Bellosguardo Foundation
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| Founded | 2014 |
|---|---|
| Founder | Huguette Clark |
| Type |
Non-operating private foundation (IRS exemption status): 501(c)(3) |
| Location |
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Key people
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Jeremy Lindaman (President) Dick Wolf (Chairmain of the Board) |
The Bellosguardo Foundation is a philanthropic organization and private foundation for the arts registered in the State of New York and operating out of 1407 East Cabrillo Boulevard in Santa Barbara, California. The arts foundation was formed posthumously by Huguette Clark as part of the settlement agreement for Clark's will. Clark, who died in 2011 at age 104, was the daughter of Sen. William A. Clark and was heiress to a large copper fortune.
The nonprofit foundation, which was formed with the help of the New York Public Administrator’s office and the N.Y. Attorney General’s Charitable Division Bureau, will work to determine the future of Bellosguardo, the bluff top estate overlooking Santa Barbara’s East Beach that was owned by the late heiress Huguette Clark. Clark died in 2011 at the age of 104, and, in her will, directed that this iconic property be used for the fostering and promotion of the arts.
The legal settlement of the Clark estate called for one board member to come from the Clark relatives who challenged Huguette's will, and one from the Corcoran Gallery of Art in Washington, and one from her attorney in Santa Barbara, Jim Hurley. The rest of the trustees are nominated by the mayor of Santa Barbara. All are approved by the New York attorney general.
This Foundation will oversee Mrs. Clark’s Santa Barbara Bellosguardo property once probate is completed in New York State. At that time, this Foundation will also take possession of Bellosguardo’s furnishings and artwork, and Mrs. Clark’s extensive doll collection (valued at nearly $2 million). Negotiations between the Internal Revenue Service and the Estate’s Executors are ongoing, and are estimated to take another 12–18 months. During this transition, the Estate will continue to provide management of the Bellosguardo property.
As of October 2015, Bill Dedman stated that “The negotiations with the IRS seem to be headed in a favorable direction,” Dedman told about 50 people at the Santa Barbara Historical Museum on Oct. 27. “There seems to be some hope of relief from some of the penalties, if not the interest.” The fees have been accruing at $9,000 per day since her death."
The estate, along with the original classic artwork, vintage cars and other furnishings, is valued between $85 million and $100 million, and the maintenance costs are about $40,000 a month. “The board hasn’t really set firm goals, it doesn’t have firm budgets because it’s waiting to get ownership of the house and doesn’t know what the resources will be,” Dedman said. Until then, the mansion and the Foundation remain closed to the public.
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