What will happen to Stephen Paddock’s estate, valued at $5 million?

FILE - This undated file photo provided by Eric Paddock shows his brother, Las Vegas gunman Stephen Paddock. Police initially said Stephen Paddock stopped firing on the music festival concert crowd below to shoot through his door and wound a Mandalay Bay security guard who was outside. On Monday, Oct. 9, 2017, they said the guard actually was wounded before Paddock started the massacre. (Courtesy of Eric Paddock via AP, File)

At the time of the Route 91 concert shooting, Stephen Paddock was reportedly worth $5 million, and his heirs have said he died without a will.

In news reports, Paddock’s family members have also indicated they want his estate to be distributed to the victims.

On Thursday, attorneys representing many of the shooting victims were in court for a hearing to appoint a person to administer the estate.

RELATED | Stephen Paddock's brother in court during Las Vegas probate hearing

Because there are potentially thousands of people with a claim on the estate, Judge Gloria Sturman told attorneys to devise a plan for handling claims and to present it to her by Jan. 31, 2018.

“What we wanted is time for all of the lawyers on behalf of the victims to get together to see if we can come up with an alternative mechanism to preserve the assets for the victims,” said Craig Eiland, who represents several victims from Southern California.

RELATED | Who will be in control of Stephen Paddock’s $5 million estate?

Without a plan to distribute assets, Judge Sturman expressed concerns about the estate being drained of its wealth, from the cost of defending lawsuits trying to establish a claim.

The judge is expected to appoint an administrator during a hearing scheduled for Feb. 15, 2018.

close video ad
Unmutetoggle ad audio on off