Ozzy Osbourne's Family Braces for Estate Nightmare: Tens of Millions at Risk
Five weeks on from the death of rock icon Ozzy Osbourne, it is likely that his family might lose a huge amount of money as probate hearings open in both the United States and the United Kingdom.
Black Sabbath's lead singer died from a cardiac arrest at his home in the U.K., leaving his wife, Sharon Osbourne, and six children: Jessica, Elliot, Aimee, Kelly, Jack, and Louis.
The family had a public procession on July 30 and a private funeral service the next day.
Estate lawyer Gideon Alper identified why the Osbourne estate might run into trouble. He stated, "Ozzy lived in both Birmingham and Beverly Hills - which means two governments could be lining up for a share of his fortune."
Alper added that estate taxes in both countries could severely impact what the family inherits. "In the U.S., estates worth more than $14 million face federal estate tax.
In the UK, inheritance tax can hit 40 percent once you're above £375,000. Without airtight planning, that's tens of millions gone before the family sees a penny."
The Osbournes' assets are said to include an eight-bedroom Los Angeles mansion in Hancock Park and a large estate in Buckinghamshire, where Ozzy will be buried.
Family law expert Adam Jones of HD Claims said family feuds in blended families can add another layer of complexity to probate.
He added, If even one of Ozzy's older children feels left out or short-changed, it could trigger a full legal challenge."
Sharon Osbourne has also spoken in the past about what she wants her husband's legacy to be.
During a 2020 conversation on The Talk, she stated, "I just know that my husband's body of work, that he's written, and kept us all in the lifestyle that we love, goes to my children.
I don't want someone that never met my husband owning his name and likeness and selling T-shirts everywhere and whatever. No, it stays in the Osbourne family."
Experts indicate that if Osbourne's wealth were put into trust, the proceeding could be quicker and less public. Without it, the estate might be bogged down in court cases for years.
For now, Sharon and her kids can expect to experience an intricate international legal process—one that will likely cost them a large chunk of the wealth the Prince of Darkness amassed over half a century.
Originally published on Music Times
