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It’s the house that Beanie Babies built.
Beanie Babies founder Ty Warner’s longtime ex-partner Kathryn Zimmie, 85, is asking for half of his 18,967-square-foot Montecito mega-mansion — worth an estimated $400 million — according to a complaint filed last week.
“This lawsuit is a money grab filled with lies,” Warner’s lawyer, Gregory Scandaglia, told The Post via a press representative. Zimmie’s lawyers declined to comment on her behalf, adding, “Our client looks forward to her day in court.”
The pair shared the 6.58-acre Montecito estate off Butterfly Beach from 2010 until their split in October 2020 over allegations of emotional and physical abuse, according to the complaint.
“In the wake of Ms. Zimmie’s decision to end her relationship with Mr. Warner, she has filed a sensationalized lawsuit seeking hundreds of millions of dollars of his earnings and assets,” Scandaglia told The Post.
The 77-year-old engineer of the ’90s plush toy craze bought two adjoining lots in an LLC in his name for upwards of $3.5 million in 1999 and 2004.
A smaller 5,311-square-foot structure — indeed, the size of most mansions — was already on the property and still stands today. By itself, it boasts five bedrooms, three bathrooms and three fireplaces.
In 2008, Warner built the massive mega-mansion on the adjacent lot for an untold sum — likely running into the multi-millions. It has three bedrooms, six-and-a-half bathrooms and 11 fireplaces, according to county property records.
The home includes a bedroom built and designed for Zimmie’s granddaughter and an art studio made exclusively for Zimmie, who is an artist and designer, according to the complaint.
The lawsuit estimates the compound’s worth at $400 million, although the 6.58-acre plot is assessed at a combined $157.311 million. Neither party responded to a request for information about the discrepancy, although property values often exceed the number at which they are assessed.
Zimmie’s complaint also asks for an unspecified amount of money (an eight-figure sum, according to Warner’s complaint). Additionally, it seeks to prevent Warner from using Zimmie’s paintings, drawings and intellectual property and requests that he return of all of her artwork.
“Mr. Warner had a personal and professional relationship with Ms. Zimmie. He trusted her, entered into consulting agreements with her and paid her handsomely under the terms of those agreements for design services she provided to Mr. Warner’s businesses,” Scandaglia told The Post.
Warner, whose net worth is about $4.4 billion as of September 7, according to Forbes, continues to pay Zimmie a $16,666 monthly consulting fee, according to a counter-suit he preemptively filed in Illinois, which is his primary residence.
Warner and Zimmie’s personal and professional relationship began in 1977. For the next decade, she allegedly helped him through financial difficulties, lending him her car and providing him with more than $100,000 in monetary support, which she claims enabled him to launch his iconic plush toy line in 1993.
“The lawsuit is premised on and filled with falsehoods. For example, Ms. Zimmie played no role in the founding or financing of Ty Inc. Her claims have no legal basis and are entirely without merit. Mr. Warner denies her allegations and will defend against them vigorously in court,” Scandaglia told The Post.
The pair have never been legally married. However, for two decades, they lived together, wore wedding bands and referred to each other as husband and wife, according to the complaint. California generally does not recognize common-law marriages, according to the National Conference of State Legislatures.
Warner, who stomached a $53 million fine in 2014 for evading $5 million in taxes, also owns a Santa Barbara resort, a Santa Barbara golf course, a Santa Barbara casino and a Montecito country club. The LLC that holds his residential property is the largest residential real estate taxpayer in the county, according to Santa Barbara tax reports.
In addition to his California holdings, the 831st wealthiest man in the world (as of September 7) owns an embattled Four Seasons hotel in New York City, the Four Seasons Resort The Biltmore Santa Barbara and Las Ventanas al Paraíso, a resort in Mexico, according to the complaint.
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