Rich List 2013 Great Food and Friends Come Together with Ferguson

WESTBUSINESS SPECIAL MAGAZINE THURSDAY, OCTOBER 24, 2013

WA’ S RICH LIST 2013 GREAT FOOD AND FRIENDS COME TOGETHER WITH FERGUSON

Design trends have led to the alfresco area creating its own space and identity as we embrace the beneﬁts of our climate and todays’ lifestyle. If you are renovating or building an Alfresco area in an existing space our highly talented design team will create the perfect solution. Each Alfresco is personally designed for each customer and may include one or all of the following, BBQ, Pizza Oven, Crustacean Cooker, Exhaust Canopy and Refrigeration. Therefore, creating the ultimate outdoor living environment that will be a joy to use and the envy of your friends.

To see more, go to our website, call +61 8 9314 6888 to arrange an obligation free consultation or visit our O’Connor showroom. We have a number of functioning BBQ’s and Pizza Ovens on display so you can see the Ferguson difference ﬁrst hand.

Showroom Open: Monday to Friday 9am - 5pm. Saturday 9am - Noon or at other times by appointment.

2 Chamberlain Street O’Connor Western Australia 6163 PHONE +61 8 9314 6888 FAX +61 8 9314 6999 Quality ISO 9001 EMAIL [email protected] www.fergusoncorp.com.au WA’S RICH LIST 2013 3

WA’s Rich List wealth based on known October 24, 2013 businesses, investments and New stars wealth sources. This may create 6 GRAHAM HARDIE a bias where those who keep Let’s charge our glasses for the assets in direct family control wowsers. shine in are more likely to have traceable fortunes. Read European 14 DALE ALCOCK migrants. There is more to this brickie gloom Then again the multi-ethnic than a household name. nature of our list may just reflect winter gloom was waves of smart, hard-working 16 DIVIRGILIO FAMILY descending when this migrants who helped generate Seven brothers, 30 car yards A reporter dusted off the this State’s post-war wealth. and a growing business. files and began number There are many wealthy crunching for the 2013 edition of families that have extensive 25 CHIU CHI WEN WA’s Rich List. The resources holdings hidden from public Wen and the Art of Life Cycle boom was apparently ending, eyes in trusts, property Maintenance. Kevin Rudd was kneecapping WA’s Rich List editor Neale Prior. Picture Dione Davidson syndications, nominee the car industry and business companies and as minor stakes 26 HANCOCK HEIRS confidence was shakier than the past because his Malaysia-based Alan Bond’s son John Bond, a in major corporations. Who wants to be a WA Government’s credit rating. mother had firm control of partner in the $1.5 billion-plus Doric chief Harry Xydas drops squillionaire? They do. We need to go over some old family trusts. We now feel Primewest property syndication of the list of 50 this year, as do ground to cover some big falls in confident to claim Mr Wen and empire, looked set to return Mineral Resources director 30 FULL LIST fortunes. his family fortune for WA. thanks to new insight into the Charles Bass and Kimberley WA’s 50 richest people Through the gloom, it Our business connections had operation and assets of Bond cattleman Stirling Buntine. appeared nightclub owner asked why we did not include family trusts. His Primewest On behalf of one squillionaire Editor & research Neale Prior Cover design Aaron Mandolene Graham Hardie could be the the Cardaci family in previous partners David Schwartz and who is sick of tax office auditors Production Charmaine Rapp biggest beneficiary of the editions. Their Centurion Jim Litis were also candidates. waving this list in his face, I end Reporters Neale Prior, Ben Harvey, Peter Northbridge Link project thanks empire plays a major role in the However, the market recovery with a disclaimer: The list is Klinger, Sean Smith, Kim Macdonald, Nick to extensive holdings just north resources industry, and after a saw them pipped by established based on publicly available Evans, Natalie Brown, Kate Emery, Peter of the sinking railway line. detailed examination, the family list members Frank Tomasi, information and estimates of Williams, Marissa Lague Welcome to the Rich List, Mr enters the 2013 list high up. John Rubino and Ian Trahar. asset value. It is prepared with Sources ASIC, Dun & Hardie. Despite Mr Rudd’s efforts, we We jokingly refer to this diligence, but please don’t take it Bradstreet/Company 360, IRESS, Property mogul and Pranic also welcome the Divirgilio publication as the ethnic social as the last word on where WA’s Bloomberg, Supreme Court, company Healing practitioner Chiu Chi family, of DVG Automotive pages. A weakness with lists wealth lies. websites Wen was left off the list in the Group fame. such as ours is that we estimate Neale Prior, WA’s Rich List Editor

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Overseas model shown. MD22023. MRB1416. 4 WA’S RICH LIST 2013 Frank Tomasi John ixty years ago, Rubino Gianfranco Tomasi $147 million came to Australia as an 50 f there was ever a man that 11-year-old migrant who CONTRACTING, embodied the supposedly couldn’t speak English. PROPERTY, WINE I overnight success of the WA SHis many achievements since economy, it would be Calogero Southern Cross Electrical then were recognised this year Engineering, Oceans Giovanni Battista Rubino. with an Order of Australia. He migrated to WA from Sicily The recognition was for Estate in 1966 unable to speak English significant service to business but blessed with a grasp of through leadership roles in the commerce, being raised in a electrical contracting industry, family with a deli and an and to the community. agricultural business. The founder of Southern The company posted the best After starting his Australian $149 million Cross Electrical Engineering financial results in its history working life as a trade assistant, has given back to the industry this year, with a 27 per cent he grabbed an opportunity in ENGINEERING, MINING which made him wealthy, jump in profit to $17 million. Mr 1970 to become a sub-contractor SERVICES, PROPERTY helping found training Tomasi’s share of the dividend on the Ord River dam project. Monadelphous organisations and taking a payout was $1.8 million. After the sharemarket crash of leadership role in the peak Speech and Hearing Centre for Mr Tomasi is heavily invested 1987, Mr Rubino took charge of industry body. Children. in industrial properties, contracting group Mr Tomasi is also renowned After starting his career with including SCEE’s Naval Base Monadelphous and proceeded to 49 for charitable donations, BHP and Transfield Services, premises. He owns the Oceans turn a business which was on providing power and equipment the engineer went out on his Estate winery and Glenview beef the verge of collapse into a $2 for a remote school in one own in 1978. The company grew cattle farm, both in Karridale. billion contracting giant. Monadelphous and Wesfarmers African country where SCEE into a global contractor. At 71 he remains a keen He is quietly spoken, speaking so well — including surprising operates and doing the same for He floated SCEE on the stock basketball player who with an accent thick with his on the upside. a hospital in another. exchange in 2007, retaining a 40 participated in the World Italians roots, but shares “The boom happens, but you He is a long-time supporter per cent stake that is now worth Masters Games in Turin in business wisdom that has served have to be ready and prepared to and benefactor of the Telethon about $70 million. August. WA success stories such as take the benefit,” he said.

