Paley Will Lists Children, Foundation

CBS Inc. founder William S. Paley left most of his $500-million estate to his children and a foundation he established.

Paley, who died Oct. 26 at age 89, left 100,000 shares of CBS stock to the William S. Paley Inc. Foundation, as well as 84 works of art, including paintings by Renoir, Picasso, Gauguin and Degas.

His will, dated July 31, 1985, was filed for probate Wednesday.

Paley’s two sons, two daughters, a stepson and a stepdaughter will receive lifetime incomes from the part of the estate not specifically bequeathed to someone else. The estate included property in the Bahamas and Southampton, N.Y.

Specific bequests include “my antique desk, which was formerly a gambling table,” to the Museum of Broadcasting in New York.

Paley’s son, William Cushing Paley, of McLean, Va., also inherited a cigar store Indian that stood in his father’s office. Paley’s driver received $20,000, and his CBS secretary got $10,000.