Inheritance of Paco Rabanne
Fashion Designer Paco Rabanne: Net worth, inheritance, heirs, and his wealth at the time of death
The inheritance of Paco Rabanne is estimated at 28 million dollars, according to the magazine People with Money. Now the pending question is who will inherit that multimillionaire fortune. Even though lately there were some rumors about a secret wedding between the Spanish-French designer and his last known partner, nothing has been confirmed yet. Therefore, unless Paco Rabanne left a last will with specific provisions, his only universal heir would be his grandnephew. Daniel Rabaneda is also a fashion designer and vice president of the Paco Rabanne Foundation.
Multimillionaire Inheritance, Multinational Probate
Paco Rabanne’s passing away will probably mean a multinational probate situation. Consequently, this may involve a few or many legal venues, depending on how much real estate and property he actually owned in different countries. Also, it will depend on whether the jurisdictions where he had real estate and assets are intestate or testamentary countries. For instance, if the countries where he had real estate accept living trusts to avoid probate, his heirs will be able to avoid the probate court system. However, if he didn’t have a living trust, his heirs will have to go through each one of the court systems that require his real estate, assets, and property to be probated to inherit his wealth. On the other hand, if he left a living trust but the probate court system still requires every document to be probated, his heirs will not be able to avoid probate.
At the age of 88, Francisco Rabaneda y Cuervo, worldwide known as Paco Rabanne, passed away in Portsall, France. Paco Rabanne’s love for fashion was perhaps a matter of inheritance. In fact, his mother worked as the head seamstress for Cristóbal Balenciaga. Furthermore, Rabanne made his first steps selling plastic buttons and jewelry to Balenciaga, Elsa Schiaparelli, Hubert de Givenchy, and Roger Jean-Pierre.
The iconic designer revolutionized the world of fashion by introducing metal in high couture. He was the inventor of the metallic dress in the 60s. Indeed, Paco Rabanne literally created a fashion empire that ranged from lines of clothing, fragrances, and accessories. Moreover, his avant-garde vision turned him into one of the most important fashion figures of the century. Paco Rabanne is more than a brand… it became an artistic phenomenon.