Apr 10, 2009

Kurt Cobain estate 'loses' $750m

-$750m gone from Cobain's estate
-Fake accounts used to buy, sell property
-Homes to be donated to credit crisis victims
KURT Cobain's estate has lost all the money left to his widow Courtney Love and their daughter, Frances Bean, in an alleged money laundering scam.

The New York Post reports bank accounts using the social security numbers of Cobain, Love and Frances Bean were allegedly set up to buy and sell real estate across the US.

"There is now a web of homes which were bought, flipped and used to launder money - up to $US500 million worth," Love's lawyer Rhonda J. Holmes said.

"Any of the property we can get back will be donated to people who have lost their homes in foreclosures."

Investigators, forensic accountants and lawyers hired by Love found that the Nirvana singer's estate had lost more than $45 million cash and up to $705 million in real estate.

"I have never seen such greed and moral turpitude. This case is going to make Bernard Madoff look warm and fuzzy," Ms Holmes said.

"We've only been able to track down $US30 million, but there is more. And then there is the real estate."

Ms Holmes said that Love only noticed the money was gone when there wasn't any left.

Kurt Cobain, the lead singer of hit nineties grunge band Nirvana, was found dead in his home in 1994.

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