The fact that Madonna, the “Material Girl,“ lost some of her material possessions to an auction should serve as a warning to other rich and famous people, said David Lehn, a partner at the New York City law firm Withers Bergman.
Singer, actress and bad-girl-gone-mainstream Madonna sued a former friend in Manhattan Supreme Court for trying to sell at auction several personal items belonging to the rock icon, including a love letter from Madonna’s former boyfriend, the late rapper Tupac Shakur; a hairbrush with strands of her hair, and used silk panties.
The items were taken from her home in Miami by a former friend when she moved in 2004 but, according to the court papers, the removal of the items from the home was not discovered until they turned up on an auction site. Madonna sued to halt the sale, but a Manhattan Supreme Court judge ruled in April that she had waited far beyond the three-year statute of limitations that applied in New York and could not recover the items.
Madonna also had previously signed a release allowing some items to be taken, Lehn said.
Lehn warned lawyers and financial advisors who work with people whose possessions might be valued to tell them not to abandon personal items.
“Have employees sign a confidentiality agreement that includes a ban on selling personal items,” Lehn said. “Also, do background checks on all employees and redo the background checks every couple of years.”
“Your clients are always going to have to rely on somebody, so keep that circle of people close. Limit what any one person has access to or knowledge of,” he said.
An advisor also should know what the statute of limitations is for theft or removal of items in each state because it varies from state to state, Lehn said.
“Do not make any agreements with friends or employees by email. Have a paper trail,” he added. The rich and famous are always going to be vulnerable, but “advisors need to be aware of potential problems.”
Photo: Wikimedia
