Lyle Menendez and his brother Erik inherited their parents’ $14.5 million fortune after mur*ering them, but only for a couple of years.
Key Takeaways
- In August of 1989, Lyle and Erik Menendez brutally m*rdered their parents in their Beverly Hills suite.
- The brothers allegedly k*lled them out of self-defense but were tried for first-degree murder.
- Lyle and Erik inherited their parents’ $14.5 million, but nearly all of it was spent by the end of the trials.
Lyle Menendez and Erik Menendez were convicted in 1996 for the mur*ers of their parents Jose and Mary Lousie ‘Kitty‘ Menendez.
The brutal kill*ngs of this seemingly picture-perfect family shocked the nation and sparked a series of high-profile trials.
They have recently resurfaced as the new subjects of Netflix’s second installment of the ‘Monster‘ series, which previously focused on Jeffery Dahmer.
Many people are curious about the family’s net worth before and after the death of Lyle Menendez’s parents.
Lyle And His Brother Erik Inherited A Huge Net Worth From Their Parents Jose and Kitty Menendez
In August of 1989, Lyle and Erik Menendez, who were 21 and 18 at the time, mur*ered their parents.
They burst into their Beverly Hills mansion while their parents, 45-year-old Jose, and 47-year-old Kitty were watching TV.
They reportedly shot their parents 15 times with two 12–gauge shotguns, before leaving the house.
The police initially labeled it as a mob hit, until one of the brothers confessed to the killings.
Erik Menendez, the younger of the two, confessed to the m*rder to his therapist Dr. Jerome Oziel.
The information was, however, made public by Oziel’s mistress Judalon Smith.
Lyle and Erik were then arrested on March 8, 1990.
Their attorneys claimed that the boys committed the m*rders out of self-defense.
Jose allegedly sexually abused Lyle and his brother Erik, which they claimed their mother actively ignored.
Their trials began in 1993, and initially ended twice in hung juries, with conflicting decisions on whether the boys were guilty acting out of self-defense.
A retrial in 1996 convicted the brothers on two counts of first-degree mur*er on March 21, 1996.
Lyle And Erik Menendez Had A Net Worth of $7 million Each, But Not For Long
During the trials, the prosecution accused the brothers of committing the m*rders motivated by greed.
Jose and Kitty had amassed a reported $14.5 million estate.
After their mur*er, the property naturally should have been split 50/50 with Lyle and Erik each inheriting around $7 million.
However, the California Slayer statute states,
“When someone is feloniously murdered, the perpetrator cannot profit from the victim’s estate, whether there is a family relationship or not”.
This statute can be avoided if the mu*ders are committed in self-defense.
Coincidentally, Lyle and Erik used the same defense in their 1996 trials.
Despite their alleged plans to inherit the massive fortune, nearly all of the $14.5 million fortune was spent by the end of the trials.
The Brothers Used Up All Of Their Parents’ Money, But Not Just For Personal Pleasures
According to the Los Angeles Times, the fortune had “almost entirely been run through” by April 1994.
By that time, the brothers spent over $10.8 million in personal and legal expenses.
Initially, six months after the murder, Lyle and Erik blew through a million dollars on partying, traveling, and shopping.
Lyle purchased a Rolex, a Porsche, lots of clothing, and a restaurant in Princeton.
Erik made more practical purchases, opting for a Jeep Wrangler and a $60k personal tennis coach.
Furthermore, they took exotic vacations, expecting more money to come to them.
Jose also had a $5 million life insurance policy, which his sons couldn’t collect due to technicalities.
Later, during Lyle and Erik’s trials, they spent a hefty amount on hiring top lawyers and attorneys.
Sources state that the brothers spent more than $5.4 million on legal expenses.
The most notable of these expenses was hiring criminal defense attorney Leslie Abramson.
Further losses and expenses reduced the Menendez family’s net worth.
The Menendez home sold in 1991 for $3.6 million- a nearly $1.2 million loss. All the money from selling the house went to paying off mortgages, closing costs, and the IRS.
They further sold a Calabasas house that Jose and Kitty were renovating, at a $710,000 loss.
Furthermore, the property also had a $864,000 mortgage and a further estate tax of $600,000.
Considering all the losses and expenses, it is safe to assume that Lyle and Erik Menendez’s net worth was close to zero by the end of their trials.
In Case You Didn’t Know
- The Menendez brothers’ trials were among the first to broadcast on Court TV.
- Before the murders, Erik was a rising star in the junior tennis circuit and even ranked nationally in his age group.
- Jose Menendez was the CEO of LIVE Entertainment, a company that distributed films and home videos.
