Martin
Martin v. Karlebach
Opinion
Lead Opinion
Curry, J.
Appellant Patrick M. Martin (hereafter Martin) challenges the probate court’s denial of his petition to vacate a sale of estate property by respondent Alice M. Karlebach (hereafter Karlebach), executor of the estate of Rose Gennett Martin. We reverse.
Factual and Procedural Background
Rose Gennett Martin (hereafter Rose), who was Karlebach’s mother and Martin’s grandmother, died on March 5, 1995. At the time of her death, Rose owned 35 of the 80 outstanding shares in Refrigeration Supplies Distributors, Inc. (hereafter RSD), a family business that had then existed approximately 90 years. Karlebach, who is Martin’s aunt, is an officer, director, and shareholder in RSD.
Rose’s will made Martin a beneficiary of one-sixth of her residuary estate. The will also nominated Karlebach to be executor should Henry Gennett Martin, Rose’s son, fail to qualify as executor. 1 By court order, Karlebach was appointed executor of Rose’s estate on May 3, 1995.
To pay estate taxes, Karlebach decided to sell a portion of the estate’s RSD shares to RSD. RSD and Karlebach hired Cronkite & Roda, an independent professional appraiser, to place a value on the shares. In September 1995,…