Allen died with US$26B fortune, no direct heirs

Microsoft co-founder Paul Allen’s vast estate — with real estate, art, sports teams and venture capital stakes — could take years to unravel.

Allen, who died of cancer on Monday at the age of 65, had no spouse or children to divide his $26-billion (all figures US) empire. But there are many others with interests at stake, including family, staff and charities.

“Even though this is a person’s life and their personal holdings, it’s almost like the dissolution of a major corporation,” said Darren Wallace, an attorney for Day Pitney who handles estate affairs for high-net-worth clients. “Even if things go along as you might expect, it could easily be three to five years.”

Allen spent more than three decades outside the software company, amassing a variety of business and philanthropic endeavours. At least half his fortune is probably earmarked for charitable purposes after he joined the Giving Pledge almost a decade ago, and an estate tax bill will apply on much of what remains. But important questions loom about which of his assets are likely to be liquidated.

Vulcan, the 32-year-old company that oversees Allen’s money, was the umbrella for a variety of investments, activism and philanthropic units. They include Vulcan Real Estate, a commercial portfolio that Bloomberg estimates is worth $1.5 billion, and Vulcan Capital, which tends investments in public and private companies.

He also amassed one of the world’s greatest art collections, and held ownership stakes in two professional sports teams, National Football League’s Seattle Seahawks and the National Basketball Association’s Portland Trail Blazers, worth roughly $3 billion.

His philanthropic interests were split among several other units. The Paul G. Allen Family Foundation, started by Paul and his sister Jody, oversaw assets valued at $766 million at the end of 2016, according to the latest filing available. That private organization is distinct from the Allen Institute, a public charity that focuses on medical research.

Lori Mason Curran, Vulcan’s director of real estate investment strategy, said no changes are imminent for Allen’s network of interests, including the investment firm.

“Now, is the time to focus on Paul’s life and allow his family and friends space to grieve,” she said in a statement.

Paul Allen