Helping a close-knit family with the sale of a historic real estate asset

The situation

An affluent UK-based family tended not to engage in open discussions about money, with family members holding differing opinions on family wealth. Among their valuable assets was a unique property that had been held through a Jersey trust for several decades. Following changes in the collective long-term priorities of the beneficiaries of the Trust, the Trustees were tasked with helping the family plan for the future and sell the property.

The client’s goals

• Assess circumstances and arrive at the best option for the future of the property.
• Family members to discuss their own needs and wishes with candour.
• Review current trust structure and cash flow and establish new plans for family members.
• Examine the family’s sizeable internal art collection and prepare for sale. 

Our approach

• We facilitated transparent discussions over a two-year period that evaluated the best options for the family and the future of the property for sale, deploying our ecosystem of specialists to value the property accurately. 
• We sourced appropriate accommodations for family members during the sale process.
• Using our network, we utilised a mid-tier agent to sell this property, with Corient sourcing a London conveyancer.
• Our team coordinated a survey of the property with several potential purchasers.
• Connected the family  with several specialists in order to assess art and furniture within the property.
• We synchronised the sourcing of auctioneers for the sale of the family’s art collection. 

Outcomes

• Our coordinated strategy enabled a successful and timely sale of the property. Effective communication between the Corient team and the family, alongside strong alignment with family members, ensured a seamless transaction process for all. 
• We established each family member in their own separate property using proceeds from the property sale, based on their individual wishes and circumstances. 
• Most of the art and furniture collection was catalogued and sold at a top London auctioneer firm (with some key and sentimental items retained by the family).
  
• Our team will provide ongoing administration of the Trust from Jersey.
• Following sale of the property, we placed money in various fixed deposits. 

Disclosure: Case studies are provided for illustrative purposes. The scenarios described do not represent the experience of all clients. The examples provided represent a specific client’s circumstance and no assurance can be given that similar results will be achieved in the future. There are no guarantees of future results, success or performance. The case studies are not a client testimonial or endorsement of Corient’s services and it is not known if the client approves or does not approve of our services. The information provided in this case study should not be considered investment, tax, accounting or legal advice.