Kerkorian’s Will Designates All His Wealth to Charity

Los Angeles — Kirk Kerkorian has left his entire wealth for charitable causes, according to Harut Sassounian, editor-in-chief of The California Courier newspaper and former Vice Chairman of Kerkorian’s Lincy Foundation.

Sassounian told Voice of America that Kerkorian has not named a specific charity to deal with the wealth he left behind. Sassounian stated that apart from Kerkorian’s house which has already been sold, there are millions of MGM shares that have to be liquidated.

“When the time comes – probably in a year – the will’s trustee will decide the charities that will receive the funds,” Sassounian was quoted as saying.

Sassounian, who had managed Lincy Foundation’s $242 million of projects in Armenia, denied recent press reports that the funds from Kerkorian’s will be devoted to continue Lincy’s previous projects and that all the funds will be devoted exclusively to projects in Armenia. Sassounian qualified such unfounded press reports as false and based on nothing more than hearsay.

Through the Lincy foundation, Kerkorian for a dozen years funded non-Armenian charitable projects in the United States as well as Armenian projects in Armenia and the Diaspora. Lincy also donated millions of dollars to cover the shipping costs of $720 million of humanitarian aid sent to Armenia by Glendale, CA-based United Armenian Fund (UAF), founded by Sassounian in 1989.

Sassounian stated that the UAF was closed down by a decision of its Board of Directors on November, 30, 2015, after more than two decades of humanitarian support to Armenia and Artsakh. On December 1, 2015, Sassounian founded a new charity, the Armenia Artsakh Fund, which will continue UAF’s long-standing humanitarian efforts for Armenia and Artsakh.