Financial Review Rich List

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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 <a href="https://www.urban.com.au/news/50834-capitol-grand-south-yarra-set-to-commence-demolition-after-120-luxury-apartment-sales" target="_blank">South Yarra</a>.

In 2013 he sold his company Dodo for $230 million.

Property tycoons dominated this year's Financial Review <a href="https://www.urban.com.au/news/70792-property-tycoons-dominate-financial-review-rich-list-with-record-breaking-australian-wealth" target="_blank">rich list</a>.

<h2>VIC properties selling now:</h2>

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Melbourne property developer Larry Kestelman the second highest debutant on Rich List

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Melbourne property developer Tim Gurner has come third in this year's Young Rich List, only behind Atlassian's Mike Cannon-Brookes and Scott Farquhar.
Gurner, 36, has moved from fifth in last year's earnings list. He has an estimated wealth of $631 million, up from $465 million in 2017.
Last year Gurner and wife Aimee upgraded homes in the affluent Melbourne suburb Toorak. They sold their 1930s English-style home for $7.55 million and paid $17 million nearby. 
Cannon-Brookes, the recent <a href="https://www.urban.com.au/news/90023-fairwater-snapped-up-by-billionaire-mike-cannon-brookes" target="_blank">$100 million buyer</a> of the Fairfax estate Fairwater, and business partner Scott Farquhar, who <a href="https://www.urban.com.au/news/77477-2017-young-rich-list-headed-by-atlassian-co-founders-mike-cannon-brookes-and-scott-farquhar" target="_blank">bought Elaine for $71 million</a> last year, have a combined net worth of $14.2 billion.
They have topped the list for a record seventh year in a row, smashing their previous record of $6.08 billion.
Ori Allon, the 38 year old New York-based property and technology identity moved to number four on the list with a wealth of $539 million.
Last year he was seventh with a net worth of $364 million. The move came after his real estate firm Compass made a big splash disrupting the US property market.
Former Essendon Bomber Andrew Welsh, who has turned to property developing including creating his own Melbourne suburb, was 23rd on the list with an estimated wealth of $121 million.
Fellow property developer and Kanebridge founder Marwan Rahme, who only made his debut on the list last year, again sits at number 35 with a $70 million net worth.
Clearstate founder and managing director Dean Willemsen is two spots behind in 37th with a worth of $65 million.
Ross Robinson, co-founder and chief executive of Real Institute Australia, rounds off the property players in the top 100 at 64 with an estimated wealth of $39 million.
Despite a turbulent year, former Australian cricket captain Steve Smith leads the sports stars  
It's been a record breaking year for the Financial Review 2018 Young Rich List among the next generation of game changers.
The total wealth of the 2018 Financial Review Young Rich List reaches a record $23.5 billion for the 100 List occupants, up from $13.2 billion in 2017.
Their wealth is 14 times more than the next two names on the Young Rich List. 
Fellow tech heads Dave Greiner and Ben Richardson, who co-founded Campaign Monitor, missed out on the top 10 this year. Last year they were second with a <a href="https://www.urban.com.au/news/77477-2017-young-rich-list-headed-by-atlassian-co-founders-mike-cannon-brookes-and-scott-farquhar" target="_blank">combined total of $607 million.</a>
Fitness entrepreneur Kayla Itsines and her fiancee Tobi Pearce are joint fifth and six on the list with combined wealth of $486 million. 
They are the wealthiest self-made 20-somethings in Australia after enjoying enormous success with their fitness app Sweat.
Despite a turbulent year which saw him banned from cricket for a year, former Australian captain Steve Smith debuted on the list in 95th place along with F1 driver Daniel Ricciardo at number 71.
Former NBA star and new Sydney Kings recruit Andrew Bogut tops the sportsmen in 30th, shortly ahead of top golfer Adam Short who is 33rd.
Socceroo legend Harry Kewell is the longest serving figure on the list. The manager of English Football League club Crawley Town, who is 48th this year, has been on the list since 2003.
There are 10 women on this year's Young Rich List, up from nine last year. Female debutants include Adore Beauty co-founder Kate Morris and Clearskincare Clincs managing director Alarna Longes.
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Tim Gurner in distant second to Atlassian duo in Young Rich List

