Hughes Estate Pays $25-Million Texas Tax
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AUSTIN, Tex. — The state of Texas has received the second and final $25-million payment of inheritance taxes from the estate of billionaire recluse Howard Hughes, Atty. Gen. Jim Mattox said Wednesday.
The payment included $10,711 in interest earned while the money was held in escrow for the last year.
Mattox’s office reached the $50-million settlement in 1984 with the Howard Hughes estate and the state of California. The first installment was paid last year.
“This wraps up a complicated case that lasted eight years, with the state of Texas definitely getting its money’s worth,” the attorney general said, noting that the state had spent $1.3 million to obtain the settlement.
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