Samsung’s Lee family to offload Picassos, Monets to settle more than $10 billion tax bill

Samsung’s ruling Lee family unveiled plans to pay one of the world’s largest-ever inheritance tax bills, unloading rare Picasso and Monet paintings while trumpeting its extra donations for South Korean society.

South Korea’s wealthiest family faces more than $10 billion in estate taxes, following the October death of Samsung Chairman Lee Kun-hee. The inheritance tax rate is 50% in South Korea and that can inch higher for the transfer of company shares. Lee Kun-hee’s wife and three children had until Friday to detail how they would pay the bill.

Under local law, the Lees have up to five years to make full payment, which they plan to do in six installments with the first coming this month, Samsung said in a Wednesday statement.