$3M Profit From Sale of Zsa Zsa Gabor's Bel-Air Home Unlikely, Attorney Says

The attorney for Zsa Zsa Gabor's daughter is questioning claims by the ailing actress's husband that the couple can make more than $3 million after selling their longtime Bel-Air residence.

Kenneth Kossoff, who represents Constance Francesca Gabor Hilton, says that when all expenses are considered, the $3,275,000 in profits Frederic Prinz von Anhalt hopes to make from the $11 million sale of the home is unrealistic.

"That number, unfortunately, is below or much closer to zero...," Kossoff says in a sworn declaration filed Tuesday with Los Angeles Superior Court Judge Reva Goetz.

On April 5, Goetz gave von Anhalt permission to sell the home, but she still must approve the terms.

Von Anhalt and his lawyer, William Remery, say the sale is necessary because a $1.15 million loan comes due May 14 on the Bel Air Road property where Gabor has lived for nearly 40 years.

Goetz's order allows for a deferred transaction that will permit Gabor to remain at the home for at least three years from the date of sale. Gabor's right leg was amputated in January 2011 because of gangrene.

Kossoff says that if the 96-year-old Gabor lives another three years, taxes and other costs to her could amount to about $1.1 million per year.

"Since Mr. Remery estimates that the net (profit) before tax proceeds will be about $3,275,000, and since capital gains taxes will be approximately $3,339,000, should the sale be consummated by the buyer after three years (Gabor) will not net a dime from her house," Kossoff states.

Kossoff says he has raised the same issues before with Remery and LeAnne Maillian, Gabor's court-appointed attorney.

"I do not feel comfortable with the estate relying on me for tax advice for a number or reasons ...," Kossoff says. "However ... I do not know if they have discussed this issue with the purchaser or sought tax advice."

Another hearing on the sale of the home is scheduled before Goetz on May 6. The judge ruled earlier this year that von Anhalt will remain as his wife's interim caretaker at least until Aug. 21. The judge originally appointed him to the position last July.

According to von Anhalt's court papers, Gabor's home is burdened by three loans totaling $5.1 million. Although the loans could be refinanced, it would cost about $5.6 million to cover the new loans, insurance, property taxes, fire insurance and interest, the conservator's court papers state.

The Hungarian-born former actress' income is less than $9,000 a month, and the bedridden woman's in-home caregiving expense is $10,000 monthly, the von Anhalt court papers state.

Gabor's daughter filed her own conservatorship petition in March 2012 after learning her mother's home was in default over missed mortgage payments and that von Anhalt had obtained a six-figure loan against his wife's equity in the property, according to a statement issued on behalf of Hilton's attorney.

But both sides last summer reached an interim solution in favor of appointing von Anhalt as Gabor's temporary conservator.