(IrishStar) - Erik and Lyle Menendez were sentenced to life imprisonment for the 1989 murder of their parents Jose and Kitty Menendez - Jose's estate was estimated to be worth around $14.5m at the time of his death.
The Menendez brothers' case has resurfaced in the public consciousness following the launch of Netflix series Monsters. The streaming behemoth is poised to release a documentary featuring interviews with Erik and Lyle Menendez from their prison cells.
The siblings were handed life sentences for the 1989 murder of their parents, Jose and Kitty Menendez. The prosecution posited during the trial that the brothers were driven by financial gain, as they were in line to inherit their father's fortune.
The prosecution also proposed that this was why the brothers chose to murder their mother, as she would have inherited everything if only their father had passed away. But what was the net worth of the Menendez family?
And what became of the money after the brothers were put behind bars?
Jose Menendez was a prosperous businessman who accumulated his wealth as the CEO of LIVE Entertainment. The Menendez family estate is frequently estimated to have been valued at around $14m at the time of Jose and Kitty's demise.
This would be equivalent to roughly $36m today, but it wasn't a lump sum of cash. The estate consisted of properties, shares in Jose's company LIVE Entertainment, and personal possessions of the couple, including their cars.
After taking into account tax deductions and loan repayments, the Menendez siblings would have received a lesser amount than the figure mentioned above.
So, what did the Menendez brothers actually inherit?
Despite their initial spending spree following the murders, the Menendez brothers didn't inherit a penny. Their entitlement to any inheritance was forfeited upon their conviction for first degree murder.
As per Lawyer Monthly, California's 'Slayer Statute' stipulates that an individual who commits a felony resulting in death is barred from profiting from the victim's estate, regardless of family connections.
There was also a life insurance policy taken out on Jose Menendez by his company LIVE Entertainment, but it turned out to be invalid as the brothers discovered their father had not completed the necessary physical examination required by the insurance provider.
Jose did have a personal life insurance policy worth $650,000 (£510,000), which the brothers used to fund their initial spending spree. So, where did all the money go?
Apart from their lavish spending, much of Erik and Lyle's expenditure either fell through or was financed by other means. Lyle racked up around $90,000 (£70,700) on his father's credit card and his uncle secured a loan to buy a restaurant.
The brothers tried to purchase a penthouse, but the deal collapsed.
Jose's company, LIVE Entertainment, picked up the $8,000 tab when the brothers moved into the Bel Air Hotel and also paid for limousines and bodyguards for them. Reports suggest that even if the brothers had been acquitted, they would not have received anything from the estate.
The funds were largely depleted due to taxes and legal costs associated with the murder trial.
The Menendez family home was sold at a loss, with all proceeds used to cover the mortgage, costs and tax obligations. A second property, which the family didn't reside in but were renovating, was also sold at a loss.
There is no evidence of any financial agreement between Netflix and the Menendez brothers, and the siblings did not participate in the production of the series, although they will contribute to the documentary via phone interviews. In the US, Son of Sam laws are implemented to prevent convicts from profiting from their crimes, whether through writing books or creating films and television shows about their actions.
However, the enforcement of these types of laws varies from state to state and is not always successful.
By Emma O'Neill - Assistant Live News Editor
Rudi Kinsella Content Editor and Peter Harris
October 7, 2024
