Damian, son of Elizabeth Hurley will inherit some of the fortunes of her dad’s multi-million family–although his grandad is trying to cut him off, claims his grandfather.
Damian, 17, whose father Steve Bing is the millionaire, was told that he would not get any trust funds because he was born out of the marriage. Damian’s grandfather, the real property heir Dr. Peter Bing, tried to prevent Kira Kerkorian from acquiring her heritage from the model of his teenager and half-sister.
But, this week, a Los Angeles judge ruled that Damian and Kira, Steve’s daughter and Lisa Bonder’s former tennis pro, benefited from Peter Bing’s confidence, as reported.
The grandad had tried to claim that Damian wasn’t supposed to inherit because according to courts, the model never met his dad. But Dad Steve, 54, blasted that declaration and branded the request “sham” by his legal team.
Steve is estimated to cost $475 million, according to the Daily Mail, after he has inherited the fortune of Leo, his grandfather. He also charged his father, Dr. Bing, with his 53-year-old sister Mary with “orchestrated a huge money-cap.” His children inherited more cash.
In 1980, Dr. Bing created his confidence “to profit future petite children” whom Steve or his daughter Mary born or adopted at a young age. But a movement tried to explain in March, the significance of the grandchild.
The papers indicate, after establishing the confidence in the GC in 1980, that one of Dr. Bing’s grandchildren “my kids as part of their families should be raised” to obtain any economic advantages from him. The documents also indicated that his confidence would not be handed over “to anyone purchased out of wedlock unless he has been a regular member of the family for a significant period.”
Judge Daniel Juarez on Tuesday shot down the claim that the word grandchild had to be clarified and that it was vague.
In his judgment, Juarez cited the case law as saying, there is no ambiguity in the use of the trusts term grandchild. The interpretation by the trustee of the trusts is unreasonable because there is no ambiguity, and the construction by the trustee of grandchildren merely is unfounded.
The legal fight began when Kira asked to learn more about this confidence, insisting that she was a beneficiary. Peter’s declaration reads as follows: “I have never met Damian or Kira, and Stephen had not raised any of them as part of his family.” They understand that none of them lived as a member of Stephan’s household as a child. Stephen never encountered Damian to the best of my understanding, and after she had been an adult, Stephen had only met Kira.
“No matter whether Stephen had or had any connection to Damian or Kira when they were or were minor because neither of them raises him in their formation years l do not consider them my Grandchildren.” It remains: “Even Stephen would not now regard him as my Grandchild because he is approaching adulthood if he were to have a connection with Damian now.”
A connection was established between Elizabeth, and Steve in 2001. Damian was born only one year later, but the 53-year-old businessman persisted that the model’s only kid was not his. A paternity test, however, showed that he was Liz’s biological dad. It is unknown whether Damian was looking for inheritance data.