Updated Dec. 16:
The brokerage has officially confirmed the buyout and changes ahead, as Lori Hyland becomes the 100 percent shareholder and owner of Hilton & Hyland. The statement notes that the name Hilton & Hyland will remain, and that Rick Hilton will be affirmed as the co-founder of the brokerage.
“Rick (Hilton) will be greatly regarded as Hilton & Hyland’s co-founder who joined Jeff 30 years ago to create our masterpiece of an agency,” Lori Hyland said. “Hilton & Hyland has a sterling reputation on the world stage and will continue to represent its unique and legendary estates.”
“I entered the real estate business over thirty years ago. During those three decades, along with my partner, Jeff Hyland, we created and built ‘Hilton & Hyland’,” Rick Hilton said. “Together, we turned our company into the finest boutique brokerage in the world. With Jeff’s passing, it seemed like a natural progression to move forward by creating a new brokerage with my son, Barron. It is to be called Hilton & Hilton.”
The end of an era seems to be upon Hilton & Hyland with the Real Deal reporting that Lori Hyland, widow of Jeff Hyland, has bought out Rick Hilton’s share of the famed brokerage.
Jeff Hyland, who co-founded Hilton & Hyland with Rick in 1993, passed away in February.
Financial terms of the stake sale weren’t immediately clear, but sources confirmed that Hilton will be leaving the firm.
Lori Hyland, not publicly known to have a real estate background, has worked in fine art.