The sun., 1919-08-17
ASTOR ESTATE HERE
is DECIDED TO SONS
Transfer Made i'm Trust by
Baron for Waldorf and
John Jacob.

The fling OF two deeds of trust in the
Registrars office at the close of last
weeks business by Geller. Rolston &
Koran, attorneys, on the part of Baron
Astor OF Hever Castle. England, dlvid-
ing all his real estate holdings in this
city and elsewhere between his two
sons, made an interesting topic in the
real estate world. The deeds name
Lord Astor and the Farmers Loan and
Trust Company as trustees for one-half
part of these holdings and each son.
William Waldorf and John Jacob Aston,
Is given as an equal beneficiary.
Various reasons are assigned for this
action on the part OF Lord Astor. but
Charles A. Peabody, president OF the
Mutual Life Insurance Company, char
acterized them yesterday as NONSENSE
cal. The only reason Mr.. Peabody. who
Is the personal representative of Baron
Aston, would assign for the action was.
he said. the natural one a father would
hare who felt himself TO be in delicate
health ana wished to provide for his
children.
That Lord Astor wished to evade pos
sible death taxes in England. where both
he and his sons make their home. Mr..
Peabody remarked, was a statement that
any real estate man would laugh at,
since they have yet to hear OF England
having the power to tax real estate
in New York or anywhere else in the
United States.
There Is no mystery about Lord AS
tors action" said Mr.. Peabody. "He
has made the two trusts for the benefit
of his sons because OF an ordinary wish
on his part to provide for his sons
That is all there is to the matter"
Mr.. Peabody was reminded that Lord
Aston might have been influenced to take
this action In order to avoid the super
income tax, which, on property said to
be considerably in excess OF $4,000, 000
would bulk In the class Of incomes rated
by the commissioners from 12 to 100
while the same amount divided among
three owners would rate from ~ to 20
or thereabout. He was positive that
this was not the motive actuating Baron
Astor and could give no other reason for
his action than the one mentioned
When reminded that in this new ar
rangement no provision was made for
Mrs. Spender Clay (nee Pauline Astor)
Mr.. Peabody remarked that some time
ago Baron Astor had made due provision
for his daughter.
The Waldorf-Astoria Hotel. the Hotel
Aston, the Hotel Knickerbocker and the
New Netherlands Hotel are included In
tHc lcW tiuoS uccus, as are also EOIlQ
blocks OF high class apartments, many
blocks OF tenements and Office buildings
down town. These properties are valued
in excess OF $4,000, 900.
In 1915 valuable Actor real estate
holdings were decided by Baron Astor to
John Jacob Aston Sd. his younger son.
These included the northern part OF the
old Aston House, the Exchange Court
building at Broadway and Aston place
and the Aston building at 10 and IL
Wall street. The last is TO be torn down
and modern sky scraper erected on the
site. The aggregate assessment on the
above properties given to his son was at
the. time $1,000, 900, only little more
than one-sixth of this applying to the
buildings. and the balance was assessed
on the land upon which these buildings
stood.
Lord Astor, who until he became a
subject of Great Britain was William
Waldorf Aston. has been reported as liv.
ing the lie of a recluse at Brighton
England, where a mysterious butler, said
to be stern and forbidding, sees every
prospective visitor and turns the ma.
tority of thepa away. The reason given
for this seclusion is increasing bad
health. Lord Astor last visited this
country in 1909.