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Home › Politics

Politics | 12/22/2008 10:15 am

L'Oréal Heiress Bettencourt (France's Richest Woman) Cuts Daughter Off in Billion Dollar Dispute

By The Staff at wowOwow.com
Liliane Bettencourt cuts off daughter © AP

She can adopt me …

The L’Oréal cosmetics heiress and France’s reportedly richest woman, Liliane Bettencourt, 86, said yesterday that she’s disowning her daughter amid accusations that Liliane’s a "vulnerable person" being manipulated by a younger photographer friend.

Bettencourt’s only daughter, Françoise Bettencourt-Meyers, 55, is charging that her mom’s in failing health and is being exploited by male photographer François-Marie Banier, who has received more than one billion dollars from mom. According to the AFP and UK’s Times Online, Bettencourt has donated a sizeable chunk of her vast fortune to Banier. For the past 15 years, the 61-year-old painter and photographer to the stars reportedly received gifts, artwork … and life-insurance contracts totaling a whopping billion euros (or 1.45 billion USD).

Bettencourt-Meyers, who also sits on the L’Oréal board, accuses Banier of "abuse of a vulnerable person," insisting her mother — known as a strong character — could not have meant to throw away such a vast sum.

Bettencourt’s daughter filed suit earlier this year following the death of her father, Andre Bettencourt — in fear that the family’s fortune would not be in good hands. The aging heiress meanwhile dismissed her daughter’s claim as "very stupid," reports the Times Online. She recently defended her mental health in an interview with Le Journal du Dimanche.

"I find this whole affair completely idiotic," said Bettencourt. "It’s a waste of energy. It is very disagreeable and distressing. It hurts me. I have known François-Marie Banier for 20 years, my husband knew him for 20 years. What’s got into my daughter? Perhaps it’s because I get on well with François-Marie Banier. Jealousy could play a part in this."

Jealousy could play role — so could money, greed and — let’s not forget — daughterly love.

Her mother’s fortune is estimated at $23 billion. The daughter’s lawyer said she acted "to make sure an unscrupulous individual had not taken advantage of her mother, profiting from acts of generosity that are surprising, to say the least."

The AFP points out that Banier — whose famous friends include Johnny Depp — reportedly told investigators that Battencourt was "sponsoring" his work. Meanwhile, investigators are looking into the validity of the daughter’s allegations and will decide whether to press charges against him.

Liliane Bettencourt’s father, Eugene Schueller, founded L’Oréal in 1909. In 1957, Bettencourt inherited the L’Oréal fortune from her father. She is the principal shareholder of L’Oréal.

Read more about: Aging, crime, Family, Francois-Marie Banier, Francoise Bettencourt-Meyers, Fraud, Gossip, Greed, Jealousy, L'Oreal Cosmetics, Liliane Bettencourt, News, Parenting, Society

10 Reader Comments (so far…) Sign In or Register to comment

Diana T
Well, if her picture is a reflection of her true self, she doesn’t exactly look like the friendly type.
By Diana T on 12/22/2008 10:51 am
Pretending-to-be-Parker-Posey being Jackie
Right, I used to buy L’Oreal products till read this piece…but don’t intend to give this lady anymore $$$…she looks like a haughty, self-centered witch [although good skin tone esp for 80s]
By Pretending-to-be-Parker-Posey being Jackie on 12/23/2008 11:58 am
Diana T
It’s the typical mega-family power squabble. Like the wine Mondavis and Sebastianis. But, I also wonder if she doesn’t have some dementia, at her age, especially if there is a younger boyfriend involved.
By Diana T on 12/23/2008 12:21 pm
Belinda Joy
What a tough situation. “What if” her mom really is being taken advantage of financially by François-Marie Banier? If she were my mother I would want to step in and intervene as well. Yet because we are talking about people with wealth far beyond anything most of us can fathom, the first thing that comes to mind is typical greedy daughter tying to lay claim to her share of the wealth.
By Belinda Joy on 12/22/2008 12:04 pm
Grande Camper
I agree Belinda. Money always makes a situation tough especially when it’s openly talked about.
By Grande Camper on 12/22/2008 12:48 pm
E .
Some people are very hungry for and susceptible to being stroked while others are masters at the art of stroking. If Liliane Bettencourt has a narcissistic bent her self-image likely takes precedence over family ties and she’d make an easy target for a greedy predator who has her ear - famous friends or not. I suppose that Liliane Bettencourt may not be the victim of an artful predator but it is odd that she would sever ties to her daughter while lavishing one billion dollars plus on a family friend with more to follow. It is her money, she may do what she wants with it but to wrap up a life by turning your back on family and submitting yourself fully to a parasite is a sad embarrassment which tarnishes much if any good that she has accomplished. “Meanwhile, investigators are looking into the validity of the daughter’s allegations and will decide whether to press charges against him. ” I am not sure what is being done but my guess is that there will be little that can be done legally - last I heard reasoning through a monstrous and aging ego is not grounds for legal action..
By E . on 12/23/2008 9:15 am
J B
I have never understood children who believe the wealth their parents have accumulated is “theirs” as well. Of course it could go to up bringing and a sense of entitlement instilled by the parents. I say teach your children to take care of themselves.
By J B on 12/23/2008 9:16 am
Pretending-to-be-Parker-Posey being Jackie
I think a parent disinheriting their own child shows a total lack of character…and some elders, perhaps like this mother, are indeed vulnerable to unwise gestures. I used to admire Warren Buffet until I discovered the richest man on the planet has a stuggling artist granddaughter who earns $40K a year, lives in one of America’s most expensive urban areas, and has no health insurance. Something is mentally deranged with a person who has nearly $60B and can’t spring for at least good health insurance for a relative, i.e., even a granddaughter by marriage, as in Buffet’s case.
By Pretending-to-be-Parker-Posey being Jackie on 12/23/2008 11:54 am
Chrome Toe
I remember being broken hearted by the story of the “poor little rich girl”. Lauren Bacall played her in a movie. I can’t remember her name now! but i was so sad for her. and now that lady from new york. Lady Astor I think… That whole thing was heart breaking. I do believe that people who are that incredibly wealthy are lonely. and they become very at risk if they lose ANY of their faculties. not to mention it would be so very difficult to know who really loves you. your entire life would be entwined with money. it just makes me sad. I hope she is a woman who is simply taken wiht this man and capable of making her own choices.. and i hope her daughter has her best interests at heart even if she’s wrong.
By Chrome Toe on 12/23/2008 5:09 pm
louise smith

"[although good skin tone esp for 80s]" ummm that wud be expected for the principal shareholder for L’Oreal lol common sense comes in handy sometimes =P

By louise smith on 04/21/2009 7:16 pm