Former West Ham co-chairman David Gold has left his staggering £130million fortune to his family, it can today be revealed.
The tycoon, who owed much of his wealth to soft porn and lingerie before becoming a famous face in football, died after a short illness in January 2023, aged 86.
At the time, it was thought he had died ‘intestate’, meaning no ‘valid will’ was created before his death, with no instructions on how his vast estate should be split.
But fresh documents have now revealed a will was made in August 2021 – and uncovered a tragic twist in the story of the former Hammers chief.
His inheritance file named David’s daughters Vanessa Young and Ann Summers boss, Jacqueline Gold as the executors of his will.
But in a devastating turn for the family, Jacqueline lost her fight against breast cancer and died just two months after her father, aged 46.
Trailblazer Jacqueline made her millions by selling raunchy clothing and introducing home parties that turned sex toys such as the Rampant Rabbit into household names.
She had been battling against stage 4 cancer for seven years before she succumbed to the illness, having briefly, and tragically, been given the all clear in 2020 – a year before her father’s final will was drafted.
David Gold died in January 2023 surrounded by his family after a short illness at the age of 86
Gold named his two daughters Jacqueline (right) and Vanessa (left) as executors of his will
But tragically Ann Summers tycoon Jacqueline (pictured) died just two months after her father from cancer. She had been given the all clear in 2020, a year before David’s final will was made
In his will, Mr Gold – believing both his daughters would survive him – wrote: ‘I appoint my daughters JACQUELINE GOLD (Jacqueline) VANESSA JULIA YOUNG (Vanessa) to be the executors and trustees of this Will.
‘I give my trustees all my personal possessions with a request to distribute them according to the latest wishes I have expressed in any note left with my papers at my death.’
Probate has now been granted to his surviving daughter, Vanessa, to administer the estate of the former Hammers’ joint owner – which totalled more than £137million.
The will includes details of how to deal with his family’s trust fund – and the right to sell his stake in West Ham United.
It gave a gross value of his estate in the UK as £137,241,336 – with a net value of £127,529,095.
The will also stated those in charge of his estate could ‘sell all or any’ of its assets they deem ‘appropriate’ – including his 25.1 per cent stake in West Ham, with Vanessa now acting as sole executor and trustee.
In a document published last week, the grant of probate outlined: ‘The last will and testament of David Gold is proved and registered before the High Court of Justice.
‘The Administration of David Gold’s estate is granted by this court to the following Executor – Vanessa Julia Young.’
West Ham co-chairman David Gold failed to write a will for his £130m fortune before he died from in January 2023 aged 86 (Pictured: Gold at his mansion in the Surrey Hills in 2001)
The co-chairman signing programmes for fans at the Mark Noble Testimonial Match in 2015
Businessman David was not married at the time of his death but had been engaged to long-time partner Lesley for 15 years.
While David’s great passion in life had been football – and he had been close to becoming a professional despite suffering badly from TB as a child – his route out of the East End slums proved to be top shelf magazines, sex shops and lingerie.
He bought Ann Summers when it had just four stores before handing it over to Jacqueline to run in 1981. She grew the firm into a true titan of the British high street, with 80 stores nationwide and annual sales of £113.8million.
David’s wealth rivalled the late Queen’s in the 1970s, after setting aside his rivalry with fellow porn baron David Sullivan to become business partners, a relationship that would lead both men into the world of football.
The business tycoon went on to buy Birmingham City football club and West Ham.
Following his death, Baroness Karren Brady, who worked with David at both Birmingham and West Ham, called him a ‘great man, a great friend for over 30 years and a complete gentleman’.
David Gold with Karren Brady, who is the current vice chairman of West Ham United
David had one of Britain’s ultimate rag-to-riches stories.
He and his brother Ralph, two years his junior, fought to escape the appalling poverty and anti-Semitism into which they were born in the East End of London in the thirties.
They grew up across the road from West Ham’s Boleyn ground, and as a talented footballer himself, he had hoped that he become a star there.
David’s market trader father, Godfrey, was in and out of prison for theft, receiving stolen goods and driving a getaway car.
He also had brushes with the Krays and the Richardsons, two gangster families who dominated east and south-east London in the 1950s and 1960s.
David and Ralph’s mother, Rose, a waitress, sold buttons and bric a brac from a stall in front of the house. Mr Gold described the trauma of seeing his mother spitting blood in bed as she had all her teeth pulled out aged just 30.
When Mrs Gold added a few pinup magazines to the table, the boys spotted an opportunity.
Stepney-born Gold played for West Ham’s boys team between the ages of 13 and 16
He beat TB aged eight and went on to have a long and successful life
David and Ralph Gold bought Ann Summers and its stores in 1972 (Marble Arch store pictured)
They set up their own stall in the sixties, selling sci-fi books and magazines near Charing Cross Station and discovered what customers really wanted was the soft porn magazines of the day.
David recalled: ‘Customers came in asking for Spick And Span and Health And Efficiency. It wasn’t my fault that was what they wanted. If they had bought thousands of sci-fi books I would probably be a sci-fi publisher now.’
The Gold soft porn empire flourished and the brothers bought their own shops in Soho, making their first big money in 1967 from the sale of two of the stores – bought for £20,000 each – for £3million.
In 1972 the brothers bought Ann Summers and their four stores, which later transformed into a high street juggernaut. In December 2007 David bought out Ralph.
In Gold’s will, beneficiaries of the trust included his two daughters, his two son-in-laws, a granddaughter and his partner.
David also left a series of legacies free of inheritance tax including £100,000 to his sister Marie Mould, £50,000 each to two named individuals, and £25,000 each to two others.
Some of the awards were conditional on the benefactors remaining as employees at the time of his death.
David died a couple of months before his daughter Jacqueline (pictured right) in a double tragedy for the family
Jacqueline and husband Dan Cunningham are pictured with the couple’s then one-year-old daughter Scarlett on their wedding day at Oxfordshire’s Blenheim Palace in 2010
Mr Gold also outlined in his will that his trustees must hold his estate on trust.
He added: ‘They may sell all or any of the assets in my estate as they consider appropriate.’
Before the will was discovered, a letter of administration was granted by the High Court of Justice to Vanessa.
Her later sister, Jacqueline, left her sex shop fortune to her husband David Cunningham.
The acclaimed businesswoman left a gross estate of £19million, but this was reduced to £17.6 million after her debts were paid.
She left her diamond heart-drop pendant and matching earrings to her sister, Vanessa, and the rest of her jewellery to her daughter, Scarlett.
