Milane Duncan Frantz Net WorthReal Name: Milane Duncan Frantz
Date of Birth: 1/1/1969
Place of Birth: Houston, Texas
2017 Net Worth: $6.1 Billion
Profession: Heiress to energy pipeline company, Enterprise Products
Milane Frantz Biography
Milane Frantz was born in 1969 and is one of 4 siblings that were heirs to their late father Dan Duncan’s energy pipeline empire. Dan Duncan is a true rags to riches story, born dirt poor but learned the oil business from the ground up. He quickly realized that oil prices were volatile, but that companies would always need transportation and storage facilities. Duncan founded Enterprise Products Company and took it public in 1998, which quickly elevated Duncan and his family to super rich status. In fact, for many years, Frantz’s father was the richest man in Houston and has a luxurious mansion in that city. Today, Enterprise is one of the most successful pipeline and natural gas storage companies with more than 50,000 miles of oil, natural gas, and petrochemical pipelines. The company also has nearly 220 million barrels of natural gas and natural gas liquid storage capacity, which is extremely profitable during the cold winter months.
When Frantz’s father passed away suddenly after a cerebral hemorrhage in 2010, she inherited $3.1 billion. Due to an oversight, the law requiring payment of estate taxes had temporarily lapsed, which means Frantz did not pay one penny in estate taxes. Neither Frantz nor her siblings, Dannine and Randa, paid any estate taxes on their inheritance. Randa Duncan Williams is on the board of directors for the company, while Dannine and Frantz have no involvement in the day to day workings of the business.
Frantz and her husband live a private, quiet life in Houston. Frantz has seen her wealth increase dramatically in just the past 6 months, almost an additional $900 million, due to an 8 percent rise in Enterprise Products Partners shares and the partnership’s lucrative payouts. Frantz has a current net worth of $6.1 billion, which is all but guaranteed to continue to increase since, regardless of the price of oil, delivery and storage facilities are always needed.