The ‘TITLE’ daughters of a big banker who called their father ‘the checkbook’ lost a legal battle with their stepmother over his £ 7million fortune.
“Gifted financier” Tony Shearer, former boss of investment bank Singer and Friedlander and governor of finance at Rugby School, died of a brain tumor in October 2017 at the age of 68.
After her death, almost all of her money – estimated at around £ 7million by daughters Juliet Miles, 40, and Lauretta Shearer, 38 – was left in the hands of their stepmother, Pamela Shearer.
The sisters have launched a battle in the High Court to secure ‘maintenance’ of their late father’s multi-million-pound estate to replace the ‘generous financial provision’ they expected from him during his lifetime.
But Ms Shearer, 68, a marketing executive, who married Mr Shearer in 2007, insisted the girls didn’t owe anything.
She told Judge Sir Julian Flaux that her daughters-in-law had “the right” and “were only interested in their father for his money”.
And the court heard allegations that Mr. Shearer cut his daughters because he was “upset” by their “demands for money.”
During her testimony, Ms Shearer told the judge: “I’m going to quote King Lear here: ‘Sharper than a serpent’s tooth’ is an ungrateful child – and that’s how my husband felt.”
Today Sir Julian handed the victory to Ms Shearer, leaving the girls empty-handed and slamming the evidence given on their behalf as having been “permeated and influenced by a sense of entitlement”.
Mr Shearer’s will left an estate worth £ 2,184,976 to his wife.
But the sisters said when other non-real estate – including heirlooms and expensive wine – was taken into account, their stepmother ended up with almost £ 7million.
Juliet, who lives with her mother on a £ 1.6million property in Wiltshire, has claimed £ 915,991 from her father’s estate.
Her sister, who earns £ 57,000 a year working for the Sotheby’s auction house and lives in West London, asked for £ 350,154.
Both sisters claimed their father had “changed” when he married Ms. Shearer.
And relations grew strained, with Mr Shearer refusing to accompany Lauretta down the aisle at her wedding after learning that his new bride was not invited.
“Once dad met Pam it was almost impossible to see him alone. Support was abruptly cut off,” she told the court.
But the judge said the girls had “pursued a widespread and unattractive attack on Pamela.”
And the court heard that when the sisters were younger, they called their father “The Checkbook” – a nickname “they found funny but he found hurtful.”
Ms Shearer said, “Parents deserve a little respect. These two girls had a luxurious lifestyle.”