Howard Hughes Estate Is Valued at a Mere $168 Million

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Howard Hughes Estate Is Valued at a Mere $168 Million

Howard Hughes Estate Is LAS VEGAS, March 15 (UPI) - ',The inventory of the estate's prop- Lynch, Pierce, Fenner and Smith Inc. Howard Hughes left an estate worth erties include cash, various receiva- at the direction of a Nevada district 51611,834,165, far less than generally bles, interest in real estate, stocks and court judge who earlier had given believed, according to documents filed other business interests and various today. Surma an extension of time to file miscellaneous properties as they ex- the inventory. The attorneys just The worth of the late industrialist's isted on the date of Mr. Hughes' death made the deadline by filing the docu- c-state was declared in papers filed by April 5, 1976," according to a state- attorney William Morse with the ments today , ment issued by Hughes' Summa Corp. The same inventory report was riled Clark County clerk's office. Morse said that, to his knowledge, It was the first actual public decla- almost simultaneously with a court in the $16S million Included the entire Houston, where state officials claimed ration c,f Hughes' estate, which had estate. Hughes was a resident. heen estimated in newspapers and The estimate Was prepared prima- Three states—California, Nevada magazine stories at about $2.5 billion. rily by the stockbroker firm of Merrill and Texas—claim Hughes as a resi- THE WASHINGTON POST wahmagry. Mara 16, 1271 A3 Valued at a Mere $168 Million del. Nevada is the only one of the gaming operations including the Stunma Corp., and First National three that does not have an estate tax. Sands, Frontier, Desert Inn, Silver Bank of Nevada. The inventory said the estate in- Slipper, Castaways and Landmark, all Summa's statement said, "William cluded Summa Corp., Hughes Televi- in Las Vegas, and Harold's Club in sion Network Inc., Hughes Airwest, Reno; rent estate in Nevada,, Arizona R. Lummis is not surprised that the and "certain other business enter- and California: Hughes Helicopter, a value of the estate has been deter- prises owned by Mr. Hughes." division of Summa, and Hughes Air- mined to be significantly less than has Sum ma and 'Hughes _TV combined west, a regional airline. been previously reported by the press hold the majority of properties and Morse filed the document on behalf and speculated on by others." businesses identified with the Hughes of the administrators of the Hughes Hugnes Aircraft Co., although it operation. urope7ties, including William R. Lum- carries the name of Hughes, is owned Among the direct and indirect hold. mis, a first cousin to the late industri- by the Howard Hughes Institute and nabs were Hughes Nevada hotel and alist and chairman of the board of is not an asset of the estate. .

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