Just under two years after the death of famous yacht rocker Jimmy Buffett, his widow has filed a lawsuit against a co-trustee appointed to oversee the late Mississippian’s trust.
Jane Slagsvol, who was Buffett’s wife of 46 years prior to him losing a battle with cancer in September 2023, filed a petition in the Los Angeles Superior Court seeking to remove Richard Mozenter as a co-trustee of her late spouse’s estate.
Jane accused Mozenter of mismanaging the family’s $275 million trust while also being “openly hostile” toward her in conversations. Specifically, Jane says Mozenter has been intentionally slow in providing her necessary information concerning the trust’s assets and her current financial state.
Buffett’s trust was created in 1990 with Jane as the beneficiary. It was later amended to include the couple’s three children. A bulk of Buffett’s assets, including a stake in the Margaritaville company named after the singer’s hit song, was slated to go to a marital trust managed by Jane and an “independent co-trustee” after the Pascagoula native’s passing. Mozenter was appointed as the other manager of the trust.
Jane alleged that Mozenter took more than a year to provide her with an estimated income from the estate after “making excuses” and “stonewalling” her when she was seeking answers. Mozenter allegedly informed Jane that the trust was earning under $2 million in net income while also telling her that she may need to sell real estate or alter her lifestyle in order to remain afloat financially.
“If the Marital Trust truly earns such a low return consistent with the financials Mr. Mozenter presented, it will confirm that Mr. Mozenter is either not competent to administer the Trust or unwilling to act in Mrs. Buffett’s best interests,” a portion of Jane’s court filing reads.
While claiming that Mozenter has been combative, condescending, and belittling toward her, Jane has asked him to resign from his position as a co-trustee. She also maintains that her net worth is being controlled by someone she does not trust to adequately manage her finances.
Mozenter, who earned just shy of $2 million from Jane last year for his services, has not only denied the widow’s request, but has taken to a Florida state court to have Jane removed as a co-trustee of the trust. Mozenter accused Buffett’s widow of interfering in his business in such a manner that has yielded negative ramifications for the trust.
An August 14 court hearing has been set for Jane’s case.
