The $2 Billion Oil Tycoon: J. Howard Marshall II's Life, Koch Fortune, And The 19-Year Anna Nicole Smith Legal Saga

James Howard Marshall II, a name forever linked to one of the most sensational legal battles in modern American history, was far more than just the elderly billionaire husband of model Anna Nicole Smith. As of December 2025, the full scope of his life—a brilliant career in law, a pivotal role in shaping the modern energy industry, and an enduring legacy tied to the fortunes of Koch Industries—continues to be explored and debated. His death in 1995 at the age of 90 ignited a two-decade-long feud over his $2 billion estate that reached the highest courts in the land, fundamentally altering the landscape of bankruptcy law in the process. This article delves into the incredible true story of J. Howard Marshall II, examining the business acumen that built his vast fortune and the complex, landmark legal fight that finally concluded years after his and Anna Nicole Smith's passing.

J. Howard Marshall II: A Complete Biography and Profile

James Howard Marshall II was a towering figure in the American oil and legal industries long before his tabloid-fueled final marriage. His life spanned nearly the entire 20th century, culminating in a vast fortune and a legacy that continues to impact U.S. law and politics.

• Full Name: James Howard Marshall II
• Born: January 24, 1905, in Germantown, Pennsylvania
• Died: August 4, 1995 (Age 90), in Houston, Texas
• Education: Haverford College (B.A., 1926), Yale Law School (LL.B., 1931)
• Net Worth at Death: Approximately $2 billion (sources vary, with some estimates citing $550 million for the liquid estate)
• Spouses:
  • Eleanor Pierce (m. 1931; div. 1961)
  • Bettye Bohannon (m. 1961; d. 1991)
  • Vickie Lynn Marshall (Anna Nicole Smith) (m. 1994; d. 1995)
• Children: J. Howard Marshall III and E. Pierce Marshall
• Key Companies: Great Northern Oil, Koch Industries (major shareholder)

The Billion-Dollar Foundation: Marshall's Role in the Oil and Gas Industry

The foundation of Marshall's immense wealth was laid not through a single lucky strike, but through a half-century of strategic legal work, government service, and shrewd business investments in the burgeoning American oil sector. His career was marked by a rare combination of academic rigor and industrial pragmatism.

From Yale Law to the Petroleum Code

After graduating from Yale Law School in 1931, Marshall quickly established himself as an expert in petroleum law. This expertise led to a critical government role during the Great Depression. In 1933, he co-authored the seminal Code of Fair Competition for the Petroleum Industry under President Franklin D. Roosevelt's National Recovery Administration (NRA). This work placed him at the center of energy policy, a position he leveraged throughout his career.

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His government service continued after World War II, where he drafted the executive order that created the National Petroleum Council in 1946. He also served as a special counsel for the president of Standard Oil of California, further cementing his status as an oil industry insider.

The Koch Industries Connection

Marshall’s most consequential business move involved a partnership that would shape one of America’s largest private companies. In the 1950s, Marshall co-founded the Great Northern Oil Company. A few years later, he entered into a pivotal business relationship with Fred C. Koch, the founder of Koch Industries. Marshall eventually exchanged his 16% stake in Great Northern for a substantial share of non-voting stock in Koch Industries.

This investment was the cornerstone of his fortune. As Koch Industries grew into an enormous conglomerate encompassing pipelines, refining, chemicals, and commodities, Marshall's stock appreciated exponentially, making him a multi-billionaire. This financial structure, however, would become the focus of the vicious legal battle that followed his death.

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The Marriage, The Death, and The 19-Year Legal War

In 1994, the 89-year-old J. Howard Marshall II married 26-year-old model and Playboy Playmate of the Year, Vickie Lynn Marshall, who was better known by her stage name, Anna Nicole Smith. Their marriage, which lasted only 14 months until Marshall's death in 1995, became a global media sensation and set the stage for one of the longest and most complex probate disputes in American history.

The Disinheritance and the Feud

Upon Marshall’s death, his estate, valued at approximately $1.6 billion, was almost entirely left to his youngest son, E. Pierce Marshall, through a living trust. Marshall’s will explicitly excluded both Anna Nicole Smith and his estranged older son, J. Howard Marshall III, who had sided against his father in a previous business dispute.

Anna Nicole Smith, claiming that Marshall had orally promised her half of his estate, filed a lawsuit in a Texas probate court, alleging that Pierce Marshall had fraudulently interfered with her expected inheritance. This began the long-running feud between the former model and her late husband's son.

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The Supreme Court Landmark Case: Stern v. Marshall

The legal fight escalated dramatically, moving from Texas state court to California federal bankruptcy court (where Anna Nicole Smith filed a claim) and eventually to the United States Supreme Court—twice. The most significant ruling came in 2011, long after both Anna Nicole Smith (2007) and E. Pierce Marshall (2006) had passed away.

The case, titled Stern v. Marshall, became a landmark constitutional law decision. The Supreme Court ruled 5-4 that the Bankruptcy Court lacked the constitutional authority to issue a final judgment on Anna Nicole Smith's counterclaim against Pierce Marshall's estate. This ruling was a massive blow to the claims made by Anna Nicole Smith's estate, which was now represented by her attorney and partner, Howard K. Stern.

The Final Verdict and Legacy

After nearly two decades of litigation that spanned multiple states and three levels of the federal judiciary, the 19-year legal saga finally came to a definitive close. The final ruling confirmed that Anna Nicole Smith's family and estate would receive nothing from the fortune of J. Howard Marshall II.

The enduring legacy of J. Howard Marshall II is therefore a dual one:

• Business Mogul: He is remembered as a brilliant legal and business mind who played a critical, foundational role in the modern energy industry and the creation of the massive Koch family fortune.
• Legal Catalyst: His estate became the unwilling subject of Stern v. Marshall, a landmark case that clarified the limits of judicial power in bankruptcy courts, ensuring that his death had a lasting impact on American jurisprudence, far surpassing the celebrity gossip that initially fueled the media frenzy.

The vast wealth he accumulated, the legal principles he helped establish, and the sensational final chapter of his life ensure that the story of J. Howard Marshall II remains a compelling and often-cited example in discussions of estate planning, constitutional law, and the intersection of wealth and celebrity.