$13 Billion an Hermès Heir Wanted to Leave to His Gardener Has Seemingly Vanished
Outline:
- Introduction: Nicolas Puech, an Hermès heir, previously promised billions to his gardener.
- Background: Puech's wealth and stake in Hermès.
- Planned Bequest: Puech's intention to pass on half his fortune to his gardener.
- Legal Adoption: Puech's process of adopting his gardener as his legal child.
- Current Situation: Puech claims $13 billion in Hermès shares have vanished.
- Court Case: Puech's allegations against his former wealth manager, Eric Freymond.
- Legal Outcome: Appeals court's decision and Puech's response.
- Philanthropic Foundation: Dispute with Puech's foundation over inheritance contract.
Article:
Introduction: Nicolas Puech, once valued at $13.6 billion and an heir to the prestigious Hermès fashion empire, now faces a staggering loss. The 81-year-old Frenchman, known for his intention to bequeath half his fortune to his Moroccan gardener, has reportedly lost access to $13 billion worth of Hermès shares.
Background: Puech's wealth is a testament to the success of Hermès, founded by his ancestor Thierry Hermès. The brand, renowned for its iconic Birkin and Kelly bags, stands as France's second-most valuable company, with a market capitalization of €230 billion ($248 billion). Puech's personal wealth soared from $3.1 billion in 2020 to over $13 billion by 2024, reflecting his significant stake in the company.
Planned Bequest: In a move that shocked the world, Puech announced in 2023 his intention to leave half of his $13.6 billion fortune to his gardener. This decision was part of a broader plan to adopt his gardener and handyman as his legal child, as reported by the Swiss newspaper Tribune de Genève.
Legal Adoption: Puech's adoption process was seen as a legal maneuver to ensure his gardener received the promised inheritance. However, the fate of these billions took an unexpected turn.
Current Situation: In a recent court case, Puech declared that he no longer owns the $13 billion worth of Hermès shares he intended to bequeath. He claims to have no knowledge of their disappearance and has accused his former wealth manager, Eric Freymond, of mismanaging his assets.
Court Case: Puech's allegations against Freymond were dismissed by an appeals court in Geneva. The court found no evidence to support Puech's claim that Freymond had deceived him over the two decades they worked together. The court noted that Puech had signed numerous blank documents and willingly entrusted Freymond with control of his accounts.
Legal Outcome: Despite the court's decision, Puech's newly appointed lawyers, Grégoire Mangeat and Fanny Margairaz, are studying the case in detail. They have yet to comment further on the matter. Freymond's representative, Stephane Grodecki, has vehemently denied the accusations, stating that his client is "shocked" and will explore all legal avenues to defend his honor.
Philanthropic Foundation: Adding to the complexity of Puech's financial woes is the dispute with his philanthropic foundation, the Isocrates Foundation. Established in 2011 to support public interest journalism, the foundation has opposed Puech's attempt to cancel the inheritance contract binding him to the foundation. The foundation maintains that such a cancellation is legally void and unfounded, preferring to keep the door open for dialogue with its founder.
This saga of vanished billions and contested inheritances underscores the intricate and often tumultuous nature of wealth management and succession planning. As Puech's legal battles continue, the fate of his promised fortune remains uncertain, leaving the world to watch and wonder how this tale will unfold.