The Country Music Hall of Fame Reaches Settlement For Musical Instruments For Monroe And Carter

January 1, 2009 8:41 a.m. EST

Nashville, TN (CNS) - The Country Music Hall of Fame and Museum in Nashville, Tennessee is storing historic instruments from noted musicians. As part of a $750,000 settlement with the estate of the late Robert W. "Bob" McLean, the musical instruments once owned by the late Bill Monroe, Maybelle Carter and Johnny Cash will remain the property of the museum now.

The decision was taken Tuesday following the suicide of McLean after being accused of defrauding millions from investors in a Ponzi scheme. He committed suicide last year after investors filed an involuntary bankruptcy suit against him.

McLean donated two Johnny Cash guitars to the museum, each valued last year at $125,000, and pledged money that allowed the museum to enter confidential purchase agreements for the other instruments.

As part of the settlement, which is still subject to court approval, the museum will write off the unpaid balance of McClean's pledges: $870,850. It also means that Monroe's Gibson F-5 mandolin and Carter's Gibson L-5 guitar, two of the most significant instruments in popular music history, will now be a part of the museum.

Monroe's 1923 Gibson mandolin was once priced at $1.1 million and Carter's 1928 Gibson guitar, once priced at $575,000.