June 8, 2006
Harry Baker Estate Leaves $400,000 Gift to Cemetery
The legal process concluded on the estate of Harry Baker and the Memphis City Cemetery will receive considerable financial assistance due to a nearly $400,000 gift from the estate.
As per the will of Harry Baker, several parcels of land were sold at public auction earlier this year.
The legal paperwork process was recently completed as the Memphis City Council learned at the June 1 meeting that a total of $398,663.94 was generated for the city via the property left by the Baker estate to the municipality.
Bakerís will established that the entire amount would be held in principal in a trust fund. The interest from this special account was specifically designated for use maintaining the cemetery, improving the grounds or purchasing additional land for cemetery use.
The city is currently seeking bids from financial institutes to establish the special fund.
The city expressed its gratitude to the family members for such a significant gift. Depending on interest rates, the fund is expected to generate between $16,000 and $20,000 annually to benefit the cemetery.
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