Dr. Oz is involved in litigation with his sister with respect to their late father’s properties in New York
According to a recent online story found here celebrity doctor Mehment Oz also known as Dr. Oz is involved in a dispute with his sister, Nazlim, stemming from their father, Mustafa Oz’s February 2019 death.
Nazlim has commenced litigation in Manhattan and has alleged that Dr. Oz has stopped sending her approximately $15,000 per month in rental income from two of Mustafa’s New York City properties. According to this story, these two properties were purchased in 1983 by Mustafa and are presently leased out. The properties are held by a limited liability company and generate rental income. Nazlim was receiving $15,000 per month. The limited liability company is allegedly managed by Dr. Oz who has recently stopped these payments to Nazlim. As a result, Nazlim has alleged that Dr. Oz has breached his duties as a manager.
Mustafa was born in Turkey and immigrated to the Untied States in 1955. He became a highly respected doctor and died at the age of 93. Dr. Oz was inspired to pursue medicine by his father’s career.
According to another online story found here, the company that controls the two properties located at 40 East 94th Street and 415 East 45th Street was established in 2009 and is allegedly registered at Dr. Oz’s home address in New Jersey. The two properties are usually rented at upwards of $25,000 per month. According to this story, Nazlim has shared in the rental income with her sister Seval. It is unclear what Seval’s position is with respect to Mustafa’s Estate.
Rent payments are being held in trust pending the resolution of the Oz estate litigation
In response to Nazlim’s allegations, Dr. Oz has taken the position through representatives that the rental income is being held in escrow as a result of litigation in both the United States and Turkey with respect to the administration of Mustafa’s Estate.
Mustafa named him as the manager of the company and he had no choice but to stop the rental payments to Nazlim until the ongoing litigation is resolved. There are no details with respect to what else was part of Mustafa’s estate.
Few details are provided about the Oz family disputes in the United States and Turkey such as who the executors or beneficiaries of Mustafa’s estate are. Dr. Oz appears to be in a fiduciary position as the manager of a company that held assets belonging to his late father.
It is not uncommon for a person in Dr. Oz’s position to hold assets in escrow (in trust) or to even freeze assets such as rental income until the final resolution in an estate dispute.
In Ontario, a third party such as an Estate Trustee During Litigation may be appointment to hold and preserve any assets in dispute during litigation. Additionally, at the request of an estate’s representative, a Court may freeze bank accounts or block any dealings with real estate belonging to the deceased.
The above stories do not provide details with respect to mechanisms similar to an Estate Trustee During Litigation being utilized in either the United States or Turkey. Limited details are available with respect to the litigation in both the United States and Turkey.
It is also unclear what other assets, if any, belonging to Mustafa are in dispute.
This will be an interesting story to follow. More on this story here.