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f Kevin Rudd was right with his 2007 claim that climate I change was the greatest Hardie moral challenge of our time, any t’s logical to think the decent businessman should be puritan anti-drinking tide $160 million making himself as much a part that has swept through of the cure as the cause. Northbridge in recent years 47 NIGHTCLUBS, On the carbon emissions would have dented the profit PROPERTY side, Mr Trahar has become a marginsI of the entertainment niche player in the Australian Paramount, The precinct’s pubs and nightclubs. aviation industry through Library, Empire But industry insiders say that his international and for many of the area’s publicans, Bar, South Shore domestic charter jet operation the police crackdown on binge Centre, Revesco Air. drinking has had the perverse properties in Arguably the flagship is effect of bolstering the margin Oprah Winfrey’s former Northbridge on every drink sold. Gulfstream IV-SP corporate jet, Two decades ago Northbridge complete with a private sleeper was awash with cheap liquor. It cabin for the discerning was possible for savvy drinkers executive. He also boasts a to avoid putting their hands in Gulfstream IV, Bombardier their pockets until well after The margins enjoyed by Mr Challenger, Cessna Citation and 10pm by moving from one happy Hardie and the small group of Phenom 100. hour to the next. publicans who dominated If you turn on a light or run Bouncers were known to wear Northbridge became very an appliance through a mouthguards on the job and healthy. powerboard, there is a chance officers from the WA Police Mr Hardie has enjoyed you are using a product Liquor and Gaming squad, who enviable cash flow through a provided by Arlec Australia. never paid for their drinks even series of very successful pubs His main listed vehicle is outside happy hour, would have and nightclubs which he has carbon sequestration and no problem watching bar staff run under the Entertainment aquaculture company CO2 line up shooter after shooter for Enterprises umbrella with Group, which has developed the punters. Northbridge stalwart Bill Oddy. emission offset packages for As the owner of some of It’s a fickle trade and, like all clients including Woodside, Northbridge’s biggest and most venues, the popularity of Qantas and the Sydney City popular venues in the 1990s — Havanas, on Lake Street, waned Council. including drinking meccas and it was replaced by phoenix Graham Hardie outside his property in Northbridge, with an architect’s Havanas and Arcadia — operations. Havanas turned into drawing of its proposed redevelopment. Picture: Nic Ellis Graham Hardie moved more Kremlin, then The Church and $150 million booze on Friday and Saturday finally The Library, which The pubs were not the source Shore Centre on The Esplanade 48 nights than just about anyone in trades today. of his wealth, however. Like in South Perth as one of the AVIATION, the game. But only a fraction of James Street’s Varga Lounge many others, he made his jewels in his property empire. it was paid for at full rate. traded side-by-side with fortune in property. For a man whose business ELECTRICAL That all changed when police Paramount Nightclub. Years ago Mr Hardie, who lives in interests have enjoyed such a EQUIPMENT, brokered the Northbridge he added The Saint in Innaloo to Claremont, has amassed a high profile over so many years, CARBON CAPTURE, Accord. This agreement his empire before selling the swathe of land in Northbridge, Mr Hardie has maintained his CO2 Group, amounted to the creation of a business, but not the land, to principally on Roe Street and privacy. Arlec Australia, legal cartel. Publicans in ALH. He maintains an interest James Street. He owns land in He declined to be interviewed Northbridge were penalised if in suburban pubs through Lathlain and in the city and for this article. Revesco Aviation they competed on price. Rivervale’s Empire Bar. counts the sprawling South Ben Harvey

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‘The Rich List Wish List’1VOU.HYSHUK

‘Broomstick Estate’ Witchcliffe (Via Margaret River) 48 hectares (119 acres) Lake — Forest — 2 Road Frontage — Award Winning Vineyard r

Auction Lovegrove ‘Rose House’ Northam 2680 sqm A historical residence—circa 1904 in the town’s prestigious early developed area r :[VULHUKIYPJROVTLVMNYHUKWYVWVY[PVUZ^P[O^PKL]LYHUKHOZ r :L[V]LYISVJRZZ\YYV\UKLKI`LUJOHU[PUNYVZLNHYKLUZHUKLZ[HISPZOLK[YLLZ r ZWHJPV\ZILKYVVTZIH[OYVVTZHUKSHYNLYLMP[[LKRP[JOLU r 7LYPVKKL[HPSHUKTVKLYUJVTMVY[WLYMLJ[S`IHSHUJLK r :^PTTPUNWVVSHUKHSMYLZJVLU[LY[HPUPUNHYLH r -\[\YLKL]LSVWTLU[WV[LU[PHS Rose House $920,000

*VU[HJ[John Garland P: M: ^^^NHYSHUKPU[LYUH[PVUHSJVTH\ E: QVOUN'NHYSHUKPU[LYUH[PVUHSJVTH\ WA’S RICH LIST 2013 9 Steve Wyatt teve Wyatt’s name is more Mr Wyatt set up the business likely to appear in the Crushing Services International S sport pages of newspapers with Chris Ellison in the 1990s than on the business pages. and this became part of the His divisional managers at Ellison-run Mineral Resources contracting group Mineral empire. Resources keep him out of the A sharemarket float in 2006 financial limelight but he is has allowed Mr Wyatt to $176 million catching plenty of eyes as an progressively cash in some 45 amateur racing car driver at MinRes chips while enjoying a CONTRACT Barbagallo Raceway and $850,000-plus annual package MINING circuits internationally. running Crushing Services. Crushing Services With two Italian co-drivers, he Boosted by some big share International, raced his Ferrari to second sales in 2010 and 2011, he boasts overall and top of its class at the a top-notch address after buying Mineral Resources Asian Le Mans race in South Alan Bond’s former Dalkeith Korea two months ago. spread for $39 million.

Nick 44 $179 million GOLD MINING, COMMERCIAL Giorgetta PROPERTY, REAL his time last year, WA’s iron ore barons watched as ESTATE T their paper worth tumbled Regis Resources amid commodity price volatility. If that was the story of 2012, this year it was the turn of gold company chiefs. While Giorgetta-chaired Regis Resources is still undoubtedly exacerbated in Regis’ case by this reporting season after one of WA’s quality gold stocks, initial difficulties in delivering booking a $145.7 million profit falls in the gold price and the ramp-up of its Garden Well for the year, Regis has renewed investor focus on mine, north of Laverton. cemented its place as a low-cost Julian Walter operating costs at WA miners From a high of $5.755 last producer and a solid cash led to widespread falls in gold November, Regis shares tumbled generator — a position that can equities, and Regis was no to below $3 in late June, staging only enhance Mr Giorgetta’s t is ironic that Julian Walter exception. a partial recovery since then. reputation as one of the best should be a man with a love The general malaise affecting But, with the company gold miners in the State’s recent of all things vintage, given he 46 $163 million the gold sector was partly declaring a maiden dividend history. owes his fortune to an industry that thrives on a HOME BUILDING, desireI for something new. FARMING, Long before Mr Walter was LIVESTOCK flying a 1941 Stearman bi-plane BREEDING across Australia for fun or Harry Hoffman attending rallies in a 1921 Rolls JWH Group, Royce Silver Ghost he was Plunkett, Cherylton, his list is rich with people player in Albany and Bunbury. establishing himself as one of Constructive Media who have thrived after Robbed of educational WA’s home building magnates. Tleaving Europe for a better opportunities, he has been a Mr Walter’s rise began in 1983 life in Australia. major funder of arts, community when he founded J-Corp Pty Ltd, comments Mr Buckeridge made Yet the story of 83-year-old development and education ultimately growing it into a in The West Australian. Harry Hoffman transcends the projects, including Dianella’s diversified housing business Mr Walter walked away from horrors of nazi Europe and his Carmel School. The Orthodox with annual turnover of close to the legal battle in 2011. loss of close family members in Jewish school published a book $300 million in two decades. In the meantime, JWH Group the Holocaust. about the benefactor’s life titled At his side in the early days has become a major player and The Auschwitz survivor Hate Never Sat at My Table. was business partner, Len its brands include Rural migrated to Australia in 1949, After receiving an honorary Buckeridge and J-Corp became Building Company, Oswald eventually working in real estate doctorate from Israel’s Hebrew arguably the dominant player in Homes and WA Country 43 and then setting up his property University, where he has the sector. Builders. $182 million development firm Ardross sponsored a leadership program, When the pair parted ways in In addition to indulging in his Estates in 1996 with his he gave an insight into his 2003 Mr Walter established JWH love of vintage transport, Mr LAND INVESTMENT, Perth-born wife Sylvia. approach to business and life. Group. Walter has a number of DEVELOPMENT The fledgling company “I have personally strived to He also launched defamation philanthropic interests. Ardross Estates, completed subdivisions in contribute as much as I can to action against his one-time These include a long Beachridge Estate, Cockburn, Canning and society and behave as a model partner, claiming his reputation association with Telethon and Mundaring. Ardross has citizen, adhering to learnings I had been damaged first by an support for the Guide Dogs Drover’s Retreat holdings in Cervantes and derived from my early childhood item in an internal BGC Group Association and The Bridge Jurien Bay after being a major Jewish education,” he said. newsletter and later by Project. 10 WA’S RICH LIST 2013 Marylyn New arylyn New is Her empire once skimmed enjoying the simple $186 million $200 million in value, primarily life after selling her because of her two hotels. hotel empire this PROPERTY Her ambitious time at the year. Camellia Holdings, helm of the iconic Fremantle MMs New sold the iconic hotel included renovations MMAGS Holdings Esplanade Hotel to Perth which doubled its size. property syndicator Primewest Ms New has also spoken for $88.5 million, settling the 42 previously of her passion for deal in January. something she calls “newable A few months later she energy”. completed her exit from the challenge to prove that I could do This goes beyond renewable hotel sector by selling Esplanade it, and now that I have, I’ve energies, such as solar power, to River Suites in Como to Chinese moved on to other challenges. encapsulate new types of investment group Narada for $31 “Those challenges involve scientific research using million. understanding the meaning of gravitational and magnetic After more than two decades life and I’m grateful that leaving fields. as a hands-on hotelier, she is business has given me more time Despite her extensive wealth, happy to enjoy a different pace. to put into my family.” she has rallied against the “I have been pursuing my The daughter of late Midland rampant consumerism in interest in understanding the Brick founder Ric New once society and the undue focus on meaning of life,” she said. revealed she had set a goal to people’s appearances. While she was reticent to make it in business while in her She once called on the public divulge exactly how she pursues teens, after she had been to go back to basics and to this endeavour, she said it does overlooked for a role in the connect with nature. involve sitting on the balcony at family’s brick business because Her Marine Parade home is a her Cottesloe beachfront home. of her gender. tribute to her green She relished the opportunity She said her father had consciousness, with quadruple to spend more time with her respected her talents but his brick walls used to cut cooling four daughters and five refusal to bring her into the and heating costs. grandchildren, and is looking family business came during an It is a design that would make forward to a sixth grandchild. era when a woman’s place was her father proud, after his brick “I live for people but I do not considered to be in the kitchen. empire helped turn WA into the miss being in business,” she Ms New said she had never set double-brick capital of the said. out to make money, but somehow world. “I went into business as a it found her. Kim Macdonald

