Melbourne property developer Larry Kestelman the second highest debutant on Rich List
The owner of the National Basketball League and Melbourne property developer, Larry Kestelman, is the second highest debutant to make it on the Financial Review Rich List.
He is ranked 85 on the list behind the highest ranking debutant, Perth businessman Tim Roberts who is the son of Multiplex founder John Roberts who is ranked 62.
Roberts has an estimated $986 million net worth with Kestelman's worth put at $749 million net worth.
Roberts has a diverse number of investments including funds management and he is part of businesses such as AVWest and Warburton Group.
Kestelman owns various sporting groups, however his main wealth comes from property via his LK Property Groups which he is chief executive.
He also owns 75% ownership of Philippine outsourcing and call-centre company, Acquire BPO.
LK is currently building the Capitol Grand project in Melbourne, which will consist of 500 plus apartments over 50 storeys.
Last year Property Observer reported on the commencement of demolition for the Capitol Grand project in South Yarra.
In 2013 he sold his company Dodo for $230 million.
Property tycoons dominated this year's Financial Review rich list.