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BRW rich listers the Gandel family have taken a 6.6 per cent stake in listed property valuation and advisory firm Landmark White, which recently acquired rival MVS National.
Tony Gandel - the son of property developer John Gandel - and his wife Helen, bought into LMW, according to The Australian Financial Review. John Gandel ranked seventh on the recently released 2017 BRW rich list with a net worth of $6.05 billion.
The five million shares in Landmark White that the Gandels bought for $3 million make them the third biggest investor in the company, behind co-founder Glen Joseph White (14 per cent) and fund manager Microequities (16.5 per cent).
Tony Gandel runs the family's Gandel Invest business which, according to its website, "makes strategic, non-controlling investments in growing businesses".
"Gandel Invest typically seeks to acquire a 30-40 per cent shareholding and assist the company to grow and achieve the goals of all shareholders," according to its website. 
The investment by Gandel came a day after Landmark White <a href="https://www.urban.com.au/news/71128-property-valuation-firm-landmark-white-acquires-rival-mvs-national" target="_blank">completed the acquisition of MVS National</a> for $35 million that would create the largest ASX-listed valuation services business.
The acquisition, which was struck on an earnings multiple of 4.5, adds 85 valuers to LMW's staff of 250 and expand its revenue stream to incorporate government and statutory valuation work, the AFR reported.
Shares in LMW fell 1 per cent on Wednesday to close at 61.5¢.
According to Greville Pabst, executive chairman of national valuation firm WBP Property Group, industry consolidation is being driven by the scale required to fund technology platforms and the cost of professional indemnity insurance.
 
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Billionaire Gandel family buy stake in valuation firm Landmark White

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The recent national house price record setter Scott Farquhar, who paid $71 million for Elaine in Double Bay earlier this year, and business partner Mike Cannon-Brookes top this year's Financial Review Young Rich List.
The 2017 list has the Atlassian co-founders wealth pegged at a combined record $6.08 billion, more than 10 times the wealth of third and fourth on the list.
Farquhar hit the headlines earlier this year when he bought <a href="https://www.urban.com.au/expert-insights/buying/69461-double-bay-harbourfront-elaine-sold-for-70-million" target="_blank">Australia's most expensive house.</a>
Fellow entrepreneurs, Shire based Dave Greiner and Ben Richardson, come in second with $607 million. They founded web marketing business Campaign Monitor.
Melbourne property developer Tim Gurner, who has his <a href="https://www.urban.com.au/news/75323-tim-gurner-lists-trophy-home-in-toorak" target="_blank">Toorak trophy home</a> for sale, is next, with a wealth of $465 million.
Sixth is Owen Kerr, co-founder of online foreign exchange trader Pepperstone. He has a wealth of $368 million.
New York-based tech and property idenitity Ori Allon is 7th with $364 million, ahead of Sydney retailer and biotechnology company founder Sam Prince who has a wealth of $318 million.
Sydney r. Prince, owner of Mexican fast food chain Zambrero is eighth while husband and wife duo Collis and Cyan Ta'eed, co-founder of online graphic marketplace Envato, round off the top 10 with a combined wealth of $216 million.
There are 27 debutants on the 2017 Young Rich List, including global fitness and health star Emily Skye, who came in at number 83 with a wealth of $32 million.
Airtasker co-founder Tim Fung, who <a href="https://www.urban.com.au/news/67299-airtasker-ceo-timothy-fung-trades-up-in-woollahra" target="_blank">bought in Woollahra recently</a>, and joint founder Jonathan Lui placed 66th and 67th with $41 million.
The youngest debutants are HiSmile co-founders Nik Mirkovic and Alex Tomic who debut in positions 58 and 59 with combined wealth of $46 million. The Gold Coast duo are aged 22 and 24 respectively
Nine women appeared on the 2017 Young Rich list, up from eight last year.
They include Canva CEO Melanie Perkins, model Miranda Kerr and fitness guru Kayla Itsines.
This year the total wealth reached a record $13.2 billion, up from $12.3 billion in 2016.
The average wealth per person on the List rises to $132 million, up from $123 million last year.
 
