Battle for Dad’s £7m
‘Misplaced sense of entitlement’
‘Wayward’ daughters take on stepmother after banker father left them out of will
A MERCHANT banker’s ‘wayward and extravagant’ daughters are suing their stepmother for a cut of his £7million fortune after they were left out of his will. Tony Shearer’s children Juliet Miles, 40, and Lauretta Shearer, 38, enjoyed a five-star lifestyle for many years thanks to his generosity. They enjoyed luxury holidays and membership of an elite country club, while they were given large sums towards rent and housing as well as a maintenance allowance, the High Court in London was told. But their relationship with Mr Shearer changed after he split from their mother Jenny and two years later in 2007 he married second wife Pamela Shearer, 68, who they blamed for a decline in family relations. The couple moved to France where Mr Shearer died aged 68 in October 2017, leaving an estate worth £2,184,976 to Pamela. But Jordan Holland, for the daughters, said that in reality she had been left almost £7million, as non- estate property included expensive wine and family heirlooms.
They are now suing her for ‘reasonable provision’ from the estate, backed by their mother Jenny. The women argue they are due ‘maintenance’ from their late father’s estate to replace the ‘generous financial provision’ he gave them while alive.
They say that their stepmother has not continued any sort of provision as she takes a ‘dim view’ of their previously ‘extravagant’ spending – and believes they have a ‘misplaced sense of entitlement’.
Both daughters are recently divorced with children and Mr Holland told the Chancellor of the High Court, Sir Julian Flaux, that unemployed Juliet, of Wiltshire, is in a ‘desperate’ financial situation and wants a lump sum of £915,991 from the estate to buy a house. Lauretta, of west London, who works for auction house Sotheby’s, wants £350,154 to secure a home. The barrister said both daughters were still reliant on their father for money despite being grown women and were entitled to expect to be considered in his will. However, he said: ‘Pamela takes a very dim view of Juliet and Lauretta, who she believes to be wasteful, extravagant, entitled, wayward and interested in the deceased only for his money.’
Mr Shearer was a trained accountant who made his millions by moving into merchant banking. Barbara Rich, for Pamela, said that Mr Shearer had made it clear in letters and emails that he wanted his daughters to be financially independent before he died.
The hearing continues.