The Cuban-American entertainment executive José Menéndez, murdered by his sons Lyle and Erik on August 20, 1989, alongside his wife, embodied the American Dream.
Fleeing Castro’s revolution in 1960, he rose from dishwasher to a genuinely successful career in the entertainment and business world, amassing a fortune synonymous with Beverly Hills excess.
According to Probate records, José Menéndez’s net worth was $14-15 million, estimated at $34-37M today adjusted for inflation at death. This included stocks, real estate, and cash.
José Menéndez’s early days
Born March 6, 1944, in Havana, José migrated penniless to the US at 18 and worked hard to establish himself professionally.
By 25, he earned an accounting degree from Southern Illinois University on a swimming scholarship.
He later obtained a CPA license. During his college years, he met his wife, Mary Loise Anderson, whom he married in 1963.
José Menéndez’s rise to wealth
He worked in accounting and business roles before advancing at Hertz and RCA Records. At Hertz, he excelled in finance. On the other hand, RCA recruited him in the 1970s, where he oversaw video and music divisions, netting six figures.
In the 1980’s, he served as the Chief Executive Officer and Chairman at LIVE Entertainment, now Lionsgate, a home video distribution company, where he greenlit hits such as Basic Instinct and Reservoir Dogs.
According to the expert, he earned around $500,000 annually during this period. Additionally, he had shared in the company’s success, which increased his net worth.
José Menéndez’s estimated net worth
The Menendez family owned a luxurious Beverly Hills mansion estimated at around $4 million and a large property in Calabas that was being renovated at the time of his death.
He held at least 330,000 shares of LIVE Entertainment stock, trading at about $20 per share, for a total of roughly $6.6 million. The company also maintained a $15 million life insurance policy on Jose, which was paid out due to legal complications.
According to Fames Fortunes, the estate reportedly collected $650,000.
Additionally, he owned cars, jewellery, furniture, and other valuable personal items, all of which contributed to the estate’s overall value.
Kitty’s share (equal under CA law) was passed to sons via wills.
What happened to the estate after his death
The value of Jose and Kitty Menendez’s estate didn’t stay intact for long after their deaths despite their substantial networths.
The Beverly Hills mansion was sold in 1991 at a $3.6M loss. Additionally, the Calabasa property was sold in 1994 at $1.94M.
Similarly, reports indicate that the legal and defence costs associated with their son’s trials rapidly depleted the estate, with more than $10 million spent on lawyers, taxes, and other expenses in the mid-1990s.
However, Lyle and Erik Menendez were legally barred from inheriting any part of their parents’ estate because they were convicted of murdering them under California’s Slayer Rule.