Trustee Removed from Art Dealer Allan Stone’s $300 million Estate

Bullet Shih Feb, 2012 0
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Artnet has reported that a spat which came to a head last summer over the stewardship of legendary art dealer Allan Stone’s $300 million estate has been resolved by  judge Anthony Scarpino, Jr. as former family friend and trustee Lelia Wood-Smith has been removed for alleged mismanagement.   Stone who made his mark with his eponymous Upper East Side gallery that represented Abstract Expressionist heavyweights such as De Kooning and  Gorky as well as more Contemporary stars such as Chamberlin and Thiebault, died in 2006 leaving his estate in a trust named for his wife, the Clare Stone Marital Trust.  In 2007, lawyer and friend Lelia Wood-Smith was appointed trustee.  However this arrangement soon turned sour, as the NY Post reported in 2011, Clare Stone and several of Stone’s six daughters accused Wood-Smith “of improperly buying an $8.5 million Connecticut house with his money and moving $200 million of his art into it without court approval.”

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