LOS ANGELES, Feb. 1, 2021 /PRNewswire/ -- Walt Disney's grandson, Bradford D. Lund, has filed court papers in the Los Angeles County Superior Court asking to block his four trustees – L. Andrew Gifford, Robert L. Wilson, Douglas M. Strode, and the First Republic Trust Company ("FRTC") – from selling a Wyoming family ranch to any third party, according to their legal advisor, Lanny J. Davis.
Mr. Lund objects to any such sale, stating that it would be in violation of the family's long history over 40 years of wanting to keep the 110-acre ranch for the children's use and enjoyment during their lifetimes. According to legal filings, the four trustees themselves agreed that the ranch had special personal value to the Lund family – i.e., was of a "particular nature" with a "connection to the Lund family." The ranch, called "Eagle South Fork," is located in Teton County, near the Grand Teton and Yellowstone National Parks region of Northwest Wyoming.
In their latest attempt to sell the Ranch, in a January 22nd letter, the Trustees gave Mr. Lund notice of only five business-days to "personally" pay $35 million from his own money for the Ranch, or else, they would sell it to an unidentified buyer over his objections. Mr. Lund is attempting to block any sale through the California courts.
One-half of the Ranch is already owned by Mr. Lund's Trust and the other half is owned by the Trust of Michelle Lund, Mr. Lund's twin sister. According to Mr. Lund's court papers, the Trustees had previously offered to permit Mr. Lund's Trust to purchase the other 50 percent of the Ranch from the Trust of Michelle Lund for just $9.76M (the residential, non-commercial-subdivided, value) relating to a prior signed settlement agreement that was never approved by the court.
Mr. Lund asserted in his court papers that the new proposed sale would be a violation of that prior offer and the 40-year intent of Mr. Lund's family to keep the Ranch in the Trust for the children's lifetime use and enjoyment. "Our family has always treasured the pristine environment – the rivers and streams and forests and wildlife – of our ranch over many years. We do not want it to be changed."
See the Lund petition for instructions and responses to competing petitions on file in the Superior Court of California here.
In his filings, Mr. Lund asserted: "An undeniable benefit will be to the Trustees based upon their Real Estate Fee. The Trustees will receive 2% of the purchase price." According to the terms of his and his twin sister's trusts, as explained in the legal filings, neither Mr. Lund nor his sister would personally receive an economic benefit if the ranch were sold at the higher price based on commercial subdivisions of the ranch.
Contact: Alex Lange
[email protected]
(202) 480-4309
SOURCE Lanny Davis
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February 02, 2021 at 05:34AM
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