The case of the Menendez brothers is back in the public eye following the release of Netflix series Monsters. The streaming giant is set to release a documentary featuring interviews with Erik and Lyle Menendez from prison.
The brothers were sentenced to life imprisonment for the murder of their parents, Jose and Kitty Menendez, in 1989. The prosecution argued during the trial that the siblings were motivated by financial gain, as they stood to inherit their father’s wealth.
They also suggested that this was the reason the brothers decided to kill their mother, as she would have inherited everything if only their father had died. But what was the Menendez family’s net worth?
And what happened to the money after the brothers were incarcerated?
Jose Menendez was a successful businessman who amassed his wealth as CEO of LIVE Entertainment. The Menendez family estate is often estimated to have been worth around $14m at the time of Jose and Kitty’s deaths, reports the Mirror.
This would equate to approximately $36m today, but it wasn’t a lump sum of cash. The estate comprised properties, shares in Jose’s company LIVE Entertainment, and personal belongings of the couple, including their cars.
After accounting for tax deductions and loan payments, the Menendez siblings would have received a smaller amount than the figure mentioned above.
So, how much did the Menendez brothers actually inherit?
Despite their initial spending following the murders, the brothers didn’t inherit anything. The money was forfeited once they received their conviction for first degree murder.
According to Lawyer Monthly, California’s ‘Slayer Statute’ states that an individual who commits a felony resulting in the death of another is prohibited from benefiting from the victim’s estate, irrespective of their familial ties. .
There was also a life insurance policy which was apparently taken out on Jose Menendez by his company LIVE Entertainment, however the brothers discovered it was invalid. Their father had failed to undergo the needed physical examination that the insurance provider required.
Jose did have a personal life insurance policy of $650,000 (£510,000) which the brothers used for their initial spending spree. So, what happened to the money?
Aside from their spending sprees, a lot of Erik and Lyle’s expenditure either fell through or were financed by other means. Lyle spent around $90,000 (£70,700) on his father’s credit card and his uncle secured a loan to purchase a restaurant.
The brothers attempted to buy a penthouse but the deal fell through.
Jose’s company LIVE Entertainment, footed the $8,000 (£6,300) bill when the brothers began living at the Bel Air Hotel and also funded limousines and bodyguards for them both. Reports state that even if the brothers were acquitted, they would have received nothing from the estate.
This was largely due to the money being used up for taxes and the legal expenditure in the murder trial.
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The Menendez family home was sold at a loss, with all proceeds going towards money owed for the mortgage, costs and tax obligations. A second property, which the family didn’t live in but were renovating was also sold at a loss.
There is no evidence that any financial agreement was ever in place between Netflix and the Menendez brothers and the siblings were not involved in the production of the series, although they will participate in the documentary via phone interviews. In the US, Son of Sam laws are put in place to prevent convicts from profiting from their crimes, whether by the writing of books or films and television shows about their deeds.
However, the enforcement of these kind of laws vary from state to state and are not always successful.
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