BLOOMBERG Mauro Peter Prendiville RICH LIST

t has been a long time since 1. Bill Gates $US72b Balzarini one could call Peter Microsoft IPrendiville simply a publican, his list prides itself on a noble art learnt from his 2. Carlos Slim $US65b being conservative with its father Pat at the Balladonia Telmex T estimates of wealth, but we Roadhouse. may be way too low here given His business empire has 3. Amancio Ortega $US61.1b recent events. developed and bought hotels Zara Mr Balzarini’s Wellard Rural throughout WA and across the 4. Warren Buffett $US57.2b Exports business was hit by the other side of the country in former Federal Labor north Queensland. Berkshire Hathaway Government’s confused He added the well-located, but 5. Ingvar Kamprad $US49.5b approach to live animal exports, rather tired Mangrove Resort including the ban on cattle Hotel in Broome to his portfolio IKEA exports to Indonesia. in April in a $7.3 million-plus 6. Charles Koch $US44.3b $205 million $193 million Prime Minister Tony Abbott’s deal. Stainmaster trip to Jakarta this month is Mr Prendiville is intensely likely to be the catalyst for more FARMING, LIVESTOCK private about his business LIQUOR, TOURISM 7. David Koch $US44.3b cattle exports, which could EXPORTS affairs. Garrett Hospitality, Lycra provide a big boost to Mr His highest-profile role has Wellard Rural Exports, Cottesloe Beach Hotel, 8. Larry Ellison $US37.8b Balzarini over the next year. He Wellard Agri Farms, been as chairman of Tourism Sandalford Wines, Hotel is likely to benefit as a livestock WA, recently criticising the Oracle Siba Ships Rottnest, Karratha owner, trader, exporter and State Government for breaking 9. Christy Walton $US36.1b shipper. His empire stretches an election funding promise. International from WA, via Indonesia and the He argues tourism is Wal-Mart Middle East, to his native Italy. important for employment and 10. Jim Walton $US35.9b The trained naval architect growth. Wal-Mart has a fleet of ships working 40 “It makes sense — the figures 41 closely with Wellard. all stack up,” he said. WA’S RICH LIST 2013 11 Geoff Prosser eoff Prosser has built Centre, which is ranked in size deck will be bigger to allow and invested in the as one of the top 10 large format customers to park easily. commercial property retail outlets in Australia, For retirees, there will be market in the South Citigate has added a major motorised scooter recharging West for most of his liquor store, office space and fast facilities. Gworking life. food outlets to a standard bulky The former Federal minister With a ringside seat to the goods outlet. and current WA Liberal Party large property market in “You need to make retail look president started to amass his Bunbury, he has proven a current for the client and the property fortune in between regional focus is no barrier to customer base of the day,” he construction projects. being at the forefront of industry said. “Every time I finished a trends. His group plans a $65 million, project, to keep my core guys As the principal of Citygate 31,000sqm redevelopment of together I’d build a shed, a Properties — and one of WA’s Eaton Square Shopping Centre. factory or commercial unit and biggest private landlords — Mr In recognition of Bunbury’s over the years I started to build Prosser attributes much of his high number of SUV owners, up more property,” he said. success in the competitive retail bays on the centre’s new parking It was then he developed an industry to the ability to interest in retail projects change and not resist new tailored to consumer and tenant approaches to promote needs. consumer spending. $212 million Shying away from questions “If you always leave things 39 about the size of his personal how they are, it’s boring and the PROPERTY fortune, Mr Prosser would only customer finds it boring,” he Citygate concede to being very said. Properties. conservative in his gearing. “I recognise a change and if Homemaker “I don’t worry about what I’m you look at change in the right worth. I just keep doing it way, in a market sense, it’s Centre, because I love doing it and you exciting. It’s not boring.” Eaton Fair have to have a reason to get out At the Bunbury Homemaker of bed in the morning.”

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he former maths teacher Dr Larsen retains 23.4 million flirted with a near shares, or 6.2 per cent of Trecord-high share price for Navitas, which were worth as listed education provider much as $149 million at the Navitas as he pocketed $32.3 company’s market peak. million in September. His wealth has funded entry Dr Larsen’s sell-down of his into a string of properties in the holding in the company he South West, including Cape co-founded in 1994 was just his Lodge resort. $217 million second in four years, after He remains a director of raising a more modest $8 million Navitas and retains a fierce 38 EDUCATION, in 2009. pride in its success, telling an PROPERTY, The on-market sale took audience several years ago it TOURISM advantage of a record run by had demonstrated education Flat-pack fortune: Alan Tribe and his wife Marisa. Navitas, Cape Navitas, now WA’s fifth-biggest could be delivered “in a listed company and the second- commercial environment Lodge biggest non-mining concern without compromising the outside Wesfarmers. nature of the profession”. Alan Tribe e is anything but a Nick Tana household name, yet he $229 million e made a fortune with fast attributed his success in life to H possibly has more food and is passing on to the attitude brought by tens of products in more households FURNITURE, RETAIL H his children an empire thousands of “new Australians” than any other West Australian. IKEA franchises that accountants and nutrionists who came here from Europe He is sitting on a blue and gold PROPERTY alike would love. after World War II to build a new goldmine as the WA and South LEX Property If food quality and security are life and better themselves. Australian franchisee of the major questions of the 21st “The parents instilled that in Swedish homewears giant IKEA. Management century, some of the answers will their children and their His IKEA superstore in be in the hands of Nick Tana’s children, by and large, took up Innaloo can create its own peak daughter Lisa and sons Vincent that challenge and went from hour traffic at the weekend, 36 and Peter. strength to strength,” he said. seemingly immune to the With arguably WA’s biggest “It is a very simple belief — 37 $225 million fluctuations in real estate or horticultural business, the you put your head down and home building markets. given their solid WA growth family exports to Asia, the your bum up and you do no HORTICULTURE, IKEA benefits from uncertain since moving from a relatively Middle East and Europe. harm to anybody else.” MANAGEMENT, economic times as shoppers small building in Osborne Park The semi-retired Mr Tana The Perth Glory co-founder EXPORT, OLIVE OIL seek savings in flat-pack as the global financial crisis was made a fortune building, buying expanded his extensive interests Sumich, North East furniture, then enjoys a kick hitting in 2008. A property trust and selling the Red Rooster and in horticulture in 1998 by buying when confidence abounds. controlled by Mr Tribe owns the Chicken Treat fast food outlets. the trading name and key assets Equity, Freshlink Export, Our valuations of the IKEA $120 million-plus Innaloo The childhood migrant has of the troubled Sumich Group. nib Stadium franchises are very conservative complex.

