Jupiter Fl, DeGeorge Brothers fight over dad's BIG money

The adult children of the fabulously wealthy Lawrence J. DeGeorge, who died last year at age 88, are in the fight of their lives over their dad's money.  Both brothers are co-trustees of an estimated $200 million trust left by their late father. But they aren't exactly seeing eye-to-eye in how the trust should be handled.

After Larry launched a series of lawsuits last year against his brother, Peter now has lawyered up, bringing on the powerhouse Roy Black law firm of Miami to file a counterclaim against his brother. 

Peter claims Larry has squandered more than $12 million from the trust. Peter says the money went to Advanced Display Technologies Inc., a Colorado company owned mostly by Larry. The lawsuit describes ADTI as "on the verge of financial collapse." 

In the complaint, Peter seeks his appointment as sole trustee of the DeGeorge trust, as well as the removal of Larry as trustee. Peter complains he has not been allowed to review books and records of the trust. 

The infighting started last year after the death of DeGeorge, a philanthropist known for his donations to children's charities. DeGeorge was a major backer of the Boys & Girls Clubs in Palm Beach County and generously shared the fortune he made as former head of Amphenol, an electronics company that in 1997 was sold to Kohlberg Kravis Roberts for $1.5 billion.

For instance, after DeGeorge died, Larry bought their father's Bombardier corporate jet for $26 million. In court filings, Peter took issue with the plane's financing from an estate entity and began asking some questions. Larry fired back by lobbing lawsuits against Peter, claiming he failed to repay numerous loans on time, including a $30 million loan.

The DeGeorge family owned houses in Admirals Cove and Jonathan's Landing, two of our finest club communities.

If you are looking at Admirals Cove homes for sale, unlike many Realtors I have lived in Jupiter for 21 years and can show you the best locations and values.  You can contact me at 561-762-4073 or by email at rsites@bellsouth.net or on Skype at rsites.

Richard Sites, Realtor