Kirk Kerkorian’s widow reached a settlement of her claims against her late husband’s estate that will give her $12.5 million in cash, plus a say in how some of the billionaire’s assets can be spent on charity, court papers obtained Tuesday show.
The resolution, subject to approval by Los Angeles Superior Court Judge Michael Small, leaves Una Davis with far less than what she wanted under her original claim. She sought one-third of the billionaire’s assets, amounting to about $600 million based on the estate’s $1.8 billion value at the time of his 2015 death at age 98.
In addition to the cash payment, the settlement would allow Davis to recommend to the estate’s charity selection committee how up to $50 million should be spent. She also would have discretion how another $10 million could be dispersed to other charities.
A hearing on the estate’s petition for approval of the settlement is scheduled for Wednesday.
The estate’s lawyers originally maintained that Davis signed a waiver of marital rights in connection with her brief marriage to Kerkorian and that before his death, Kerkorian provided for Davis outside of his will by giving her $15 million. Kerkorian and Davis were married for 57 days before he asked her to leave his home, according to the estate’s lawyers.
But Davis maintained she was an “omitted spouse” who was entitled to the same amount of money she would have received had Kerkorian died without a will. She said she was pressured by those close to Kerkorian into signing a waiver to any interest she had before the two wed in 2014.
In February, a judge approved a $7.27 million settlement reached between the Kerkorian estate and another woman who filed a lawsuit alleging the late billionaire promised to provide for her if she agreed to be his companion in the late stages of his life. Vanessa Sandin had originally sought $20 million.
Kerkorian, who had been married three times previously, developed key properties on the Las Vegas Strip, including the MGM and MGM Grand. He also invested in and operated businesses in a number of industries, including airlines, automakers, Chrysler Corp., General Motors and film studios. He purchased MGM Studios three times, bought United Artists and tried to acquire Columbia Pictures.