 
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Elaine's $71 million buyer tops 2017 Young Rich List

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Anthony Pratt, the packaging and recycling tycoon, remains Australia's richest person.
He topped the 2018 Rich List, but not by much with Harry Triguboff in second place.
Billionaire Anthony Pratt is the richest person in Australia, topping the 2018 Financial Review Rich List with record personal wealth of $12.9 billion. It was up from $12.59 billion.
Pratt heads his family's dominant Visy cardboard box manufacturing and recycling business.
The Sydney high-rise apartment king Harry Triguboff's wealth was at a record personal level of $12.77 billion.
Triguboff's fortune rose from $1.34 billion last year, but he is still just behind Pratt in second place.
Third on the 2018 Rich List was mining magnate Gina Rinehart.
There are a record 76 billionaires on the list, up from 60 a year ago.
While narrowly missing out on billionaire status, <a href="https://www.urban.com.au/news/84085-justin-hemmes-on-2018-rich-list-but-not-among-the-property-billionaires" target="_blank">hotelier Justin Hemmes</a> joins the biggest group of Rich Listers, property magnates, who account for 51 of the 200 names.
The late Kerry Packer topped the ranks of the then BRW Rich 200 for 15 consecutive years, from 1990 until his death in 2005.
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Harry Triguboff comes in a close second on property dominant 2018 AFR Rich List

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Prominent Sydney hotelier Justin Hemmes has been included in this year's Rich List.
Hemmes and his family have amassed a $951 million fortune via the ownership of 70 pubs, hotels, restaurants and venues in and around Sydney, including The Ivy on George Street in the heart of the CBD. No reason for their recent absence from the list was readily offered.
He joins the biggest group of Rich Listers, property magnates, who account for 51 of the 200 names. The family retains property dating back to 1972 when it bought the Angel Hotel for $500,000 on Pitt Street, Sydney.
Hemmes just misses being among the record 76 billionaires on the Financial Review Rich List.
They include billionaire Meriton's Harry Triguboff.
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Most of the property names on the list are in the booming residential sector.
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<div>The 45-year-old Hemmes is among 12 new names in the 2018 edition which will be published tomorrow.</div>
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Hemmes' late father John and mother Merivale jointly appeared on the BRW Rich List in 1984 with a net wealth of $12 million, the first edition of the list in its current form.
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Thirty-five years ago, BRW Magazine compiled the first annual list of the 200 richest people in Australia, a year after the first BRW 100 was printed in 1983.
Last year, the list became the Financial Review Rich List. There are 15 names on this year's list that where in the 1984 edition.
John and Merivale Hemmes' 1984 Rich List entry attributes their wealth to their John and Merivale clothing chain that was started after John moved to Australia in 1952. He then met, and married, Merivale, a milliner.
They set up a clothing chain, one of Australia's leading fashion chains in the 1960s and 1970s, the cash flow from which they bought property holdings.
Apparently John and Merivale Hemmes had once been evicted from a rented property in central Sydney and swore they would never pay rent again.
The Hemmes family properties include the Establishment Hotel on George Street, which cost $9 million to buy in 1998 and the CBD Hotel on York Street, which John Hemmes bought in 1993 for $3.1 million. 
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Those two properties are worth at least 50 times more, the Rich List suggests, and along with The Ivy, where a 55-storey-hotel is now planned, form the foundation of Justin Hemmes and his family's wealth.
In recent years the empire has expanded to include the Coogee Pavilion, Enmore's Queen Victoria Hotel and The Newport.
Sydney's beachfront <a href="https://www.urban.com.au/expert-insights/investing/74479-sydney-s-beachfront-collaroy-hotel-sold-to-hemmes-owned-merivale" target="_blank">Collaroy Hotel was bought by the Merivale</a> group in an off-market sale, with market chatter putting the deal at around $21 million.
The Centennial Hotel in Sydney's eastern suburbs was a recent purchase.
Hemmes also recently spent nearly $9 million on a <a href="https://www.urban.com.au/expert-insights/investing/77407-justin-hemmes-buys-commercial-kitchen" target="_blank">commercial kitchen</a> to service his growing portfolio.
He has also spent millions on personal properties including on the NSW south coast town.
His home is the heritage harbourside Vaucluse manor house, The Hermitage.
The Hermitage, one of the earliest mansions in Sydney's east, is of the Victorian Rustic Gothic style, built in an era when the curtains were drawn. 
It was bought in 1975 paying $500,000 in a 1970s credit squeeze fire sale when it was sold by Dick Baker following the 1974 collapse of his company Mainline.
It was in 2011 when Justin Hemmes, the chief executive officer of the Merivale hospitality group, moved back into his family home.
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Hemmes hotelier family return to Rich List 