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‘The Rich List Wish List’- John Garland

‘White Dog Farm’ Lower Chittering 17 hectares (42 acres) A rare opportunity to combine luxury lifestyle with a desirable rural location r Highest quality in every detail r Designer residence with five star finish and B&B wing r Two additional guest cottages of the same high standard r Marbling Brook bisects the picturesque property r Established vineyard and olive grove for personal enjoyment or development r Only 70 minutes from Perth and 45 minutes to the Perth airport White Dog Farm $2.4 million ‘Harvey Springs’ Harvey 60 hectares (150 acres) Location, Location, Location...! r A South West Highway frontage mid way between Perth and Bunbury r Entertainment facility to accommodate a multi-tourism destination – restaurant, function centre, boutique brewery r Extensive landscaping provides scope for outdoor concert, picnic, markets and exhibition areas r Gateway to the South West. Strong visual position r Water availability to enhance the commercial benefits $2.5 million Harvey Springs

‘Maranup Waters’ Bridgetown 205 hectares (506 acres) Bridgetown Grandeur. Three early selected titles. Water the feature. r One of the South-West’s finest lifestyle properties r Major waterway with a year long flow r Unique riparian spring r Water provides potential for future tourism or horticultural pursuits r Variety of elevated home sites suited to lifestyle living r Granite loam soils and excellent fencing support a 200 breeder cattle investment Maranup Waters $2.9 million

Contact John Garland P: 08 9481 7157 M: 0418 923 347 www.garlandinternational.com.au E: [email protected] 14 WA’S RICH LIST 2013 Dale Alcock f you are a mining executive the biggest trainer of wanting to vent your spleen apprentices in the Australia about labour costs, it is through his 26-year business strongly suggested you don’t partnership with fellow former do it around Dale Alcock. brickie Garry Brown-Neaves. IYou would likely be on the With about 220 apprentices on receiving end of a spray going the payroll, it is a program that something like this: “You’re the their ABN Group has developed idiots who bidded up the wages. and kept going through a You’re the guys who stole all downturn in the home building our apprentices and trades market in recent years and in people. You don’t contribute to the face of strong demand from training and you should do. resources projects offering And you expect everyone to cry skilled workers big pay packets. Da for you now because you are Mr Alcock said he and Mr having it a bit tough. Suck it Brown-Neaves had a policy of up.” keeping on workers as much as in Mr Alcock fears these words they could through tough times ca cannot be uttered in this State so that they were ready when be because people will think the sentiment picked up in the we speaker has just landed from building game. wi another planet and does not “We know it is a cyclical be understand the sacrosanct business,” he said. “If you get inv status of the mining industry. rid of good people you don’t get re “It’s like all praise to the great them back again. We tend to one,” he said. repay loyalty back to our staff. It wo Mr Alcock has every right to leaves us in better condition to Au voice his opinion. be able to pick up our ratings ap The Kellerberrin-raised when the market recovers. pr builder can lay claim to being “Our growth has been wo sa ou ro an bu

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expected to begin paying dividends this financial year. “We have entered it as a major builder, not a small builder building up,” Mr Alcock said. “That has magnified the investment but it also says if r we’re going to go there, let’s go there as a large player.” on With almost 3200 homes built at in 2012-13, the ABN Group is ed Australia’s second-biggest home builder behind Len g Buckeridge’s WA-focused BGC empire. m There have been signs of improvement at the lower end of s. Dale Alcock with his wife Jan and daughters Libby and Sophie. the housing market this year that is starting to flow through to slabs being laid. s internally funded, we don’t operations has not only given Mr Alcock estimates his s carry external debt. Without Mr Alcock and Mr group’s building numbers could being blase or arrogant about it, Brown-Neaves discretion on head towards 4000 this year we can choose to run it how we staffing levels, it has also thanks to Melbourne operations wish to run it. We are not allowed them to expand into gaining traction and the pick up beholden to banks and external Melbourne. at the lower end of the WA Peter Meurs investors for where and how our The group now claims to be in market. t returns are. the top 10 builders in the Mr Alcock and Mr he man who made his Mormon Church, where he is an “If we were, we probably Victorian capital after engaging Brown-Neaves have also been fortune building influential leader. It would not be running the market with a two-brand big investors in property T engineering group In a Church video Mr Meurs o Australia’s biggest strategy, its entry level developments, including office WorleyParsons is not afraid of said the world was crying out for apprenticeship training Homebuyers Centre and its buildings, in recent years. spreading his cash or his honest leaders who would help program because someone upmarket Boutique Homes. After being a talented but expertise around. and serve others. would be over our shoulders The Victoria strategy is disinterested student in high Accustomed to putting his Though enjoying business saying ‘That takes away from school, Mr Alcock became a money where his mouth is, the success, he argued his greatest our return’. We are laying the third-generation builder in a businessman ploughed some of blessing was his family. roots down for a longer game $243 million family business. his nest egg into Fortescue and a more sustainable His father Dennis died in 2010, Metals Group while working as business. HOME BUILDING aged 78, after a short but director of developments. $235 million “We have a greater workforce ABN Group, Dale Alcock painful battle with He has also taken on the job of and a greater capacity to kick Homes, Webb & mesothelioma. chairman of a major fundraising 35 MINING, up by keeping staff through the Brown-Neaves His questions about campaign for Ronald McDonald SERVICES House, which helps take care of tighter period. It is not just FINANCE asbestos-related diseases were Fortescue Metals about short-term profits, it is the catalysts for an industry sick children. Group, about reinvestment in our Resolve Finance, The businessman’s approach foundation bankrolling WorleyParsons workforce.” 34 Investor Assist research into worker health and to life is strongly informed by his The lack of debt in the wellbeing. lifelong attachment to the 16 WA’S RICH LIST 2013 Divirgilio family

t has been a quiet but relentless rise by the seven Divirgilio boys. Eschewing the publicity embraced by city rivals, the low-profileI brothers — Lou (53), Dominic (50), Robert (48), John (46), Stephen (45), Michael (43) and David (42) — have built one of the State’s biggest car retail empires from small beginnings nearly 20 years ago. Perth-born to Italian immigrants, their DVG Automotive Group now boasts 30 new and used car dealerships on nine sites, turning over an estimated $700 million a year and employing more than 700 people. The multi-franchise dealerships don’t miss much, embracing Holden, Toyota, Mitsubishi, Nissan, Hyundai, Suzuki, Chrysler, Jeep, Dodge, Fiat, Alfa Romeo, Peugeot, Kia, Skoda, Volkswagen, Isuzu UTE and China’s Great Wall. $262 million The business also includes Garry Brown-Neaves customer financing and vehicle 31 CAR SALES, servicing arms, the latter SERVICING recently augmented by a new is business partner Dale DVG Automotive $260 million joint venture in the Pilbara with Group, Midland Alcock is the very public Aboriginal group Gumala. H face of the highly It is a far cry from the Toyota, Prosser BUILDING, PROPERTY successful ABN Group home Divirgilios’ entry into the motor Toyota, DVG Goldy building conglomerate. Garry ABN Group, Homebuyers industry in the 1980s with Holden and Suzuki Brown-Neaves is the media-shy Centre, Boutique Homes, Dominic and Robert’s purchase senior partner. Boeing Plumbing of a small Mount Lawley car We say senior not just because yard, Motor King. Lou heads the group as considerable alternative funds Th Mr Brown-Neaves is two years A few years later, their managing director. But his from a partial sale of DVG Do past the official retirement age ambitions aroused, the duo brothers are all intimately through a stockmarket float. of 65 but also because 52-year-old sounded out their eldest brother, involved as directors and dealer Like other attractive businesses, Mr Alcock insisted, out of what 32 Lou, then working the money principals across DVG, meeting it is regularly sounded out by seems like a very deep respect, markets in New York, about a as a group every week with Lou hopeful brokers and investment D that we have his partner higher partnership. to go over business. banks keen to lure it on to the up WA’s Rich List DVG was born in 1996 with the Like the rest of the industry, trading boards. Mr Brown-Neaves established Brown-Neaves agreed on most purchase of a Mitsubishi DVG has enjoyed record sales in Lou would not be drawn on Webb & Brown-Neaves with his major business decisions, new-car dealership in recent years, thanks to low DVG’s future, though he O former business partner John including the one to retain staff Wanneroo. Lou says the initial interest rates and the strong conceded a listing was one tod Webb in 1978 but made what was and apprentices through aim was “to get established” in Australian dollar, which has option. tom probably the decision of a housing industry downturns. what is renowned as a tough, reset car affordability at its best He said the group was lifetime when he backed a He said the two former low-margin industry and create levels since the 1970s. working hard on its corporate mu 26-year-old Mr Alcock into Dale brickies accepted there were a business able to successfully DVG is estimated to be selling governance and structure to of Alcock Homes in 1987. costs in keeping a high number support the family. 14,000 cars a year. better position itself to be able to ob Mr Brown-Neaves, a former of apprentices but saw it as a It has proven that and more. Lou says that DVG will reach a act quickly on any of its sk bricklayer who was kicked out good reinvestment of their The younger brothers were critical mass in WA at sales of ownership options if need be in co of Scarborough Senior High profits and one that had to be absorbed into the network as about $1 billion. “We’re not that a few years time. School at age 14, has previously maintained. DVG grew steadily through far off,” he said. And with Little wonder then, he and his co said he did not view himself as a “You can’t do that on a short- acquisition, picking off suitable good-priced opportunities in WA brothers will be closely an huge success. term basis,” Mr Alcock said. opportunities as they arose. drying up on the back of recent watching how rival John re “It’s just opportunities have “Over a three-year Significantly, it owns the land on consolidation, an east coast Hughes’ proposed float plays out an presented themselves and we’ve apprenticeship you have to see which its dealerships are expansion looms. over the next few months. an taken them,” he said. them through, otherwise you are situated. DVG enjoys a good Mr Hughes is believed to be co “For us, it is about creating a mongrel really.” The one sibling who hasn’t relationship with its bankers, so seeking to sell 40 per cent of his companies that build quality Mr Brown-Neaves did his joined the business, sister debt funding of any push on to $650-million-a-year, Victoria hi housing, employing people and apprenticeship with his father Marianna, retains another the east coast would not be an Park-based business via an wh putting money back into the and set about building financial connection to the group through issue. initial public offer through inv community.” independence, owning his first husband Guido Berini, DVG’s However, there is no doubt the Euroz Securities early next year. Au Mr Alcock said he and Mr house within five years. financial controller. Divirgilios could raise Sean Smith Su WA’S RICH LIST 2013 17 Fini family

