Lou Reed
Lou Reed Bang Showbiz

Lou Reed left $30m fortune

LOU Reed left a fortune of over $30 million when he died.

Robert Gotterer, the former manager of the 'Walk on the Wild Side' hitmaker - who died of liver disease last October aged 71 - was appointed to oversee the star's estate in November and reported to Manhattan Surrogate's Court last week that he has so far collected $20,379,169 in "money and other property".

The huge sum doesn't include the gifts left by the former Velvet Underground singer to his family, nor does it include life insurance or retirement accounts.

According to the New York Post newspaper, the funds are likely to be from Lou's copyright and publishing interests as, in his will, he directed his long-time associate to treat them as his own.

According to the will, the rocker's wife, performance artist Laurie Anderson, will receive $15 million from the money collected by Gotterer and his sister, Margaret Reed Weiner, will receive $5 million.

At the court hearing, the manager - who started working for Lou until 1970 - asked for him and a co-executor to be awarded $220,000 in fees.

The 'Perfect Day' hitmaker's attorney James Purdy filed documents stating executors will submit a full inventory of his client's assets by January 2015.

In his will, Lou left his $7 million New York penthouse apartment, $1.5 million Hamptons holiday home and personal property -- including jewellery, clothing, art, cars, boats and his touring company, Sister Ray Enterprises -- to his wife, and gave $500,000 to his sister to care for their elderly mother.



Everything you need to know about Bundamba election

Premium Content Everything you need to know about Bundamba election

Still making up your mind? Here’s what you need to know about the race for...

Energex calls for back-up after fierce storms cut power

Premium Content Energex calls for back-up after fierce storms cut power

Hundreds of Ipswich homes remain without power today following Sunday’s severe...

Rangers players make Qld squad as coach ponders future

Premium Content Rangers players make Qld squad as coach ponders future

Tenacious women recognised as experienced mentor reflects on unfinished business...