The late billionaire tycoon’s daughter was branded “entitled” by a judge who rejected her request for a $228 million division of the estranged family’s fortune.
Celine Warren, 55, was awarded “just” $41 million by Judge Edward Wall in Minneapolis last week and ordered to pay for her own expenses.
The ruling ended a five-year battle Warren denounced as a “tragic lawsuit” that left Warren estranged from her only sibling, Mark Evenstad, brother of her late father Ken Evenstad.
Born of humble roots, Ken trained as a pharmacist and made his fortune after purchasing the pharmaceutical company Upsher-Smith for $1,500 in 1969.
After taking over as CEO in 2004, Ken’s son Mark (Serene’s brother) took the company to the next level.
By the time it was sold in 2017, he had quadrupled the value of his company to $1.1 billion, but Céline, a stay-at-home mom since 1994, said her brother was financially rewarding him for his hard work. After being beaten, they criticized him harshly.
Celine Warren is pictured in an undated photo with her late father, Ken Evenstad. has just lost a bid claiming $228 million.
Celine’s brother Mark, pictured here, helped quadruple the size of family-owned pharmaceutical company Apsher Smith as it sold for $1.1 billion in 2017. home mom since 1994
Mark Evenstad is pictured at the vineyard his late father named after his estranged sister Celine.
She did so despite receiving more than $328 million over her lifetime from her father and mother, Grace, who died in 2020.
The drama began after Ken decided in 2014 to reward Mark with an additional 1.5% stake for the company’s explosive success.
Warren felt it was unfair that his brother had been given the additional stock, and even though his father was battling a terminal illness, the strife continued.
In 2016, she cut off all communication with her family.
In 2017, she demanded the sale of her family business as a path to her own “financial independence.”
At the time, she owned 25% of the company, which was valued at about $2.5 billion.
In 2018, Warren sued her family for more than $75 million in bonuses paid to Ken and Mark Evenstad, claiming they had unfairly devalued the company, thereby reducing her stake.
An independent auditor determined the bonuses were fair, and in fact Ken and his son were underpaid over the years given the impact they had on a previously minor pharmaceutical company.
Judge Edward Wall, who presides over the Hennepin County Court, said it was painful that Warren chose “this tragic lawsuit” instead of accepting a settlement that was offered to him years ago.
Warren has been a stay-at-home mom since 1994, and her 56-year-old husband, Chris, has been unemployed since 2004.
The pair live in a breathtaking $3 million five-bed, five-bath mansion on Lake Minnetonka.
Still, Wall said Warren developed a sense of “entitlement” for what she thought her parents owed her. star tribune.
Wall praised “the generosity of[Warren’s]parents.”
Ken was once so devoted to his daughter that he named his famous Oregon vineyard after her – Domaine Celine, a popular tourist destination in the Willamette Valley.
Celine and husband Chris live in this $3 million mansion in Minnesota.Chris hasn’t worked since 2004
Photo of Celine and Ken at Domaine Celine
Ken is pictured with his wife Grace at Domaine Celine Vineyards in Oregon. Named after her daughter who was separated from her parents when her father died in 2020
Wall said it was sad that the family quarrel had to be publicly televised.
“The tragedy of this case is compounded by the court’s obligation to publicly spell out its decisions,” Wall said.
“The Court is content to lay out in this way that a solution through private negotiation would have resulted in a better outcome for all the key parties. not.”
In his ruling, Judge Wall said Warren was not in a position to assess how his father and brother run the company.
He said Ken, his wife Grace, and Mark all “characterize many successful and motivated business executives who work hard and accumulate knowledge that helps them make “tough business decisions.” There are,” he said.
Celine Warren tried to sue her family’s drug company, Upsher Smith, for a hefty sum, but Judge Ken Wall said she hadn’t done anything to strengthen the family’s finances and that she hadn’t asked. It ruled that he was not entitled to receive the amount.
Celine and Chris, on the other hand, chose a different path.
“Celine did not have the business experience and related skills and knowledge that Ken, Grace and Mark had as a result of their life choices when the important decisions were made in this case from 2016 to 2019. bottom.”
The judge said he could understand why some decisions “failed”, but he was unable to discover that she had been duped.
Ken Everstad passed away in 2020 at the age of 77.
Wall said the incident was sad but reflected the choices Warren made.
“If Celine is disappointed that she may not inherit a substantial inheritance in addition to the hundreds of millions of dollars in shareholder dividends, she has made decisions that have consequences over the past six years,” he said. rice field.
https://www.dailymail.co.uk/news/article-11914017/Heiress-daughter-billionaire-pharma-tycoon-branded-entitled-judge-refuses-award-228m.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Billionaire drug magnate’s heiress’ daughter branded ‘entitled’ by judge rejecting $228 million ruling