Schott#039;s estate worth #036;100 million
Published 12:00 am Monday, May 3, 2004
CINCINNATI (AP) - Former Cincinnati Reds owner Marge Schott's estate, estimated by an executor to be worth about $100 million, will benefit her four sisters and a charitable foundation set up by Schott and her late husband.
Her will was filed Thursday in Hamilton County Probate Court. It leaves $1 million to each of her four sisters, including money for their long-term care, and smaller amounts to several longtime employees. She had no children.
The bulk of the estate will go to the Marge & Charles J. Schott Foundation. Robert Martin, Schott's attorney, a foundation director and one of four executors of her will, said the foundation will continue its charitable support of Schott's favorite causes.
Schott, who died March 2 at 75, gave millions during her life to the Cincinnati Zoo, the Boy Scouts and a Roman Catholic girls' school.
Her minority ownership share of the Reds is to be sold to the other team owners, with proceeds going to the foundation. Her share will be sold for an estimated $6.5 million.
Schott was majority owner of the Reds from 1984 to 1999, which included the Reds' World Series victory over Oakland in 1990. She sold her majority stake in the team in 1999 to a group led by current chief executive Carl Lindner for $67 million under pressure from baseball because of a series of racially insensitive comments she made.
Her holdings include a car dealership, a Cincinnati shopping center, her home in suburban Indian Hill and industrial property near St. Louis.
Her will directs the foundation to use her home for charitable purposes. Executors have the authority to sell other property, with proceeds to go to the foundation.