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The dispute over Jimmy Buffett’s $275 million estate has expanded across the country.
Jane Buffett, the widow of Buffett, has requested the removal of the musician’s financial advisor as a co-trustee from their marital trust in a counterclaim filed on July 21. The conflict over the singer’s finances reportedly began shortly after Buffett’s passing in 2023.
Jane alleged that Richard Mozenter did not distribute the funds in the trust in her best interests, according to a counterclaim filed on July 21.
“Jane will not engage in Mr. Mozenter’s strategy of litigating this dispute in two separate courts across the country, which would deplete the trust funds that Jimmy specifically earmarked for her well-being,” said Jane’s attorney, Matt Porpora.
Jane Buffett demanded Jimmy Buffett’s financial advisor be removed from the marital trust the musician left behind after his death. (Patrick McMullan/Patrick McMullan via Getty Images)
“Instead, Jane is bringing the fight to Florida, where she and Jimmy called home,” he said. “Jane is confident she will prevail regardless of where her claims are heard, and her decision to move her claims from California to Florida illustrates that she is the only co-trustee looking to conserve – not waste – trust assets.”
Jane’s latest filing accused Mozenter of repeatedly failing to inform her about the marital trust’s assets and investments. The widow claimed that despite this failure, the financial advisor had made her pay unreasonable fees and costs for the services provided.
In his own lawsuit, filed on June 2, Mozenter claimed that Jimmy had established the marital trust with the financial advisor as a trustee because he was concerned about his wife’s ability to manage and control his assets.
Mozenter requested the Florida court to remove Jane as a co-trustee.
Jimmy Buffett and Jane Buffett were married for 46 years. ( Frazer Harrison/Getty Images)
In her original filing, Jane’s legal team claimed Mozenter began stonewalling her roughly one month after Buffett’s death.
“Rather than help his recently-widowed client understand her finances, Mr. Mozenter spent the next 16 months stonewalling and making excuses for why he could not yet provide the requested information,” the filing read.
Mozenter eventually informed Jane that the marital trust would generate less than $2 million in net income annually, a rate of return of less than 1%, according to the filing.
He allegedly told Jane that the marital trust would not cover her expenses and recommended that she make adjustments or sell her own real estate to make up the shortfall.
Jimmy Buffett passed away in 2023 after a years-long cancer battle. (Bruce Glikas/FilmMagic/Getty Images)
Buffett became a billionaire in 2023, shortly before his death. His wealth was derived from his music career, touring, and the Margaritaville brand.
The singer released several iconic songs in the 1970s and ’80s, including hits like “Margaritaville,” “Come Monday,” “Cheeseburger in Paradise,” and others.
He built a successful brand around his song “Margaritaville,” creating merchandise, resorts, restaurants, and more. Buffett held a 28% stake in Margarita Holdings LLC, valued at $180 million.
Jimmy Buffett gained a fortune after building out his “Margaritaville” brand, named after one of his biggest hits. (Paul Natkin/WireImage via Getty Images)
Jimmy Buffett and Jane Buffett shared three children. (Ron Galella, Ltd./Ron Galella Collection via Getty Images)
Buffett married Jane in 1977 after meeting during a spring break trip. The couple had three children together.
According to his biography, Buffett wrote the song “Come Monday” about his wife.
The Associated Press contributed to this report.
