Take care of them.". In 2004, the Ninth Circuit, Texas probate court confirmed that there had been no wrongdoing and Smith was not Marshalls heir. We also agreed to post the following statement:***. You might remember her as the star of one of the "Naked Gun" movies. Back in Texas, heirs unrelated to Anna Nicole continued fighting Elaine Marshall for a variety of reasons. Fred died in 1967, at which point his 32-year-old son Charles took over and re-named the company in his father . He soon left government service to become the counsel of Standard Oils president Kingsbury and began his lifelong career as an oilman. She filed for bankruptcy the following year in California. He graduated magna cum laude from Yale Law School in 1931. The official decision was made in 2008, and the court established that Larry, along with Smith's . Less than two months later, on June 20, 2006 Anna's nemesis E. Pierce Marshall died at the age of 67. ***A representative of the Marshall family asked that we make it clear that had Anna prevailed in her claims against Pierce, she never would have received Koch stock. He ordered them to pay $89 million in damages. Network reality TV show. Biography. Amazingly, that California bankruptcy court ultimately awarded Smith $450 million E. Pierce's estate PLUS $25 million in punitive damages, for a total of $475 million. He passed on the stock. Anna and J. Howard III argued that Pierce prevented their father from following through on his intentions to include them in his trust by isolating and controlling the old man. After a five-month jury trial the Texas probate court ruled that J. Howard Marshall II's will was valid and Anna was entitled to nothing. Pierce would have sold stock, or would have borrowed against the stock to generate the roughly $475 million judgment. Childhood of Anna Nicole Smith. Most of J. Howard's assets were in separate property trusts established long before he met Anna. Smith, who died in 2007 at the age of 39, was 26 when she married 89-year-old oil tycoon J. Howard Marshall II in 1994. An analysis by Texas Commerce Bank at the time showed Koch paid $7 million in dividends in 1994 and $8 million in 1995. Even sanctions that were de minimus to the Marshalls may be life-changing to someone in Dannielynns situation, he said. Marshall married Eleanor Pierce in 1931 and divorced in 1961. The court kept the will and testament intact and substantially all of the assets in Marshall's estate wound up in trusts for the benefit of his daughter-in-law, Elaine Tettemer Marshall, and her family. When J. Howard found out what was going on, he was disgusted and instead got fully behind Charles. They can't agree on anything. Afterward, he moved to Ashland, Kentucky, where he was Vice Chairman and President of Ashland Oil and Refining Co. Marshall drafted the executive order that created the National Petroleum Council, an advisory committee representing oil and gas industry views to the US Secretary of Energy. The late model's son, Daniel Wayne, passed away just three days . Subsequently, he became a partner at Pillsbury Madison Sutro, the company's outside counsel. Their decision held that federal courts "have jurisdiction to entertain suits to determine the rights of creditors, legatees, heirs, and other claimants relating to an estate, so long as the federal court does not probate a will, administer an estate, take control of assets being administered by the probate court or interfere with the probate proceedings.". That last chunk in bold is the key. They went to his country club together. When Union Oil tried to take over the company, Marshall and Koch prevented it, wanting to keep their assets in private hands. At the time, Howard Marshall III claimed to have a net worth of $26 million. We made some of the changes they requested and added statements as you can see above in two italicized paragraphs. The Council was established at the request of President Harry S. Truman in 1946. While working at Standard Oil he learned everything about the petroleum business. Also, to prevent this from being a 10,000 word article, can I just assume everyone knows the basics of Anna Nicole Smith? While at school, Marshall was the editor of the school newspaper, captain of the debating team, and played soccer and tennis. Elaine Marshall holds an estimated 15% of conglomerate Koch Industries (controlled by Charles and David Koch, the world's richest brothers) in trusts . Her highly publicized marriage to oil business executive and billionaire J. Howard Marshall, who was 63 years her senior, resulted in tumultuous speculation that she married the octogenarian merely for. Trusts for the benefit of Marshall and her sons own the 16% beneficial interest in Koch Industries; formerly owned by her husband, E. Pierce Marshall, to whom she was married from 1965 until his death in 2006. Upon doing the research for this article, I was shocked to learn of all the insane twists and turns, ups and downs. Her death caused a legal wrinkle when it was revealed that her will left her estate to Daniel. Anna certainly had some affection for J. Howard and appreciated him pulling her out of poverty, but she also seemed to truly love his wallet. His last marriage was to then 26-year old model Anna Nicole Smith, who he married at the age of 89, and their marriage lasted fourteen months. His eldest son and namesake, J. Howard Marshall III, filed for bankruptcy in 2002 after being cut out of his fathers will. The collective net worth of the 100 richest people in the world is $1.9 trillion as. His net worth was already established. After their divorce in 1961, Howard married Bettye Bohannon, with whom he stayed until her death in 1991. This is key. In the end, J. Howard Marshall II exchanged his shares in Great Northern for a 16% stake in Koch Industries. Anna Nicole Smith was born in 1967 and celebrates her birthday on November 28th every year. Union asked for a HUGE buyout number, which Charles declined. The deaths of his wife and his longtime girlfriend left Marshall in despair. As Anna became famous, J. Howard was extremely proud of his girlfriend. Daniel Wayne Smith Anna's son who was born in 1986. Occupation. Pierce's father J. Howard Marshall II owned approximately 16% of Koch at the time of his death in 1995. [3] Along with Norman Meyers, he published two articles titled Legal Planning of Petroleum Production in 1931. Howard II and E. Pierce sided with Charles and David. 