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Les Paul estate items auction likely to yield hard cash

Entertainment icons have a way of maintaining their earning potential long after they're gone. Estate planning attorneys in New Jersey and the rest of the country know this and are in a position to help individuals develop strategies that can allow their estate to generate revenue into the future or minimize estate taxes so more assets go to heirs.

Take as an example the recently announced plans for an auction of a whole load of memorabilia of the late, great Les Paul. Julien's Auctions will be managing the affair. While full estimates of how much all the goods might fetch aren't available, there are reports of a number of single items that will be available that Julien's says could go for $60,000 to $80,000.

Paul, who was known as the father of the electric guitar, was a major player in the music business, both in terms of his musicianship and technical innovation. Among his credits are the design and production of one of the first solid body electric guitars and the development of the 8-track recorder.

Included on the slate of items to be sold during the June 8-9 auction in Beverly Hills is an array of guitars, a grand piano Paul used in the recording studio in his home in New Jersey and a 1970s 16-track recording machine. Also on the list is an equipment case Paul hauled to the gigs he played each week at the Iridium Jazz Club in New York. It includes six Boss pedals, a pair of his sunglasses and masking tape tags listing the settings he used.

Paul died in 2009 at age 94. The date of the auction coincides with the 97th anniversary of his birth. Organizers say the sale will be preceded by a 10-day public exhibition of all the available memorabilia.

Source: Reuters, "Early Les Paul guitars to be sold at auction," March 26, 2012

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