embers of the Fini family have been profilic M players in Perth property investment and development over the past 30 years. Set on a path by their Italian migrant father Tony, Don and Adrian Fini have continued to build significant holdings throughout metropolitan Perth. Since selling out of the company behind Little Creatures brewery last year, Adrian has spread his wings with developments in Fremantle and the Perth CBD. This includes deals with his FJM Property partners David 33 $255 million Mack and Barry Jones, who also backed Little Creatures. PROPERTY Fellow former Art Gallery of DEVELOPMENT, WA director Helen Cook said INVESTMENT Adrian’s relaxed manner “belies Finloy, Fini Olives his sophistication and understanding of social and community values”. Stan Quinlivan

tan Quinlivan, one of Perth’s quieter high-flyers, The Divirgilio brothers: Stephen, Michael, David, Lou, Robert, John and S is soaring at the moment. Dominic. Picture: Michael O’Brien Though he likes to keep off the publicity radar, recent es, developments in the property field will focus the spotlight on nt Danny Hill his business empire. As the owner of Cottesloe’s ne of veteran businessman Ocean Beach Hotel, Mr Danny Hill’s favourite lines is: Quinlivan benefits significantly O “As human beings we all want from the recent decision to allow today what won’t come for many “higher” rise — to eight stories tomorrows”. — on the beachfront. He resources boom even if they are A $100 million-plus tomorrow is now confirmed he would move ahead not known for their mining much closer for Mr Hill after 21 years with development of the site. interests. Skippers Aviation has of being an interested and patient Also on the high-rise radar is 29 regional turboprops that to observer of the battle over bankers an 11-storey office block operate regular transport flights skinning and boning Alan Bond’s cash development in Osborne Park, as well as fly-in, fly-out charters. n cow, Bell Group. which is close to approval. The airline has also taken $290 million A settlement deal officially Property is a huge part of his delivery of two 98-seat Fokker 30 is confirmed last month by liquidators empire but Mr Quinlivan made 100 jets which should enter AVIATION, and bankers is set to provide a sizable his fortune in transport, service shortly and will be the TRUCKING, return on a $200 million debt Mr Hill $295 million through Skippers Transport and pride of a fleet worth more than PROPERTY ut and business associates Brian Coppin Skippers Aviation. $135 million. Ocean Beach and Wayne Bowen bought after Bell PROPERTY, Skippers Transport trucks big The airline holds the contract collapsed in April, 1991. LITIGATION and small have been a familiar to serve the inland towns of Hotel, s Mr Hill left Perth a decade ago with Chancery House, sight around the State for Meekatharra, Wiluna, Laverton, Tilden Park Stud, his family to live in Monaco, from Sunshine Cove, decades and his aviation Leinster, Leonora and Mt Skippers where he manages his overseas IMF (Australia) interests are well established. Magnet and it also serves Transport, investments. He has entrusted his He is one of the many people Kalbarri, Carnarvon and Skippers Aviation ar. Australian assets to former City to on WA’s Rich List who are Monkey Mia without Surf winner Stephen Spiers. 29 beneficiaries of the State’s government subsidy. 18 WA’S RICH LIST 2013 John Hughes ohn Hughes may be 77 and “The main reason is set to float some of his car succession planning and sales company, but he has retirement of debt.” no plans to reduce his Mr Hughes, the son of a bus 60-hour working week. driver father and a bus JMr Hughes claims he has been conductor mother, was a “infatuated and obsessed” with nervous child who grew up in the motor vehicle industry since working class Fremantle with a he first became a clerk at stutter. Attwood Motors as a 20-year-old. While he has risen to the top He set up the Paramotors of his game, he said he has little chain ten years later, took over interest in living an extravagent 2 the Skipper Bailey Motor life. Company in Victoria Park in He said he and his second wife Peter and Theo Kailis at their 1980 and changed its name to Margarita enjoyed good food, Leederville store. Picture: Lee Griffith John Hughes in 2005. wine and holidays, but he did His 550 staff sold nearly 21,000 not have the time or inclination cars last year and the iconic WA to indulge in luxuries such as business, which has become a boats and racehorses. Kailis household name, turned over After years of appearing in $650 million. adverts on local television His passion for the industry screens and radio, Mr Hughes family does not appear to have waned, has become a bit of a local and he can still be found on the celebrity and Margarita is t has been well over a year showroom floor talking to regarded as one of Perth’s since news broke that the customers six days a week. A-listers. I Kailis family appointed Mr Hughes plans to float some “I’m proud for her sake and I PricewaterhouseCoopers to of his company early next year, get a vicarious kick from it,” he advise them how to sell the and expects to keep up his work said. heart and soul of their empire: schedule for another ten years. “I’m proud of her, proud of the the fish business. However, he said the float was way she presents herself.” Things have been quiet ever important partly as longer-term since and there has been succession planning because speculation the sale process fell none of his four children had victim to the complexities of any interest in running his car $322 million being a family affair — family empire. 25 members have different fingers Despite his keen interest in CAR SALES, 2 in different pies. health and fitness and longevity SERVICE AND They are lucrative pies, that runs in his family genes, FINANCING according to 2012 results, which Mr Hughes said he had to John Hughes show the family business consider the future. turned over $461.9 million and “I don’t want people to read Victoria Park, John made a profit of $9.6 million. into this that I’m retiring or Hughes It’s the kind of money which stepping back or taking any less Warehouse, Park patriarch George Palassis Kailis time in the office because that’s Ford, RV Centre could only have dreamt of when not the purpose,” he said. he came to Australia from the Greek island of Castellorizio in 1914 to sell fish from a basket. George’s sons — Peter, Theo, Michael and Victor — have Tony Poli played a part in building what ith the dream of a major average price over the last year on further project spending late last 18 months, at the end of has become a shining light of new iron ore project in was about $2.30. in 2012. Since then AMCI has June the company was carrying migrant success in WA W the Pilbara now With its re-valuation went been the centre of speculation it $590 million in cash. business. officially on ice, Tony Poli’s much of the paper worth of Mr was seeking a buyer for its That is more than enough to Ben Harvey Aquila Resources is focusing on Poli, whose 30 per cent stake is share of the project. back the development of its the potential development of its the foundation of his wealth, But while Aquila’s market smaller assets, the most likely metallurgical coal projects, and briefly making him a paper valuation has lagged, its cash option being the $368 million casting its eyes around the globe billionaire in 2008, before the balance has not. Washpool coking coal project in $314 million for new acquisitions. global financial crisis. After selling three assets for a Queensland, or acquire new 26 The end of the bull run for Mr Poli called time on combined $617 million over the options from the plethora of FISHING, FOOD iron ore stocks in mid-2012 — Aquila’s West Pilbara project in distressed assets seeking DISTRIBUTION, when iron ore prices tumbled July, abandoning talks with the cashed-up buyers on the global and took with them the hopes China Development Bank over resources market. RESTAURANTS $298 million Kailis Bros, National that China would continue to funding for the $7.4 billion With production at its bankroll multi-billion dollar project. 