William Buchanan: Birth: 12 AUG 1795. Death: UNKNOWN
Mary Buchanan: Birth: 13 FEB 1801. Death: UNKNOWN
Robert Buchanan: Birth: 7 AUG 1805. Death: UNKNOWN
Alexander Buchanan: Birth: 1 MAR 1807. Death: UNKNOWN
Hunter Buchanan: Birth: 23 FEB 1809. Death: UNKNOWN
Rebecca Buchanan: Birth: 13 JUL 1811. Death: UNKNOWN
Note: SUMMARY OF INFORMATION PERTAINING TO BUCHANAN ESTATE -- Cleveland -- August 5, 1931- Pg. 1
Anyone in an heir to the Buchanan Estate providing they can trace their lineage to a Thomas O'Bokane who lived in Ireland in the year 1136.
The family was Irish until the 13th century when one of them was given a grant of land by the King of England. The grant of land was called "Buchanan" and was in Sterlingshire, Scotland. the family changed their name from O'Bokane to Buchanan to agree with the name of their property, which was a more of less common practice in those days.
The first Buchanan came to America in 1648 and a good share of the Buchanan clan decided to come in a body about 100 years later. At this time the entire clan with the exception of about 10% were in America.
It was the practice of the clan upon the death of the head of any family to leave one third of his personal property to his eldest son and the remainder to be turned over to the clan treasury. When the entire clan came to America they brought all their holdings with them and started investing their money in American real estate.
The most of the family seemed to be in the shipping business both in Scotland and in America.
Our ancestors is a James Buchanan. James Buchanan who was one of five sons of a George Buchanan. James Buchanan was born in the vicinity of Edinburg around the year 1745. All five brothers were in America at the same time, but James returned to Scotland and took his sister with him, she died on the return voyage.
Mr. L. D. Buchanan has the original Bill of Sale given by the Indians at the time they sold Long Island to a man by the name of Manette. It is framed and hanging on the wall of his home.
Manette sold Long Island to another party whose name we do not know, and the third sale of Long Island was by this party to George Buchanan, on of the five brothers of whom James, our ancestor is one.
George Buchanan bought Long Island for $365.00, the money being from the Buchanan clan treasury. This purchase was made in 1794.
This property was leased by the Buchanans' for a period of 99 years and for a cash consideration payable in advance. This means that the less of these pieces of property could have the use of the same for a period of 99 years by making one cash payment at the beginning of the contract. The cash involved at that time was used by members of the clan as they saw fit.
These leased began to expire in 1923. A great many of them have been leased for a second period of 99 years. The most of the money which has been accumulated to the credit of the Buchanan Estate at the present time is the result of the cash payments and since the leased began to expire and is for the second term of 99 years.
At about the year 1820, heads of the 182 families comprising the Buchanan clan each made a will leaving one third of their property to their families and two thirds to the clan. The wills were alike with the exception of the property covered, which of course was different in every case.
Summary can't Pg. 2
One will, that of William Buchanan, one of the five brothers, is much larger than the rest. This if the will that is being worked on at the present time. When they mention approximately $850,000,000.
James Buchanan, the President, was at one time the head of the clan, which position Mr. L. D. Buchanan now holds.
A letter was written to George Buchanan by the President stating that in his opinion the Buchanan clan at the end of the 99 years would control the money market of the United States.
The handling of the Buchanan Estate in so far as this one will of William Buchanan, is concerned is in the hands of a group of attorneys all heirs, whose names L. D. has refused to divulge. They have converted the entire will into cash with the exception of three claims. One is against the subway system of New York City and the other two are, I believe, pieces of property on Wall Street. It seems to be difficult for the attorneys to reach an agreement with the principals regarding these three claims and make a division of the Estate for this will between the heirs. If they can complete the job before Nov. 19, 1931, they will receive a commission of 15%. If not the Government will step in and close the Estate within one years time at the cost to the heirs of 9%. this of course means so much to the attorneys that they will do everything in their power to get this will closed and the heirs paid their share before Nov. 19, 1931
There was recently reported $80,000,000 had been credited to the Buchanan Estate. It is said that this was a cash payment made by some Department of the U. S. Government for a lease on a piece of property on Long Island to be used as a landing field, Naval Base or some similar use.
As this first will of William Buchanan is settled work will be started on the remaining wills. It is anticipated that these will be much easier to settle than the first one as they will be smaller and a precedent will have been established.
As these wills are settled the proceeds will be divided among the heirs at regular intervals, which I think will be monthly. These amounts will vary from a few hundred dollars to many thousands, depending upon the size of the properties being disposed of for that period. It is said that this will continue for many years as some of the 99 year leases have some years to run and one I am told covers the Woolworth Building and has 47 years to run.
We have talked to several lawyer and they all seem to be unable to understand how this Estate could be handled outside of the Jurisdiction of a Court. However, as soon as they learned that the Estate was the holdings of a clan, it changed the entire situation, and it explains the peculiar manner in which it is being handled.
Milton H. Wells. copy sent to me by Etta Miller, Grove City, PA March 2000
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