Paul Allen’s $1 billion art collection up for auction



Getty Images

Speculation has surfaced recently that, sooner rather than later, the NFL (and NBA) franchises owned by the late Paul Allen will be sold. At the moment, his huge art collection is for sale.

Via Associated Press, nearly 150 items worth over $1 billion It will be sold by public auction by Christie’s.

His sister, Judy, who is currently a controlling owner of the Seahawks said: “These businesses mean so much to so many, and I know Kristi will ensure their respectful spread to generate tremendous value for charitable endeavours in accordance with Paul’s wishes.”

The reference to “charitable endeavours” is important in this context. An issue of a possible sale of the Seahawks and Portland Trail Blazers has surfaced due to a report that Paul Allen’s trust requires his assets to be liquidated as proceeds go to Allen’s.passion projects. Also, when Jodi Allen released a statement in July clarifying that the Seahawks were not currently for sale, she added, “There will come a time when When that changes Given Paul’s plans to dedicate the vast majority of his fortune to charitable causes, real estate of this size and complexity could take 10-20 years to finish. There is no predetermined timeline by which teams must be sold.”

The most important date is May 1, 2024. Any sale of Seahawks before May 2024 requires 10 percent of revenue Going to Washington State is one of the terms of the deal to build the team’s current stadium. With the Seahawks potentially generating $5 billion or more, that’s a large chunk of the money that will come from the top of the deal. At this point, it’s easy to wait another 20 months to sell.

See also  Queen Elizabeth tests positive for coronavirus

Eventually, the Seahawks would be sold. The sale of Paul Allen’s $1 billion art collection underscores the fact that it’s only a matter of time.



Leave a Reply

Your email address will not be published.