2023 Celebrity Net Worth / All Rights Reserved. As of 2023, Elaine Marshall net worth is valued at $21 billion making her one of the richest women in the world. Bettye died on September 12, 1991 but she had suffered from Alzheimer's since the early 1980s which devastated Marshall. By the end, Pierce owned 54% and his mother owned 43%. Court testimony years later would illuminate the fact that Anna had sex with her bodyguard that very night in a nearby hotel room. While in school, Marshall served as editor of the school newspapers, captained the debate teams, and played competitive soccer and tennis. Nationality. He is from USA. In 1961, he became President of Union Texas Petroleum and moved to Houston. Seven years after the Playboy model and reality TV star's death, U.S. District Judge David O. Carter released his ruling: In 2001, however, they both lost their trials in a Texas grand jury. Jeans. In the aftermath, Howard II demanded his son return the 4% stake in Koch that he had given to him as a gift in 1974. J. Howard II was extremely disappointed in his eldest son for siding with Bill and Fred. However when it comes to Marshalls private life, it was an interesting one. After Anna Nicole Smith's death, Howard K. Stern became the executor of her estate, which included her California home worth nearly $2 million. You might remember her as a Playboy playmate and a model for Guess? (Those assets included a $6 million debenture paying $50,000 a month his mother had given him, perhaps out of pity for his fathers ill treatment.) Their marriage raised eyebrows and Marshall's death just 14 months later threw Smith and Marshall's family into a decades-long dispute about his . As a president and vice-president of several important oil companies, his net worth significantly increased. Anna was given $475 million at first, but it was quickly revoked. After his passing, Marshall had only donated $2 million. In 2005 The Ninth Circuit ruled in Pierce's favor, agreeing that a Federal bankruptcy court (in California no less) did not have jurisdiction over a Texas probate matter. Later on, she married Hoard in the year 1994. noted, no. Each man in theory thought they might be in line to benefit from a $450 million estate which could ultimately be heading to Dannielynn. Yes! J. Howard Marshall II rose to prime prominence as a Attorney. It revived legislation that regulated the flow of oil between states to protect the industry from "contraband oil" in order to stabilize falling prices. Net Worth in 2022. [18], On September 28, 2010, the U.S. Supreme Court again agreed to hear the case. A stake that is worth $20 BILLION which, if true, would make her the 68th-richest on the planet. He was involved with and invested in the petroleum industry via academic, government and commercial endeavors. Pierce, in a maneuver he probably later regretted, sued her. Marshall met the bombshell who would later be known as Anna Nicole Smith in 1991 at Gigis, a Houston strip joint. They just want to pay lawyers.". A Haverford and Yale Law School graduate who amassed a multibillion-dollar fortune in Koch Industries stock, he loved strippers almost as much as he hated paying taxes. Raised a Quaker, he attended the Quaker institutions George School, a private high school in Newtown, and Haverford College, a liberal arts college in the eponymous Pennsylvania town. He is the eldest son of J. Howard Marshall II, who owned 16% of Koch Industries. Marshall was married to model and celebrity Anna Nicole Smith during the last 14 months of his life. An attendee described Anna's satin gown as "very, very, very, very low-cut.". Business Tycoon. On June 27, 1994, 26-year-old Anna Nicole Smith married the 89-year-old James Howard Marshall II in front of 11 guests at Houston's White Dove wedding chapel. Worked as a stripper before making a splash in the 1992 issue of Playboy (then credited as Vickie Smith). Marshall's eldest son, J. Howard Marshall III, lost his case in Texas probate court and also lost a counterclaim against him for fraud with malice. last updated: 2022. james howard marshall ii, who simply goes by j. howard marshall, was an american business mogul, lawyer, academic, and government official who was actively involved with and invested in the oil industry via government, academic, and commercial endeavors. Never touch the principal.). On August 4, 1995, Marshall died of pneumonia at age 90 in Houston, Texas. Furthermore: *** In a statement provided to CNW, a representative of the Marshall family says "Elaine Marshall did not inherit E. Pierce Marshall's entire estate, does not own 15% of Koch Industries and is not the 68th richest person on the planet***. J. Howard was born on January 24, 1905 in Germantown, Pennsylvania, USA. The college then sued his estate in a probate court in Houston, Texas. And some of them have very similar names to each other. One of his friends from this time period was named Fred Koch. In 2010, the Supreme Court agreed to hear the case again; the following year, it decided the case in favor of the Marshall family. J. Howard Marshall II's net worth At the time, Howard Marshall III claimed to have a net worth of $26 million. Their marriage lasted until his death 14 months later. Throughout this period Anna had become addicted to drugs and generally very self-destructive. J Howard Marshall was born on January 24, 1905 (age 90) in Pennsylvania, United States. Anna's 8-year-old son Daniel, whom she had with ex-husband Billy Smith a co-worker from her days working at a fried chicken fast food restaurant was the ring bearer. ALL RIGHTS RESERVED, Download the TMZ App on the Apple App Store, Download the TMZ App on the Google Play Store. 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