Another sad story about greed and a board’s misuse of funds. This time it is the Stillman heirs who are fighting to save Wethersfield … the country estate of Chauncey Stillman (grandson of James Stillman – founder of National City Bank, the forerunner of Citigroup). According to Katya Kazakina’s article: The estate, once thought to be safeguarded, is running dangerously low. Over the years, trustees of the Homeland Foundation entrusted to preserve Wethersfield trifled away millions, according to a state investigation. So now, the heirs are selling works by Degas, Sargent, Lautrec, Lancret and others in the hopes of raising $20 million.
Source: New York Banking Royalty’s Heirs Are Unloading Art to Save the Family Estate – Bloomberg