Lou Reed leaves £17.5 million fortune in will

Assets to be divided among Reed's wife, mother and sister

Lou Reed has left a total of $30 million (£17.5 million) in his will – including $20.4m (£12 million) in royalties earned since Reed’s death.

Reed died aged 71 in October 2013 after an unsuccessful liver transplant. Since his death, increased requests to use his music led to a dramatic rise in royalties. Reed left $15 million (£8.8 million) to his wife, artist Laurie Anderson, along with two homes in New York, worth a total of £5 million, and his personal property. Reed’s only sibling, his younger sister Margaret, has been left $5 million (£2.9 million), plus $500,000 (£293,000) to care for their mother, Toby.

The will was revealed at New York’s Surrogate’s Court after it was organised by Robert Gotterer, Reed’s manager since 1970, the year The Velvet Underground released their final album, ‘Loaded’.