Paul Newmans Oscars, racing cars to go under the hammer

December 21st, 2008 - 3:17 pm ICT by ANI  

London, Dec 21 (ANI): A private jet, racing cars and treasured Hollywood memorabilia, including three Oscars, which belonged to late actor Paul Newman, are to be auctioned to prevent a family war.

On September 26, 2008, Newman died at his long-time home in Westport, Connecticut, of complications arising from lung cancer.

Five months before his death in September, at 83, Newman changed his will to specify that the precious mementos of his life will be sold by his Newmans Own Foundation.

The vast collection includes a prized Nissan 300ZX Turbo race car, the Academy Awards, three Golden Globes and a Screen Actors Guild Award.

His foundation is expected to put the bequeathed items under the hammer early next year.

According to an expert, the estimated 300 items could raise 15 million pounds, given both the true and sentimental values.

The value to collectors is almost limitless. This will be one auction where theyre going to have to raise the roof to contain the excitement, the Daily Express quoted the expert, as saying.

American legal experts believe the auction is a masterstroke by the iconic actor.

Estate attorney Michael Jones said: Its clear that Mr Newman didnt want the children fighting over who got what car and everything else. To avoid infighting, he must have thought it was best to sell everything and then divide the spoils among his estate, the specifics of which are not publicly stated and never have to be.

Newman, whose net worth was estimated at about 400 million pounds, left his tangible personal assets, including a substantial property portfolio and works of art, to his wife of 50 years, Joanne Woodward.

Actress Joanne, Newmans five daughters from two marriages, an older brother, three sons-in-law and two grandchildren are expected to inherit substantial sums. (ANI)

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