Jose Menendez net worth was mostly attributed to his real estate ventures and senior positions in the entertainment business, with an estimated $14 million in net worth at the time of his death in 1989.
The Menendez brothers were Erik and Lyle Menendez, who would have otherwise stood to inherit a fortune from their parents’ multimillion-dollar estate. However, the infamous crime they committed in 1989 of killing their parents Jose and Kitty Menendez in a very brutal manner shattered not only their lives but their financial future as well. Today, the brothers are doing life behind cell bars but without the possibility of parole, people are still fascinated by their story, now that Netflix has just premiered a new series about the case, Monsters, retelling the case again.
The Crime That Shocked Beverly Hills
On the night of August 20, 1989, brothers Erik and Lyle Menendez went into their parents’ Beverly Hills mansion and opened fire with shotguns, killing both Jose and Kitty Menendez in the chilly cold. The crime scene was gruesome where 16 shotgun blasts were fired at close range. Even though initial efforts were made to make it appear as if a mob hit had taken place, suspicion soon fell on the brothers.
The brothers were eventually brought to trial, but it became a media circus, mostly because the defence for the killings argued that the brothers killed their father due to years of sexual and emotional abuse. But the prosecution’s line of defence was that the brothers acted out of greed, considering that the inheritance would have been $14.5 million in the father’s death.
What Did Happen to the Brothers’ Inheritance?
The government had fundamentally argued that Erik and Lyle killed their parents for their inheritance. Their father, Jose Menendez, was an entertainment executive who had at one time been the CEO of LIVE Entertainment, accumulating a significant amount of wealth. The estate of the Menendez was estimated to be valued at around $14.5 million at the time of 1989, or around $36 million today. However, since the brothers had been convicted of first-degree murder, they were legally barred from any inheritance that they would have obtained from their parent’s estate.
California’s Slayer Statute: Thou Shall Not Inherit
California law is very clear on criminals benefiting from crimes. Under the state’s ‘Slayer Statute,’ a convicted felon loses his or her right to inherit property from the estate of another person whom the felon had murdered. This provision automatically disqualified the Menendez brothers, despite their familial relationship, from inheriting any of their parents’ vast wealth the moment they were convicted of murdering their parents in 1996.
What’s Left of the Menendez Brothers’ Fortune?
The Menendez family fortune was not liquid; it consisted of a potpourri of assets such as real estate, shares in LIVE Entertainment, luxury cars, and personal effects. Apart from the tax liabilities and the debt that the estate had undertaken, many components of the estate involved business undertakings and real estate investments that would have to be liquidated before the brothers could even access any money.
After the murders, the brothers went on a spending spree. Lyle was buying, amongst other things, multiple luxury cars and watches, as well as expensive items and extras. Erik attempted to be an entrepreneur. The brothers also attempted to buy a penthouse in New York, but that deal fell through. They stayed in luxury hotels and hired bodyguards; hundreds of thousands of dollars from their parents would be spent in the months preceding their eventual arrests.
The Life Insurance Pay-Out That Never Was
Speculation at the time of the death of their parents threw a lot in the media about the life insurance policy that Jose Menendez had undertaken. However, the brothers suffered a blow when the $5 million policy was found to be invalid because Jose failed to finish the medical exams.
But there was the smaller personal life insurance policy, worth $650,000, which was paid out to the family following the killings. That initial payout, not to mention father’s credit cards and loans, would fund much of their brothers’ lavish post-crime lifestyle, but it was far from the multimillion-dollar fortune they had hoped to inherit.
Conclusion: A Fortune Lost, A Future Behind Bars
Today, the Menendez brothers are sitting behind bars and the fortune promised to them has long been forgotten. Their crime story, their trial, and the motives based on money continue to disturb the public’s imagination, especially these days with the new release of the series on Netflix which will surely catch people’s attention once again.
Despite their highly publicized conviction and life imprisonment sentence, the tale of Erik and Lyle Menendez is one of greed, crime, and a fall from grace that is inevitable. For in prison, the fortune they sought after brutally remains out of reach.
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The Menendez Brothers: From Wealth to Infamy, What Happen to Menendez Brothers?
