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Article Twelfth of Mr. de St. Aubin's will authorizes
the retention, sale, and investment of property that he
owned at the time of his death. This article provides as
follows:
I authorize and empower my executors and trustees
* * * to sell and convey the whole or any part of
the property, real, personal, or mixed, belonging
to my estate or to any such trust estate, at
public or private sale, on such terms and
conditions as may seem to them expedient, * * *
[to] invest and reinvest any or all such personal
property; * * * to retain as part of my estate or
any trust estate hereby created any real estate,
stocks, bonds, loans or other investments which I
may own at the time of my decease; to invest and
reinvest the funds of my estate or any such trust
estate in such securities or investments,
including common and preferred stocks and bonds,
as they, in their absolute discretion, may deem
advisable * * *
Mr. de St. Aubin's will named decedent and their son as
executors.
At the time of Mr. de St. Aubin's death, his estate
included two parcels of real property located in Hempstead,
New York. One is known as the Malibu Beach property, which
has an estate tax value of $1,500,580. The other is known
as the Channel Land, which has an estate tax value of
$1,310,100. The other principal assets of his estate
included: 52 percent of the outstanding common stock
of Vesta Underwear Co. (Vesta Underwear), a clothing
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Last modified: May 25, 2011