Wednesday, May 30, 2012

Better late than never!

A young lady in Boston has just received a windfall from her late mother . . . two decades after she died!  Australia's Inner West Courier reported yesterday:

IN a story spanning three continents and 22 years, a real estate agent has tracked down the mystery owner of a Drummoyne property.

The US-based woman will receive about $150,000 of rental income from the past two decades and the proceeds of tonight’s auction—the property is expected to go for more than $550,000.

Ray White Drummoyne principal Chris Wilkins said the Wrights Rd apartment had been on his books since he bought the agency 10 years ago. It was part of a deceased estate left to a young woman after her mother died suddenly.

The agents continued to collect rent and maintain the home from a trust account but were unable to make decisions about the property. They eventually engaged law firm Eakin McCaffery Cox.

After the Public Trustee of NSW was unable to intervene, managing partner Tim Eakin decided to take action.

"I took the matter into my own hands and hired a private investigator in the US," he said.

The private eye tracked down the woman in Boston, but she was initially hesitant on hearing of her good fortune.

"How many 21-year-olds get a call (like that) from the other side of the world," Mr Wilkins said.

"It’s understandable she was a bit sceptical."

There's more at the link.

The apartment sold last night for Aus$600,000.  Adding that to the Aus$150,000 back rent, the heir to the property will receive about Aus$750,000 [almost US $729,000], less any fees and charges involved.  It may have taken a long time to find her and arrange for her to receive the value of her inheritance, but with college fees and student loans being the burden they are today, I'm sure she'll appreciate it!  It's also good to know that there really are some honest real estate brokers out there.


1 comment:

perlhaqr said...

I'm sure she'll have enough left for a really nice dinner after various governments get done taking their "fair share".