A fierce legal confrontation has erupted over the $275 million estate of the late Jimmy Buffett, with his beloved wife, Jane, and his accountant locked in a battle for control of the trust. On Tuesday, Jane Buffett filed a petition in the Los Angeles Superior Court, highlighting an "irreconcilable schism" with Rick Mozenter, the co-trustee of her husband's estate, whom she accuses of acting contrary to her best interests.
Jane lambasts Mozenter for alleged mismanagement of the trust, which provides her with a meager annual income of approximately $2 million at a paltry return rate of less than one percent. Based on these estimates, Mozenter reportedly advised the bereaved wife of the legendary singer to "reconsider her lifestyle" or liquidate her own assets to bridge the financial gap, according to the lawsuit.
Their strained relationship reached its breaking point last month, with Jane informing Mozenter that she would initiate legal proceedings unless he stepped down by Monday. In response, Mozenter filed a petition in a Florida state court over the weekend, seeking to oust Jane from her roles as co-trustee and personal representative of the estate.
Jimmy Buffett, who passed away in 2023 after a four-year battle with Merkel cell skin cancer, embarked on his musical journey as a country singer before achieving fame in the early 1970s with his first record contract. He later embraced the laid-back, beach-bum persona that has become his enduring legacy. His mainstream breakthrough came with the release of his sixth album, featuring the hit song "Margaritaville," which sparked the creation of a sprawling hospitality empire partially owned by the trust.
Upon Jimmy's demise, the majority of his assets were held in or transferred to a trust for Jane. A month later, Jane inquired about her expected financial allocations from Mozenter but claimed to have been evaded for over a year, according to the lawsuit. Desperate for answers, she eventually retained her own legal counsel to press for information.
When Mozenter finally responded earlier this year, Jane was stunned to learn that the trust's $275 million in assets would yield her less than $2 million annually. He allegedly acknowledged that Margaritaville, in which the trust holds a 20 percent stake, had paid out approximately $14 million over the previous 18 months but refrained from incorporating any estimates of future distributions from the company in his income projections.
According to Mozenter, Margaritaville is "continuously assessing future business opportunities and managing existing liquid assets," the complaint alleges. If the estimates hold true, the lawsuit contends that Mozenter, whose firm earns $1.7 million annually for overseeing the trust, is either "incompetent in administering the trust or unwilling to prioritize Mrs. Buffett's best interests."
Furthermore, the dispute intensifies as Mozenter pressures Jane to approve his nomination of Jeffrey Smith as counsel for the co-trustees. Jane takes umbrage with Smith's accusation that she breached her fiduciary duty by suggesting Irvin Azoff, Jimmy Buffett's long-time music manager, negotiate an agreement with a production company for a planned documentary about the singer. The final straw came when Mozenter's firm sent her a voluminous draft of the estate's tax returns, demanding her feedback within three days, the lawsuit alleges. Smith, who has since resigned as counsel for the trust, purportedly threatened to investigate her for defaming Mozenter.
Additionally, the petition takes aim at Mozenter's transfer of properties, including those in New York, Florida, and St. Barthélemy island, that Jane claims were intended for her personally rather than the estate.
