The Lauder Family Cashes In
For Millions and Millions and Millions
The Lauder family is cashing in part of its $3.6 billion cosmetics fortune while its Estee Lauder Cos. manages to keep a step ahead of Wall Street’s woes. Family scion Ron Lauder, 62, sold about $113 million of shares in one move. His brother, Leonard, 73, who’s chairman of the empire, cashed in nearly $36 million in the past 12 months, while family trusts sold about $40 million in a series of sales in recent weeks. Founders received sizable options awards after the company went public in 1995. Despite the sale of several thousand shares of supervoting Class B stock, there was little chance of upsetting the 82% voting power held by the family through their 67 million shares of Class B stock.The family owns about 46% of the company’s shares for both classes, giving them a stock wealth of about $3.6 billion, based on yesterday’s closing price of $40.20.
