Richard Mellon Scaife, the late publisher’s property is still undergoing estate auction proceedings. A number of collectibles is scheduled to be on auction in liquidation sales by Christie’s with ceramics, collectibles and furniture in the list of items scheduled to go under the gavel between June 30 and July 1.
Mr Scaife’s inheritance tax returns are yet to be filed and are overdue since April, but taxes on the estate are eligible for an extension. The Westmoreland County Register of Wills received a $100 million check in October to cover the taxes on the estate owed to the State by Mr Scaife, but total is as yet undetermined until settlement of the estate auction is completed.
The liquidation sales are probably in order to make the distributions and to start paying the taxes said Michale Hussey, associate professor of law, Widener University, Harrisburg Campus. The expert in tax law said that until there would be approximately a year’s time in which the closing of the estate would be completed.
Over 500 pieces are set to auctioned following appraisal. The pieces are in the range of $2milllion and $3million. The items in the liquidation sales range from silver and gold coin collections, to porcelain, books and a Pierce-Arrow sedan.
Mr Scaife who is heir to Mellon oil, banking and aluminium fortune passed away on July 4 at 82 years of age. He was a leading funder of various conservative causes and was also publisher of a Pittsburgh newspaper and philanthropist.
The items for the liquidation sale were gathered from various properties located in Natucket, Mass, Pebble Beach, California, Shadyside and Ligonier. A previous estate auction by Clars Auction Gallery, a sister concern of Christie’s raised over $1 million through sale of 1500 lots since December. A lot of the pieces went at prices multiples higher than the value at appraisal said Deric Torre 0073, Director, Furniture and Arts Department, Clars.
The physical auction of the estate may also be among one of the highly anticipated ones. While liquidation sales continue, speculation about the estate is also on the rise, as people await to hear more. A number of artefacts of interest, various collectibles and other items are being auctioned in the liquidation sales to be scheduled to take place soon.