RobRR Ford’s estate valued at $ 1 million, documents show
Lawyers recently ‘ discovered’ former mayor’s life insurance policy, court filing states
The late mayor Rob Ford’s estate is valued at $ 1.1 million, according to documents filed in Toronto estates court in the last few months.
And, shedding further light on a claim by Ford’s widow, Renata, in an explosive lawsuit, her late husband’s estate documents show no indication that there has been a detailed accounting of the former mayor’s financial affairs, or any payout to his beneficiaries, two years after his death.
That is one of Renata Ford’s main allegations against Doug Ford, her brother- in- law. She has stated in court filings, which form part of a $ 16.5- mil- lion claim against various parties, that Doug is in “breach of trust” because he has not fulfilled what she says are his obligations as executor of the estate. The listed beneficiaries on Ford’s will, which is now filed in a Toronto court, include Renata and the couple’s two children, though the will stipulates the children’s money would be held in trust until they are adults.
Renata Ford has asked a court to order Doug Ford to provide her an accounting of the estate, and to settle the accounts and pay out money owed to beneficiaries.
Rob Ford died of cancer in March 2016. Renata Ford alleges in a statement of claim filed against Doug Ford and his brother Randy that both men have mismanaged the Ford family company and her late husband’s estate. Randy is a trustee of the estate, court filings show.
Doug Ford has responded, saying the allegations are untrue and vowing to vigorously defend himself in court. He said he has the best interests of his late brother’s children at heart and will continue to look out for them. Randy has not responded to interview requests.
Two court actions related to these matters are playing out at University Ave. courthouses in Toronto. On the east side of University, south of Dundas, is the Superior Court where Renata and her lawyers filed suit against Doug and Randy, claiming that Renata and her two children have been deprived of millions through “negligent mismanagement” of the family business and the brothers breaching their duties as trustees of the Rob’s estate.
Renata alleges that Doug and Randy have used money from their father Doug Sr.’s estate to create the illusion that family business Deco Labels is profitable and a “successful enterprise.”
On the west side of University is where wills and estates are dealt with: estates court, which is also part of Ontario’s Superior Court division. That’s where Rob Ford’s will has been filed.
Ford made his last will and testament on Oct. 2, 2014. That was two weeks after a doctor at Mount Sinai Hospital announced that Ford had been diagnosed with cancer. He was mayor at the time.
Ford’s will describes his holdings in generalities, not specifics. He stated in the will that he has appointed Doug as executor, with Randy to take over if Doug dies or cannot fulfil the duties. Rob’s will makes a simple division of his holdings at time of death, dividing it by thirds among his wife and two children. There is no mention of the Ford family company shares that Renata said Rob owned. In her lawsuit, Renata said it is her belief that Doug gave Rob’s shares in Deco Labels, the family company, to brother Randy for $1. Renata’s court filings state she has been told Rob’s shares in Deco had no value.
As to the value of Rob’s estate when he died, that is referenced in a one-page document dated March 8, 2018, prepared by DLA Piper, the solicitors of record for Ford’s estate. The document states that the lawyers initially determined Ford’s estate was valued at $921,738, but they have recently “discovered” the existence of an insurance policy valued at $222,006 and a bank account that held $2,006.
There are no other documents in the file and no detailed explanation of what made up the bulk of Rob’s estate. The insurance policy mentioned in the estates file is also noted across the street in the other courthouse, where Renata stated in a document filed last Friday that she too has recently learned of its existence but has not been provided with the funds. There is nothing in either court file to indicate who is the beneficiary of that policy.
In her statement of claim, Renata has alleged that she and her children are enduring financial hardship because Doug and his brother Randy have withheld money from her.
In an effort to see if there was an indication on the public record that Renata was facing financial difficulties, the Star examined land registry records for the home that Rob and Renata lived in for years, and which is now owned by Renata. Records show numerous mortgage transactions in the two years since Rob died, including two mortgages taken out against the property in 2017, one for $208,000, the other for $420,000. Those mortgages were then paid off when a new $780,000 mortgage was taken out on Feb. 2, 2018, with an interest rate of 8.5 per cent from a mortgage investment company in Aurora. That is the only mortgage on the family home as of June 2018.
The Star reached out to Doug Ford Tuesday asking if he could answer the specific allegation that he had not fulfilled what Renata’s lawyers say is his obligation to provide a detailed accounting of her late husband’s estate.
Ford campaign spokesperson Melissa Lantsman responded saying only that the claims by Renata “are false and without merit” and that Doug will “always be there” for the two children.
In her response Monday to Renata’s lawsuit, Doug’s mother, Diane, made comments about Renata Ford’s “addiction” issues and Doug said it is he who will always be there for his late brother’s children.
Renata Ford’s lawyer, Don Jack of Aird & Berlis, responded to questions from the Star Tuesday saying, “We’re giving interviews to no one.”