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The Meriton apartment developer Harry Triguboff increased his wealth by $770 million in the past year, but still slipped down a spot to be named Australia’s third richest person in 2019.
High-rise Harry was given a $13.54 billion net worth on the nation’s wealthiest 200 in the Financial Review Rich List.
With wealth of $15.57 billion, paper and packaging magnate Anthony Pratt ranks as the nation’s richest, followed by mining magnate Gina Rinehartwith $13.810 billion.
The Shimao property baron Hui Wing Mau came fourth at $10.390 billion and tech whiz Scott Farquhar fifth with $9.75 billion and his Atlassian co-founder Mike Cannon-Brrokes sixth at $9.63 million.
Cannon-Brookes and Farquhar were placed fourth and fifth on The List of Australia’s Richest 250 when it was published by The Australian in late March, with wealth of $9.01 billion each — the bulk of which is from their respective, and equal, Atlassian share holdings.
Property dominated The List — Australia’s Richest 250, contributing 68 members. Combined, the 68 are worth more than $85 billion and are responsible for the biggest housing projects around the country. The AFR Rich List has 63 with their source of wealth put down to property.
Triguboff is the country’s biggest landlord, and has recently built many of his 65,000 apartments to rent them out.
Frank Lowy sits in 7th place on the AFR list with $8.56 billion. The Westfield co-founder Frank Lowy says he now feels “at home” after moving to Israel late last year.
“I feel that I’m home. That’s all. Very simple,” Sir Frank said in an interview with Israel television network Channel 12.
The Times of Israel has reported Sir Frank as having “made Aliyah”, which is the migration of Jews to Israel.
Sir Frank, who was born in 1930 and survived the Holocaust in Hungary, became an Israeli citizen in February.
Sir Frank and his wife Shirley, who battling Alzheimers, are the subject of the documentary What Will Become of Us, which is showing at the Sydney Film Festival next week.
In December 2017, Sir Frank pulled off the biggest deal in Australian corporate history: the $US24.7bn ($32bn) sale of his Westfield retail empire to French company Unibail-Rodamco. 
Property developer Bob Ell, with an estimated worth of $1.84 billion, sits in 44th place.
Leda is behind the lucrative Cobaki Estate development, west of Gold Coast Airport.
The property investor Con Makris and his family are No.69 on the list with a worth of $1.32 billion.
Garry Rothwell at Winten is in 150th place with $656 million.
Jerry Schwartz is No.178 on the Rich List list with a worth of $554 million.
The cosmetic surgeon is Australia’s largest private hotel owner, the son of late Hungarian immigrants Bela and Eve Schwartz, who built up a portfolio of hotels, resorts and pubs across Australia. 
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