were all minority shareholders.
I wonder what the others did with their money. That would make a good addition to the story.

(I like NW-Bound's comment about the charity work. )
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Old 11-28-2010, 10:47 AM   #25
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I wonder what the others did with their money. That would make a good addition to the story.
Their brother has probably already asked them if they're willing to invest in some Adirondack real estate... or maybe they're the bargain-hunting bidders!
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Old 11-29-2010, 03:06 PM   #26
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I wonder what the others did with their money. That would make a good addition to the story.

Martin's sister and his brother in law did the same thing.
How to Go Broke, in Style

How do you lose $200 million?
Out in California, a man named David Weyrich seems to have done it, in little more than a decade.
An article in the San Luis Obispo Tribune and an earlier one on CalCoastNews.com provide some information as to how it happened.
The $200 million was the amount he and his wife were reported to have cleared when he sold a billboard business started by his father-in-law, for more than $600 million in 1998.
Where did the money go?
According to the articles, he invested in:
1. Real Estate. In addition to a home he now is in danger of losing, he operated a luxury bed-and-breakfast and a hotel.
2. Wine. He bought vineyards and wineries. They are about to be sold on the steps of the courthouse on Friday if he cannot come up with $20 million, the Tribune reports.
3. Jets. He started a business to lease business jets, but the jets have been seized.
4. He bought a yacht.
And finally,
5. Newspapers. The CalCoastNews report states he started “the now-defunct Gazette Newspaper chain, an enterprise of five weekly publications that were mailed to everyone in San Luis Obispo County.” But he seems to have sold that chain some time ago, so that is presumably not the main reason for his problem.
Aren’t you glad you never could have bought jets, wineries and a yacht?
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Old 11-29-2010, 04:22 PM   #27
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Thanks for the sleuthing. I sure had the wrong idea about one side of the family being OK at managing money.
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Old 11-29-2010, 06:44 PM   #28
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If there are, bbbamI a.k.a. Queen of Emoticons will find them
I've been out of town...sorry for the delay..........

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Old 11-29-2010, 08:07 PM   #29
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I've been out of town...sorry for the delay..........

Better late than never. Welcome back!
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Old 11-29-2010, 09:36 PM   #30
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Thanks WS.......being at home feels so fine.
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Old 11-30-2010, 09:33 AM   #31
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So it looks like there were 5 heirs altogether: Tom Martin and David Weyrich both got around $100M from the sale. I read somewhere that Tom Martin is deceased now, and David is broke.

The other three, Nick Martin, Edward Martin, and Ann Martin received $14M each. Well, Nick blew his. I wonder how Ann and Edward ended up?
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Old 11-30-2010, 10:59 AM   #32
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I saw that article, too. I just can't imagine feeling the need to spend like that. You just have to wonder about the thought process. I don't get it.
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Old 11-30-2010, 12:33 PM   #33
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I just can't imagine blowing through that much money that quickly. Even with just a 3% SWR, on $10M, that's still $300K per year! I think I'd have trouble spending that, even.
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