Wasting Away In Litigationville: Jimmy Buffett's Widow Sues Co-Trustee Of Massive Marital Trust

Jimmy Buffett's widow, Jane Buffett, has filed a lawsuit to remove the co-trustee of the late singer's estate, accusing him of financial mismanagement, secrecy, and "openly hostile" behavior in his handling of a $275 million marital trust.

The petition, filed June 3 in Los Angeles Superior Court, targets accountant Rick Mozenter, who was appointed co-trustee of the James W. Buffett 1990 Trust following the singer's death in September 2023.

Jane, Buffett's wife of 46 years, is the sole lifetime beneficiary of the trust, which holds the majority of the entertainer's known estate assets. Their three children — Savannah, Delaney, and Cameron — are not beneficiaries of the marital trust during Jane's lifetime. Court filings indicate each child is entitled to one-third of Jimmy's remaining federal estate tax exemption, estimated at around $2 million each. They are also widely believed to be remainder beneficiaries of the marital trust after Jane's passing.

At the time of his death, CelebrityNetWorth, along with Forbes, estimated Jimmy Buffett's net worth at $1 billion. That figure reflects not only his earnings from music, touring, and publishing but also his sprawling business empire built around the Margaritaville brand. The $275 million trust represents just a portion of that fortune, and the current legal dispute is now raising questions about what happened to the remaining wealth. More info on this discrepancy later in this article…

Widow Claims Mismanagement and Stonewalling

According to court filings, Jane Buffett met with Mozenter a month after Jimmy's death and asked for an income estimate from the trust. She says Mozenter ignored her requests for more than a year before finally delivering a projection in February 2025, claiming she would receive less than $2 million annually from the $275 million fund.

Jane and her legal team call the estimate "shocking" and "a remarkably poor return," particularly in light of the trust's 20% stake in Margaritaville, which had reportedly paid out $14 million in distributions over the previous 18 months. Mozenter allegedly told Jane the analysis did not include any future revenue from Margaritaville, despite the brand's continued expansion in hospitality, liquor, cruises, and merchandise.

The complaint also questions Mozenter's financial stewardship. Even a conservative 5% return on $275 million would generate nearly $14 million per year in income. If the trust had simply been invested in an S&P 500 index fund, in 2024 it would have generated a 25% return. That would have equated to a gain of $68.75 million in a single year. As a reminder, Jane was told she would receive "less than $2 million."

The lawsuit also claims:

• Mozenter refused to sell a rarely used property in the Bahamas that costs more than $300,000 annually to maintain.
• His firm billed the trust $1.7 million in fees in a single year.
• He transferred properties in New York, Florida, and St. Barts to the estate instead of to Jane directly.
• He forced Jane to accept Jeffrey Smith as legal counsel, who later resigned but had allegedly threatened to investigate her for defamation.

A court hearing is scheduled for August 14. Jane is asking for Mozenter to be removed and replaced by Daniel Neidich, CEO of Dune Real Estate Partners.

But here's a bigger question: Wasn't Jimmy Buffett a billionaire? Where's the other $725 million???

(Photo by Taylor Hill/FilmMagic)

Wasn't Jimmy A Billionaire?

The legal drama over the $275 million trust has drawn attention to a much bigger question. Wasn't Jimmy Buffett a billionaire?

Several factors may explain the gap between Buffett's reported $1 billion net worth and the $275 million in assets in this marital trust.

First off, it's likely that the estate incurred some large estate tax in the year after his death. With some decent financial planning, this tax would have been minimized, but not totally avoided, considering the vastness of his empire.

He also may have had other trusts that we don't know about.

It should be noted that the $275 million is almost certainly made up of the singer's most liquid assets. Cash. Stocks. Real estate. Investments. The stuff he wanted his wife and children to live off easily, without the stress of finding a buyer. Less liquid assets that may not have been put in this trust include:

Music Catalog and Royalties: Buffett likely retained significant rights to his music catalog and publishing, especially for songs like "Margaritaville," "Come Monday," and "Cheeseburger in Paradise." While he may not have owned the masters from his early career, he founded Mailboat Records in 1999 and owned later works outright. The value of these rights, combined with future royalties and licensing income, could exceed hundreds of millions.

Brand IP and Name/Likeness Rights: Buffett's identity was monetized across restaurants, bars, hotels, casinos, cruises, and liquor lines. These rights have enduring brand value but may not be held within the trust, especially if they are owned by corporate entities or licensing companies. It has been estimated that the name and likeness rights to Frank Sinatra are worth $50 million. Wouldn't it make sense that Jimmy Buffett's name would be worth at least, or perhaps way more than that?

Separate Business Entities: Buffett likely structured his holdings in LLCs, private partnerships, and estate-planning vehicles that are not governed by the marital trust. Some assets may have passed directly to heirs, been gifted during his lifetime, or been placed in irrevocable trusts outside public court filings.

Future Cash Flow vs. Liquid Assets: Celebrity net worth estimates often include future income potential, not just assets on hand. The $1 billion figure included both Buffett's hard assets and the enduring power of his brand and businesses.

Unfortunately, this case proves that even with the best intentions, the best advisors, and the most careful estate planning, your heirs might not end up sipping margaritas and eating cheeseburgers in paradise, they could still find themselves wasting away in litigation-ville.