Rinehart dispute triggers Mosman mansion movement
The dispute between billionaire iron-ore tycoon Gina Rinehart and her daughter Hope Rinehart Welker has spilt over into real property.
Hope Rinehart Welker has lost her directorship of the company 150 Investments Pty Ltd, the family entity that owns the Sydney residential home of Hope and her husband, Ryan Welker.
The contemporary non-waterfront residence in Mosman with city skyline views was bought in 2007 for $5.4 million.
Rinehart Welker became a co-director of the family company in September 2007, her first directorship within the Rinehart family companies, which run Hancock Prospecting.
It’s been reported that Rinehart Welker vacated her four-bedroom, four-bathroom Bradleys Head Road house after the dispute commenced between the Rinehart siblings and their mother. The Welkers are believed to have gone overseas in October 2011.
The Clarksville, American-born, London-educated mining executive Ryan Welker, who celebrated his 30th birthday last month, has yet to officially notify any change of address on ASIC documents regarding his private directorship.
Gina Rinehart remains a director of 150 Investment with her daughter Ginia appointed as the replacement director for Hope and sister Bianca, who both lost their directorships, according to paperwork lodged with the ASIC on January 27. The change of company directorship officially took place October 31.
The Australian speculates that daughter Ginia may take up residence in the Mosman house.
In September, three siblings, Bianca, Hope and John Hancock, launched proceedings against their mother in the New South Wales Supreme Court to remove her as head of the family trust, the Hope Margaret Hancock Trust.
The trust at the centre of the legal battle was set up by Lang Hancock for his four grandchildren.
It was nine years ago that Rinehart had a falling out with her son, John, who changed his name by deed poll to John Hancock. John was forced to vacate the family-owned apartment in Perth when his mother put it on the market in 2003. He took legal action in an attempt to claim a share of the Hancock family trust, describing in a court affidavit his mother as "a very powerful and controlling person".
Rinehart’s total fortune estimated at $10.3 billion, and according to BRW’s valuation in May, is now put at closer to $20 billion.
Her family’s most recent purchase was a neighbouring $7.85 million riverfront Dalkieth property, which was bought in June through 156 Investments Pty Ltd.