28 half-owned Eagle Downs coking Fisheries, Kailis Fish iron ore projects to feed its Its huge capital costs were a IRON ORE coal mine set to begin in 2017, Market Cafe hungry mills — also cut much of major issue, as was a dispute Aquila Resources there’s plenty to come at Aquila the blue sky valuation of Aquila. with joint venture partner Resources, even if the dream of At its height, Aquila was American Metals and Coal making it big in the Pilbara is worth more than $13 a share. Its International, which went cold over for the foreseeable future. WA’S RICH LIST 2013 19 Tony Lennon ony Lennon predicted that in 2004 and oversaw the 2012-13 would be tough for company as it became T balancing land releases Australia’s biggest residential with tentative consumers. land syndicator. Once again, the property Peet has 75 owned, syndicated veteran was proved right. and joint venture projects across The rebound in land sales this four States and more than 50,000 year was undermined by losses lots in its land bank. in Queensland for his listed Though more aware than most a vehicle Peet, the development of property market cycles, he company he purchased 27 years remains a fan. p ago and later floated. “Through all the years that le $311 million In a career spanning 42 years, I’ve observed property, it’s been nt 27 Mr Lennon steered Peet through a very good investment,” he LAND the Australian property said. ife DEVELOPMENT, market’s cycles but has a less “For someone wanting to own SYNDICATION hands-on role these days as their home today and not rent, Peet non-executive chairman. it’s far more likely the value of n He was executive chairman of their home will go up in the Peet before it was listed on the long-term than stay where it is Australian Securities Exchange now.” Nigel Vern Wheatley espite having made the to try to take over the Satterley shock decision last year to Perth-based AHG, which was I D sell most of his stake in built by Mr Wheatley on he Automotive Holdings Group, business foundations laid by his s one of Australia’s top Vern Wheatley’s wealth is still father Sydney. private property $360 million he heavily tied up in the car game. The ambitious son oversaw developers Nigel Mr Wheatley set himself up the creation of a strong Satterley has been 23 LAND before the 2005 float of AHG as management structure that riding the fortunes of DEVELOPMENT, AWA’s economy and in turn the the landlord of many of its car allowed AHG to make a SYNDICATIONS, yards, including Wangara’s relatively smooth transition State’s housing market for ART COLLECTION, n popular automotive alley. onto the stock exchange. decades. His company, the $355 million In a rebuff to his tenants and Mr Wheatley can be credited Satterley Property Group, has REAL ESTATE S, 24 former lieutenants, he sold with building a strong public sold more than 50,000 home sites Satterley Property D PROPERTY. most of his AHG stake last year company, yet he is an intensely at 130 residential developments. Group, Swansea G CAR SALES AND to major listed rival AP Eagers private man. With discerning customers Gallery s SERVICING in a cash and scrip deal. His 12 commandments of and changing consumer trends, Automotive Holdings This put Mr Wheatley and his business are listed as including he sees the business of turning n family in the powerful position “look after your staff ”, “make big tracts of land into enduring Victorian housing market with s Group, AP Eagers, Jove of being top-three shareholders some money and have some communities as a challenging the purchase of a 125ha k Pty Ltd in both groups. fun” and “you need to have one. development site on the e The Wheatleys will have a the right site, own it and “The home building industry outskirts of Melbourne for $100 whip hand if AP Eagers decides control it”. is very competitive and we learn million. the most from California and “The Melbourne market is the east coast of the US where quite similar to Perth so we feel they are using lots of innovation very comfortable there,” said for smaller spaces,” Mr Mr Satterley, who spends about Satterley said. five days each month at the “We take bits and pieces and Victorian projects. ng modified ideas from there and “We have some very good apply them to Perth’s housing projects and we plan to grow market.” strongly and sensibly in Like a lot of industry insiders, Melbourne.” Mr Satterley says consumers Mr Satterley’s own residential are now more cautious. plans also made the news this n “At the coal face what we are year when he and his wife seeing is the desire take on less Denise paid $17.5 million for one debt but smaller, better-designed of Perth’s most expensive homes houses that are close to parks on the riverfront in Peppermint l and amenities are still a good Grove. thing for the balance sheet,” he The deal for the said. heritage-listed mansion ng In Perth, the Satterley Group Chiritta, which boasts seven made its name developing bedrooms, a sunroom and a la master-planned communities. five-car garage, set a new price f Together with a private record for a conventional syndicate, the group this year residential block in Peppermint expanded its presence in the Grove. 20 WA’S RICH LIST 2013 Rhonda Wyllie here have been plenty of pages, a reflection of her Cardaci family changes in the names on position on the A-list of T WA’s Rich List, but Rhonda Perthonalities. She is a keen ajor contract wins expected to be shortly put up for Wyllie could become the first traveller. with Rio Tinto and grabs. This year’s extension case of the name changing but Friends and fundraisers will Woodside this year with Woodside and new deal the person remaining the same. be hoping she continues to call put the names with Rio means the family can The Perth social scene is alive Perth home — or at least one of Cardaci and use the contracts, potentially with talk of Mrs Wyllie’s plans to her homes — if she gets hitched CenturionM on the business map. worth hundreds of millions of marry part-time Nine to Mr Browne. From a one-truck operation dollars, to underpin further Entertainment Company started by Sicilian migrants expansion of their businesses. executive Jeff Browne. Frank and Carl Cardaci in 1968, Work on around 30,000sqm of Friends of Mrs Wyllie say she two generations of the Cardaci extra warehouse costing about is enjoying life again after family have quietly built a $30 million started this year at grieving deeply following the major transport, services and Centurion’s base in Hazelmere, death of her husband Bill Wyllie national property empire. expanding the facility’s total in 2007. Though proud of their blue size to 150,000sqm. The legendary dealmaker, who collar roots, one source said the Centurion is also expanding fought a long battle with cancer, Cardacis drew on top-flight its Dampier operation to fulfil left Mrs Wyllie and his children expertise in supply chain and its Woodside obligations and a business empire with assets logistic that allowed them to win other work. exceeding $500 million and more than match their higher The family’s CFC Group strong management. profile rivals. flagship bought the minerals The flagship company Wyllie Centurion is an advanced processing company Cape Group had some lean years after $376 million business now under the control Crushing and Earthmoving 21 $385 million losing its founder then being hit of sons Philip and Marc, an from struggling engineering by the global financial crisis, but 22 INVESTMENT, economist who worked as a group VDM in a $53 million deal TRANSPORT bounced back last year with a PROPERTY property investment analyst in 2011. Centurion $22 million profit. Wyllie Group, Perth before joining the family firm. City dwellers would likely be CONTRACTING Mrs Wyllie owns more than 70 Convention and The family took a punt two most familiar with the Cape Crushing, per cent of Wyllie Group and has years ago when they bought Underground Services Australia stakes in extensive other assets. Exhibition Centre, rival Oilfield and General divisions, whose trucks can be Underground Services She is more often seen in the Sorrento Quay Transport, which had a contract seen laying optic fibre cable in Australia, JCB Equipment social pages than the business with Woodside that everyone new and established areas. 1 Rod Jones

