Victims may benefit from Las Vegas killer’s wealth

Las Vegas gunman Stephen Paddock stands out among U.S. mass killers because of his wealth. He became a millionaire, according to his family, through the buying and selling of real estate and through high-stakes gambling.

His fortune is not big enough — perhaps $5 million — to make a significant dent in the likely payouts from lawsuits and claims against Paddock’s estate. But it is enough to prompt an unusual legal strategy by lawyers for some of Paddock’s victims, who want to make sure the money is not depleted by legal expenses.

The lawyers have asked a Nevada court to set up the estate so that the money can be distributed, without lawsuits, to families of the dead and those who were wounded in the attack. One idea being discussed is folding Paddock’s assets into a fund already set up for victims, which has raised about $22 million. More than 500 people were injured and 58 others died after Paddock opened fire from the Mandalay Bay Resort and Casino in October.

The lawyers also want the court to ensure that Paddock’s heirs do not benefit from the estate and that they have no role in how it is managed. No will has been discovered.

Under Nevada law, the mother, Irene Hudson, 89, is entitled to the estate. But one of Paddock’s three brothers, Eric Paddock, who lives in Orlando, Fla., said in an interview the family supported the idea of disbursing the assets to victims.

So far, several hundred victims have filed more than two dozen lawsuits, and a $45 million creditor’s claim, against Stephen Paddock’s estate; MGM Resorts International, which owns the Mandalay Bay; and Live Nation, the promoter of the festival. Should plaintiffs agree not to pursue their lawsuits against the Paddock estate, a complicated issue will involve establishing criteria for who is eligible for payouts from the estate and how much.

Part of the difficulty for lawyers when it comes to Paddock’s case is assessing exactly how much his estate is worth.

Eric Paddock said his older brother was a multimillionaire, but he suspects his brother may have sold his stocks, emptied his bank accounts and disposed of the money somewhere before the attack.

Eric Paddock said that what would be left of his brother’s assets — which includes two homes in Nevada — would perhaps total $500,000 to $1 million.

NEW YORK TIMES NEWS SERVICE FILE PHOTO A memorial to the victims of the mass shooting is seen in Las Vegas on Oct. 3. Unusual among mass killers, Stephen Paddock left an estate of about $5 million behind — large enough to prompt victims to ask Nevada courts to set up an estate so that the...