Lou Reed’s estate worth over $20M, executors say
NEW YORK – Lou Reed left an estate worth over $20 million, his executors said in a new court filing that provides a glimpse of the value of the musical rights and other assets he acquired during a more than 40-year career.
Reed’s executors – his business manager and accountant – have tallied $20.3 million worth of copyrights, music-publishing interests and other assets, they said in court papers filed Monday in Manhattan. And the sum doesn’t include the East Hampton, New York, home Reed bought for about $1.5 million in 2009 or his Manhattan apartment in a building where apartments sell for millions.
Reed’s lawyer and one of his executors didn’t immediately return calls Tuesday about the filing, first reported by the New York Post. The filing is part of the legal follow-up to the Velvet Underground frontman and “Walk on the Wild Side” singer’s will, filed shortly after his Oct. 27 death of complications from a liver transplant.
The 71-year-old Reed, who had no children, bequeathed his wealth to his wife, musician Laurie Anderson, and his sister, with a special $500,000 bequest to his sister to care for their mother.