Will a valuation of the Jimmy Buffet estate’s diverse intellectual property be required?
Jimmy Buffett, upon his passing in 2023, left behind a business empire worth an estimated $275M. Despite apparent efforts to ensure a clean transition after his death, two lawsuits have been filed by Buffett’s widow of almost fifty years on one side, and his financial advisor of almost thirty years on the other, in California and Florida. Jimmy Buffett is one of the rare personalities who left behind a diverse portfolio of intellectual property assets including copyrights (in his music catalog, books, artwork), trademarks (business pursuits, brands, and his name itself), and the often-unnamed Right of Publicity (or Name Image Likeness / NIL for Right of Publicity newcomers) which underlies everything.
Buffett reportedly created a marital trust and appointed a co-trustee to administer his businesses and assets along with (and for the benefit of) Buffett’s widow. By all appearances, Buffet took responsible steps in planning and organizing his affairs after his passing. One allegation in the lawsuits is that the co-trustee estimates annual earnings of around $2M, which would appear to be only a modest annual percentage return, against a reported trustee fee of $1.7M.
Even for notable celebrities, the amount subject to estate tax may not always be as significant as one might expect or assume. For Jimmy Buffett, his various intellectual property interests and diverse assets certainly are significant. It is possible Buffett’s estate or trust at some point could require a mindful valuation by a qualified expert to perform an evidence-based valuation of Jimmy Buffett’s Right of Publicity, NIL, and other intellectual property assets. The situation is reminiscent of the Prince estate, and the Michael Jackson estate before that, both of which involved a combination of valuable intellectual property comprising the estate.
Some may say it’s a nice problem to have, but that does not make the responsibility any easier. One of the near-term issues to be decided is which state will take priority in the recently-filed lawsuits. While coverage of the situation likely will not mention Jimmy Buffett’s Right of Publicity, it most certainly is present. Here’s a link to coverage of the lawsuits: Two separate lawsuits filed involving Jimmy Buffet marital trust