What is Catherine Lozick's Net Worth?
Catherine Lozick is an American heiress who has a net worth of $2.1 billion. Catherine Lozick rose to riches as the daughter of industrialist Fred Lennon, co-owner of Swagelok which built a better water valve in the 1940s. Eventually, Lennon became sole-owner of the company buying out his partner's stake in Swagelok for $2,000 in 1948. Thus, he transformed it into a billion-dollar enterprise by the 1990s. But because he was guided by the code: "Secrecy is success. Success is secrecy," in all aspects of his life, Fred Lennon kept the question of succession unanswered until his death in 1998.
Surprising as it may seem to some, he left to his son John Lennon just $25 million and each of his grandchildren received $50,000, while he gave the lions' share of the estate to his daughter Lozick. This resulted in a lawsuit that was filed by John's son William against Lozick and her trustees in 2002. The court battle exposed some of the inner aspects of the family's financials. Catherine Lozick, who was supposed to inherit the entire real estate 21 years after her father's death, managed to settle the case. She agreed to pay each grandchild an additional $1.25 million. It was in April 2003 that she received her inheritance and became a majority-owner of her father's company.
