Lou Reed’s Estate Earns $20 Million Since Death
Lou Reed has proved the old adage about death being the ultimate career move. New legal documents reveal that he has earned more than $20 million since he passed away from liver disease in Oct. 2013.
The New York Post's Page Six says that Reed's longtime manager Robert Gotterer reported that figure to Manhattan's Surrogate Court. The relationship between Gotterer and Reed dates back to 1970, the year that the Velvet Underground's record 'Loaded' was released, and he was appointed to oversee the estate upon Reed's death.
That $20 million is believed to be primarily through his copyright and publishing interests, which rose as interest in his music increased after his death. It does not include the almost $10 million that Reed left to his wife Laurie Anderson, who is the recipient of Reed's reported $7 million West Village penthouse apartment, his $1.5 million property in the Hamptons and the bulk of his personal property.
Reed also reportedly left $500,000 to his sole sibling, Margaret Reed Weiner, to care for their elderly mother. Per the will, she will receive another $5 million from the $20 million collected.
Two weeks ago, his touring company, Sister Ray Enterprises began selling off pieces of Reed's musical equipment on eBay to raise funds for the ongoing Lou Reed Archive project. Most of the more coveted pieces like guitars, amps and pedals are being kept in the vault, but a variety of road cases, keyboards, power supplies and other electric units that the former Velvet Underground singer/guitarist used on tour are being offered up to the public.
Reed's attorney, James Purdy, says that the executors of his estate will submit a full inventory of assets by Jan. 2015.