or Rod Jones, part of the Bouris’s listed financial attraction of appointing $390 million planning and mortgage broking a family investment 20 business, Yellow Brick Road, in officer is having a EDUCATION which family members hold at gatekeeper to field the SERVICES least 3.1 million shares. Fgrowing number of approaches However, Mr Jones’ wealth Navitas from investors and fund remains anchored by Navitas, managers offering to help him which was set up to provide make better use of his wealth. mainly international students Guided by its own with pathway education management, Mr Jones’ programs into Australian Hoperidge Capital now oversees to do. It’s that simple.” universities. the family trust’s widening Funded by Navitas’s Having begun life with a investment portfolio, allowing sharemarket success, Mr Jones single partnership with Edith him to focus on Navitas, the and his children have Cowan University and 198 education provider he founded demonstrated a willingness to students in 1994, in the last with Peter Larsen. pursue other business interests. financial year it enrolled 21,000 The portfolio is supported by Both sons, Scott and Shane, have students across 30 colleges and the proceeds of Mr Jones’ $48.5 been involved with businesses managed campuses in million partial sale of his linked with their father and the Australia, the UK, Canada, shareholding in the listed family’s investments. Singapore, the US, Sri Lanka Navitas in May. Shane is chief commercial and Kenya. “Part of doing things officer at Midland-based drilling Shares in Navitas have this appropriately is ensuring that company Enerdrill and also year traded at record highs you diversify . . . but I also managed the development of above $6.36, valuing Mr Jones’ recognise that Navitas will independent electricity retailer remaining 12 per cent stake of 45 always be my major love,” Mr Perth Energy’s spin-off $100 million shares at $287 million. Jones told The West Australian million Merredin power project Dr Larsen retains 8.2 per cent four months later. two years ago. after having also sold down a “Do I need to sell any more Scott, chief operating officer portion of his holding in (shares)? No. I’ve sold enough to of Navitas’s media education September, pocketing more than be able to do all the things I want business, is a director of Mark $32 million. WA’S RICH LIST 2013 21 Bartlett & Sayers

eter Bartlett and Ron Sayers have a friendship $405 million that goes back to kindergarten. 18 MINING They have built major CONTRACTING businessesP together and been Ausdrill, there for each other through Barminco, marriages and divorces, as well as good and ill health. FMR It is also a relationship that Investments has been tested to the limits, such as during the sale of their joint venture underground detailed examination of complex contracting group Barminco, in evidence, what has been made a private equity play that has clear in the trial is the level of Connected: Carl Cardaci (second from left) with struggled to get support for a overlap in the business affairs of politician Malcolm Turnbull, Philip Cardaci, Swan sharemarket float. Mr Bartlett and Mr Sayers. MP Steve Irons and Marc Cardaci in 2011. Yet the biggest test arose after Mr Sayers disclosed his 50 per these best of mates were cent stake in Barminco to the involved in tax minimisation tax office but it was otherwise a schemes 13 years ago that helped closely guarded secret. n slash tax on about $50 million of It seems there was a concern profit from Barminco and other that there could be a perception T Fred Rae & family businesses. They subsequently of conflict of interest given Mr n became enmeshed in a major Sayers is the founder and major G fter the $500 million sale of Gull New Zealand is now at investigation by the Australian shareholder of listed drilling g, its WA Gull fuel retailing the forefront of arguably the Taxation Office and Australian company Ausdrill. A business in 2010, the next generation of dimishing Crime Commission. What Mr Sayers’ premature s family of Fred Rae retained an service, lowering prices at A Supreme Court jury is departure would mean for nt indirect interest as the landlord so-called service stations likely to decide within days Ausdrill — and shareholders, of many Gull sites across the through unmanned operations. whether these friends conspired including Mr Barlett — remains State. Following the aggressive About one-quarter of its service to cause a loss to the to be seen, given the group 19 $392 million pricing and canny marketing stations on New Zealand’s Commonwealth over alleged floundered early last decade model they employed so North Island are unmanned. dealings linked to protect tax when Mr Sayers was in PROPERTY successfully building Gull in The Rae family operation minimisation schemes. semi-retirement after suffering a Gull WA sites WA, the Raes are now focussing takes credit for helping A guilty verdict is likely to see stroke. Bunbury Tower their business-building skills motorists, regardless of whether them behind bars for quite a ᔢ Editor’s note: Mr Bartlett and FUEL across the Tasman. they are customers, through the stretch considering their former Mr Sayers previously had After a career building so-called Gull effect. As an accountant Trevor Thomson separate entries in WA’s Rich STATIONS houses, Fred Rae made the move Automobile Association analyst served 13 months in jail after List. They are now consolidated ng Gull New into petrol retailing around the told the New Zealand Herald pleading guilty over his role. because it is to too hard to n Zealand time self-service was kicking off recently, competion hotspots are Though a decision on guilt or estimate their individual wealth. in the mid-1970s. created around Gull stations. innocence will require a given their overlapping interests.

Peter Wright Jasmyn Wright 0438 727 476 0409 106 766 [email protected] [email protected]

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Residential Sales 2132003pJEMM241013 Project Marketing 45 Residential Management nt 2 / 98 Terrace Road, East Perth WA 6004 Oﬃ ce: (08) 9200 6168 Fax: (08) 9218 8860 an Selling Property, Not Promises www.re88.com.au 22 WA’S RICH LIST 2013 Caratti family f you thought the House have not stopped the Caratti of Hancock was divided, family from growing its then you ain’t seen businesses and prospering nothing yet. in the boom. Welcome to the House John and his sons ofI Caratti, where the only Michael, Nathan and Aaron communication between have continued to work on brothers Allen and John developments in Malaga seems to be either via or and a new large-format near lawyers. retail centre on A reporter from The West Scarborough Beach Road, Australian recently had the Osborne Park. K rare privilege of witnessing Their focus is on assets Gordon Martin two of these encounters. that are undisputably part One occasion was when of the Caratti partnership. H Allen dropped in to watch Allen works on assets ver the past 40 years, Gordon Martin has the trial of a businessman whose ownership may one f transformed a Coogee business founded to who had incurred John’s day be decided by the WA O turn out copper sulphate for the agriculture wrath after ripping off their John Caratti Allen Caratti Supreme Court. I sector into a national, multi-product chemicals mother Maddeliene. ᔢ In our estimate of the wo producer. The insults between the He also pointed to the relatives. The disputed family’s wealth, we have Coogee Chemicals’ growing network includes a brothers were as colourful degree of “enmity and assets also include included assets whose Pe sodium cyanide joint venture at Kwinana in as the offers to sort things anger” between the residential and industrial ultimate ownership is hotly wh partnership with Wesfarmers’ CSBP, Australia’s out man-to-man. brothers and their history subdivisions, undeveloped contested in John’s legal pr only methanol plant, at Laverton, and a The other occasion was of litigation. land on urban fringes, city action. This is not a chlor-alkali plant in Brisbane. when John gave evidence One piece of litigation office buildings and profits reflection of the merit or so The plants are supported by chemicals storage on behalf of jailed goes to the very heart of from successful projects. otherwise of the action, but wi terminals at Kwinana, Port Hedland, Townsville businessman Kevin Pollock what constitutes their John claims in his legal rather a matter of narrative an and Gladstone. Kwinana also hosts Coogee’s in an unsuccessful action family fortune. At stake in action the Bazzo-linked land convenience. on petroleum fuel import terminal, WA’s biggest. against Allen over a land their own Supreme Court holdings are actually wi Mr Martin has won various business honours development venture. battle is land holdings part of a family kn for his leadership of Coogee, including recognition To borrow the words of valued at $1 billion partnership, which also we in Ernst & Young’s 2008 Entrepreneur of the Year Justice Jeremy Edelman, sprawled across includes land inherited $457 million awards. the significant animosity south-western WA. when their father Mick 16 qu He remains at the between John and his It includes the biggest died in a car crash in 1992. PROPERTY, ph helm as executive $450 million younger brother was holding of farming land in The legal action is being DEVELOPMENT an chairman though “palpable in his demeanour the Esperance area, held in fought by Ms Bazzo and Navarac, Venetian ab CHEMICALS, succession plans are and in his evidence”. companies that are Allen’s side of the family, Nominees, Gucce in being cemented with PROPERTY Dismissing John’s indisputably part of the who argue the investments Holdings the elevation through Coogee testimony, the judge said Caratti family empire and are separate from the for the ranks of son Tim, Chemicals the elder brother showed an in others officially owned Caratti family partnership. hi now Coogee’s 17 “extremely hostile by Allen’s second wife Tina As with Hancock Ju managing director. demeanour”. Bazzo or by other close Prospecting, internal fights to $4

