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The Menendez brothers story has gained renewed attention with the release of Monsters: The Lyle and Erik Menendez Story on September 19, 2024, via Netflix. This nine-episode long true-crime series focuses on the well-publicised murder of José and Kitty Menendez by their sons in 1989. They were found guilty and given a life sentence without the chance of parole.
Although both the brothers defended themselves with shocking details about s*xual abuse by his father for years, their inheritance from parental fortune has been a point of discussion from the beginning of their trial. This show reveals how complicated the case is by showing their motives amid the fortune their wealthy parents left behind.
Despite their conviction, a key question remains: did the Menendez brothers inherit their parents' wealth? After the murders, Lyle and Erik briefly gained access to their parents' fortune, valued at over $14 million in 1989.
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However, their eventual arrests, convictions and legal complications surrounding inheritance laws significantly impacted the brothers’ ability to hold onto this wealth. So, eventually, they were left with nothing.
Did the Menendez brothers get to keep their parents’ money?
When their parents died, the Menendez brothers got some of their parents' property. In 1989, their parents owned homes in Beverly Hills and Calabasas, which were worth about $14 million. Taking inflation into account, this is about $36.8 million today. After loans and taxes were taken out, Lyle and Erik got about $2 million from their inheritance.
In the months after their parents' murders, the brothers spent a lot of money, which made people suspicious, which helped prove their involvement in the crime. Erik spent a lot of money on tennis lessons and gambling, while Lyle bought a Porsche and a restaurant. In six months, they spent almost $700,000. This spending was a big part of their eventual downfall, as it went against their claim that they were acting out of fear.
As their legal problems exacerbated, so did their costs. Just for lawyer's fees, they had spent almost $1.5 million by 1994. Their inheritance was quickly spent on legal fees, debts and poor financial choices, leaving them with not much of the wealth they had inherited.
Read more: Were the Menendez Brothers paid for Netflix's Monsters?
Legal consequences and forfeiture of inheritance
Despite their brief access to the wealth, the Menendez brothers eventually forfeited their inheritance. California's Slayer Statute claims that people who kill someone on purpose cannot get anything from the victim's bank account. After being found guilty of first-degree murder, Lyle and Erik couldn't get any money from their parents' assets, including life insurance policies.
Most of the money had already been spent on taxes, mortgages and lawyers' fees by the time the case was over. The brothers' Beverly Hills mansion was sold for a lot less than it was worth, while other properties were also sold off. The little money their parents had left over wasn't enough to pay off their debts, so they were left with nearly nothing.
Following their father's death, the Menendez brothers tried to get money from his life insurance, for which José Menendez had two big plans. One of them was a "key man" policy his employer, LIVE Entertainment, had bought for him. This kind of insurance is meant to keep businesses from losing too much money when a key executive dies.
The $15 million policy would give money to LIVE Entertainment instead of the family as compensation. The policy stayed in place, and the company thought it would make a lot of money from it.
The brothers thought that another $15 million life insurance policy would help them personally, though. Unfortunately for Lyle and Erik, this policy didn't work as well because José hadn't gone through the required medical exam.
Read more: Is Kim Kardashian advocating for the release of the Menendez brothers?
The Menendez brothers’ extravagant lifestyle following their parents' murders included acquiring a restaurant, living in a lavish mansion and running up significant credit card debt.
After his parents died, Lyle Menendez bought a restaurant to fulfill his personal dream. He bought Chuck's Spring Street Café, a Princeton snack shop known for its fiery chicken wings. Lyle poured an unbelievable $550,000 into the restaurant, which was way too much because the business was only worth about $200,000.
Lyle had big plans to grow the brand, even if the restaurant didn't have a great reputation. He even considered changing the name to Mr. Buffalo's. He wanted to open more restaurants near UCLA and Rutgers University, but the restaurant failed eventually. Given that Lyle was so kind, he let his friends use the restaurant, resulting in a huge loss.
The Menendez brothers first stayed at their family's Beverly Hills mansion after their parents' death. This fancy house was part of their parents' $14 million estate, but the brothers eventually moved out because they said they were afraid of being robbed by mobsters.
Menendez brothers moved to rented apartments in Marina del Rey after a short stay at the Bel Air Hotel, paying $2,150 per month, which was paid for by LIVE Entertainment, their father’s former employer. They sold the $5.7 million Beverly Hills mansion in 1991 and ran into a loss of $1.2 million to pay off their debts and legal fees.
Read more: Did Lyle Menendez get recorded by Norma?
After the murders, Lyle Menendez carelessly used his dad's American Express card. He put more than $90,000 on the card and used it to buy expensive things like three Rolex watches and pay for many trips between New Jersey and California. A lot of this spending happened in the months after the murders, which attracted suspicion.
Lyle's reckless spending, like when he tried to start a company called Menendez Investment Enterprises, showed a pattern of poor management and overindulgence, which led to their inherited wealth getting spent off quickly.
Not only did the Menendez brothers lose their freedom but also lost their inheritance money after all of the estate's assets had been used up.
Monsters: The Lyle and Erik Menendez Story is streaming on Netflix.
