Wealthy financier Lionel Pincus died Saturday, ending a chapter in a rancorous legal battle between his family and his love interest, Princess Firyal of Jordan.
Pincus, founder of a company that grew into the the investment firm Warburg Pincus, was diagnosed with cancer in 2003. The illness and the treatment took a toll on his mental capabilities, and in 2006 his sons Henry and Matthew became his guardians.
Princess Firyal, the ex-wife of Muhammad bin Talal, who is the brother of Jordan’s King Hussein, had begun dating Pincus after the death of his wife in 1995. She opposed the sons’ efforts to take charge of Pincus’s personal affairs.
Lionel Pincus
A lawsuit filed in August 2009 by Henry and Matthew Pincus paints the princess as the Anna Nicole Smith of Jordan.
“She has a long history of dating wealthy men including the billionaire Greek shipping magnate Stavros Niarchos,” the suit charges. “Their relationship began when she was 31 and he was 67.
“According to published reports, at their break-up, Princess Firyal received millions of dollars, a house in London and a flat in Paris. Princess Firyal’s relationship with Mr. Pincus has proceeded along similar lines.”
The princess’s spending reportedly increased as Pincus’s health declined. Between 2002 and mid-2006, according to the sons’ complaint, she spent more than $31 million of his money. She spent additional millions on art, furnishings and renovation of apartments Pincus had purchased at the Pierre Hotel in Manhattan.
The sons also accused her of convincing Pincus to change his estate plan to direct more money and assets to her before and after his death.
“Princess Firyal has sought to maximize the ‘blank check’ she is to receive from Mr. Pincus if she survives him by spending as much of Mr. Pincus’ money as possible on artwork, furnishings and other property,” they charged.
Her purchases included a $129,000 table, a $305,000 17th-century painting and a $750,000 pair of pottery horses from the 7th-century Tang dynasty.
But the main sticking points in the legal battle were the apartments on the 30th and 31st floors of the Pierre. Pincus had paid a total $22.6 million for the units and the princess spent millions more furnishing and renovating them.
The sons, who would not personally benefit from the proceeds, were trying to sell the apartments. The princess repeatedly tried to block the sale.
Citing “sources close to the negotiations,” The New York Times reported today that the dispute was settled shortly before Pincus died.
The units are featured on Corcoran Group’s web site, at a listed price of $35 million.
The property encompasses 7,000 square feet, with panoramic views of Central Park, five bathrooms, three powder rooms and two libraries. The realty firm proclaims it “a New York wonderland!”
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