What Is Lyle Menendez’s Net Worth? How Did He Make Money?
Lyle Menendez and his brother Erik, the infamous murder convicts of their parents, had a net worth of millions. They enjoyed millionaire’s perks with the inheritance of the multi-million dollar estate until their arrest in 1990.
Over the course of years, until they were convicted in 1996, a staggering sum of money was paid out to cover legal expenses and mortgages. So what’s the status of the estate now? How much net worth did Lyle Menendez and his brother Erik inherit?
Get the details below.
- Lyle is currently bankrupt.
- He lost all the $14.5 million net worth he inherited from his parents for legal fees, real estate mortgage, debt, and other miscellaneous fees.
- Lyle had a hard time selling his parents’ house due to the circumstances that his parents were murdered in that house.
- At present, both the Menendez brothers are serving life imprisonment in San Diego, California.
What Is Lyle Menendez’s Net Worth?
It seems Lyle, who is currently serving his sentence in RJ Donovan Correctional Facility in San Diego, California, has a reported zero net worth. Sources cite that his current financial status is that of bankruptcy.
However, in 1993, just a few years after the tragic murder of his parents, his estimated net worth was a staggering $8 million, with a gross income reaching an impressive $14.5 million.
The significant decline in his net worth from millions to zero is a reminder of the far-reaching consequences of legal troubles, mortgages, and of course, bad karma.
How Did Lyle Menendez Lose All His Money?
Following the tragic murder of their parents, Lyle and Erik Menendez immediately splurged approximately $1 million from the insurance payout they received. Both of them indulged in extravagant purchases including acquiring a Porsche, a custom Jeep Wrangler, and lots of clothes.
Further, for the murder trial, the brothers found themselves in need of expensive legal representation. Combined with taxes and inflated real estate expenses, their fortune began to decrease rapidly.
By this point, they had already spent nearly $10.8 million. They spent $4 million on estate taxes and $1.49 million on legal fees. Plus $4.2 million was used for mortgage payments, and others for miscellaneous reasons.
After all the expenditures, the remaining assets included their real estate, various items of jewelry, and 330,000 shares of stock in Live Entertainment. They also had a selection of furniture and $651,948 in cash.
Unfortunately, the remaining assets proved insufficient to meet their mounting debts and cover the legal fees. Consequently, whatever was left of their once substantial inheritance was lost in an attempt to settle their financial obligations.
The Menendez Brothers Had A Hard Time Selling Their House
Lyle and Erik faced significant challenges when attempting to sell their family’s house in Los Angeles, which had a significant contribution to their million dollars fortune.
The property boasted an impressive half-acre of land. It featured over 9000 square feet of living space, a pool, and a private tennis court.
Following the tragic event, the brothers decided to put the house back on the market. However, due to the notoriety surrounding the property, it proved challenging to find a buyer willing to pay its actual value.
Eventually, the house sold for $3,607,975, resulting in a substantial loss of $1,192,024 compared to its actual worth. Again, in 1993, the house found a new owner named William Link, who resided there for a duration of eight years. In November 2001, Sam Delug finally purchased the house for $3.743 million.
Where Is He Now?
As of now, Lyle, aged 55, and his younger brother Erik, aged 52, find themselves incarcerated at the RJ Donovan Correctional Facility in San Diego, California.
The two brothers are serving life sentences for their roles in the brutal murder of their parents. They have exhausted all legal options to appeal their convictions and are now ineligible for parole.
Lyle and his brother Erik Menedez, convicted in 1996 for the 1989 murder of their parents, are serving life sentences without the possibility of parole.
At the time of death (murder) in 1989, Lyle and Erik’s mother Kitty was 47 years old.