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McAuley High School Sues Holbrook Estate
CINCINNATI (Joe Webb) A local high school pushes a former booster's estate to keep a half-million dollar promise. Even 20 months after his death, attorney and real estate developer Lanny Holbrook is being pushed to make good on a promise.
McAuley High School has sued Holbrook's estate for the rest of the money he promised 12 years ago to build an arts wing at the school. The wing was built and has Holbrook's name on it, but the school's lawsuit claims he reneged on most of his pledge.
Local 12 News Reporter Joe Webb has been following the story.
The lawsuit claims Lanny Holbrook pledged a half-million dollars in 2002 for the arts wing to be built in his name and his wife Nancy's name who is a McAuley grad. 350-thousand of that was to be paid by a life insurance policy after his death. The school says the money is there and they want it.
The sign says welcome generous benefactors and McAuley High School has had a lot of them over the years. In January of 2002, real estate developer Lanny Holbrook set up a plan to pay McAuley 150-thousand in six annual payments followed up by 350-thousand from a life insurance trust after his death. On the promise of that 500-thousand dollar gift, the school added a big drama room and choral music room. A plaque honoring Holbrook and his wife Nancy... McAuley class of '67...hangs outside the fine arts wing.
The problem is, according to a lawsuit filed in Kenton County, Holbrook didn't follow through on the gift. In the last few years before his death in 2012, some of Lanny Holbrook's holdings fell into foreclosure. He was called into housing court for the conditions of some properties.
The lawsuit claims he stopped paying the annual installments in 2005 and only kicked in 70-thousand of the promised half million. McAuley claims Holbrook's estate collected in excess of one-point three million from the life insurance policy and they want the promise fulfilled. The lawsuit also claims Holbrook owes pledged money to Saint Henry High School and Thomas More College.
The principal at Saint Henry and the president of Thomas More declined to comment, so we don't know how much money they might be owed.
The attorney for Holbrook's estate said he had not had a chance to consult with his clients and didn't want to talk to us before he talked to them.
McAuley's principal says the arts wing is paid for, but money from other projects had to be moved around to get it done. The school claims Holbrook's estate owes them $430-thousand dollars.