me WA Chris Ellison th th he managing director of It is typical of Mr Ellison’s Mr Ellison set up pipeline in listed contractor and iron pragmatic approach that he saw contracting business PIHA with an T ore miner Mineral the purchase as portfolio Bob Gavranich in 1993 which no Resources may not be the face of diversification (most of his became one of the pillars of no WA’s mining success stories but wealth remains tied up in his MinRes, which today also be in many ways, Chris Ellison 14.5 per cent stake in the $2.1 focuses on ore processing and on best typifies how to make a billion-valued MinRes) as well has a fast-growing iron ore re fortune based on a strong work as a belief he was getting a good mining division. ethic, pragmatism and a decent deal on a 7567sqm parcel of Mr Ellison is media-shy co dose of street smarts. river-front land. although in the past year he and giv From his humble beginnings his wife Tia have become ha as a penniless teenager from prominent in WA’s re New Zealand who came to seek $473 million philanthropic circles, donating a better life in Australia, Mr to causes such as Telethon Ellison has become one of the 14 MINING, Speech and Hearing Centre and State’s richest individuals. And CONTRACTING aligning MinRes as a benefactor he retains the title of the owner Mineral Resources of the PMH Foundation’s 1 of WA’s — and Australia’s — regional assistance fund. most expensive house with his Mr Ellison has not forgotten $57.5 million purchase in 2009 of his roots: he is New Zealand’s Angela Bennett’s Mosman Park honorary consul to Perth and an mansion. All Blacks supporter. WA’S RICH LIST 2013 23 Mark tti g Creasy on ne of the most storied n figures in the WA mining industry, the amazing run of nickel hopeful Sirius OResources has added a Kerry late-in-life jewel to Mark Creasy’s crown as the king of t prospectors. Harmanis Hailed as one of the most significant WA mineral finds of e f Kerry Harmanis were to ever the last five years, Sirius’ $539 million open a school combining discovery of the Nova deposit 13 I business and spirituality, it sent its shares soaring from PROSPECTING, would be a sure winner. about 6¢ in July 2012 to touch PROPERTY He built a reputation as one of the $5 mark in March. Yandal Perth’s toughest businessmen Mr Creasy holds a big stake in Investments, y while professing and living Sirius, plus 30 per cent of the practical spirituality. deposit itself. Combined, the two Sirius Resources, He is unafraid of letting briefly pushed his paper worth Medusa Mining someone know if he is not happy over the $1 billion level. t with their actions or their work As is the way with companies ve and was not shy about letting at this stage of development, fronts. Based on the success of one person closely associated Sirius shares have since Nova, the Fraser Ranges have with producing WA’s Rich List softened, dropping Mr Creasy’s become the latest “nearology” know that he didn’t like his net worth on paper accordingly. play, with other explorers wealth being profiled. The big question for the next rushing in to the region to n Though not directly year will be how the veteran capitalise on both its questioning our sums, the prospector deals with his Mark Creasy has gained national recognition as a prospector and still prospectivity and investor Y, philanthropist did not leave holding. enjoys assaying when he has spare time. sentiment. T anyone present in any doubt His direct stake in Nova is In addition to dealing out n about what he thought of his “free carried” until the final options and possibilities has companies make him one of the other tenements pegged in the e inclusion in this product. decision to build a mine is made. kept the West Perth cafe strip biggest holders of exploration area to listed companies such as This is the same vigorousness That will most likely occur in abuzz, and set corporate ground in the State. Orion Gold and Windward s for which he was renowned at the middle of next year and, advisory firms circling. That’s a situation that has Resources, Mr Creasey’s private his nickel mining company with current estimates showing Asked about his thoughts on seen Mr Creasy attract criticism companies have cut other deals Jubilee Mines before selling out the project carries a $470 million the subject by WestBusiness in from some quarters of the across the State. Antipa to Xstrata in 2007 for more than price tag, he will need to come September, Mr Creasy said he industry as a “land banker” who Minerals picked up Creasy-held $470 million. up with $140 million to maintain was keeping his options open, has locked up swathes of WA to ground in the Pilbara recently, The keen surfer, skier and his 30 per cent stake, or pointing out his track record in his own benefit but to the as did Coziron. meditator told a University of restructure his ownership of brokering deals spoke for itself. detriment of the broader The veteran prospector even WA Business School function Sirius and Nova shares, or sell Indeed it does. The prospector exploration sector — a criticism made a foray offshore, courtesy that he shared with staff his 10 out at the project level. made his first fortune two he has strongly rejected. of the participation of Yandal things they should not do. They Although Sirius has the first decades ago by selling the Though Sirius has attracted Investmests in a capital raising include no judgments about right of refusal over any offer Bronzewing and Jundee mines the attention of the market and launched by Talga Resources, th anybody else, no complaining, for Mr Creasy’s stake in Nova, to Joe Gutnick’s Great Central the bulk of the headlines, it has which is chasing graphite and no resentments, no hearsay and chatter about the various Mines. Together, his private also been a busy year on other iron ore projects in Sweden. no interrupting. Issues should be talked about and not be held on to. “In other words, care and respect for everyone,” he said. John Simpson “Leadership was not about t’s been a tough couple of years land development business more front man for the family control. Leadership was about in the home building game but than 50 years ago. business, promoting Summit’s nd giving people responsibility and it has not stopped 83-year-old He has probably seen more house designs and southern $470 million having them accept I John Simpson and his son David highs and lows than any other corridor land developments. responsibility.” 15 investing heavily in the member of WA’s Rich List He was also the public face of HOME g development of their empire. through his heavy focus on Summit staff, who formed a BUILDING, LAND Forever playing the long game, property. sizeable contingent in the d $585 million AND PROPERTY they are upgrading the Myaree Despite founding arguably recent City to Surf fun. or DEVELOPMENT headquarters of their Summit WA’s fifth-biggest building group 12 PROPERTY, “Over the past 30 years, we Summit Homes, SHARES Homes Group to meet greater and having significant South have been passionate about demands by new home owners West land interests, the supporting the communities we Rockingham Park Cottesloe Mews, for choice in finishes, fixtures businessman maintains a very live in and build in, ” the Group, Corry Lyn Talisman Mining and fittings. low public profile. Summit managing director an John Simpson started in the David, 43, has become the said. 24 WA’S RICH LIST 2013 Jack Bendat Chiu Chi traight-talking Jack Bendat admits “When you have more money than you the stock market has been good to can spend you can either put it in the Shim this year and he has some advice grave with you or give it away,” he said. for anyone who cares to take it. “Children are the future, because we’ve Wen The owner of the Wildcats basketball all been here and done that.” team and the renowned philanthropist Mr Bendat gives away millions through erth is full of connections that advises investors to keep it simple. the Bendat Family Foundation, including make the city, the money and its “Keep it to the top 10 stocks and stay the Bendat Family Comprehensive people go around. away from speculative stocks,” he said. Cancer Centre at St John of God Hospital. They can be networks of trust “Some banks will pay you an 11 per He is also passionate about the Wildcats and reputation, such as those cent return, so would you go look some basketball team which he bought in 2006, thatP allow the likes of Nigel Satterley place else?” and which is set to turn a profit this year and Primewest to put together big deals Mr Bendat, 88, arrived in Perth from for the first time under his watch. based on little more than a phone call. the US in 1966, and went on to build a It was his involvement with the The other important network of trust fortune developing shopping centres with Wildcats that gave Perth another gift, is sharing confidences and seeing each Kevin Merifield and Kerry Stokes. parking at Perth Arena, after he other through the personal crises and He had a series of successful threatened the team would boycott the anxieties that can affect the wealthy just partnerships with Mr Stokes in a range of venue unless plans were changed to as much as those with barely two television and radio businesses. include an underground carpark. pennies to rub together. In 1997 he pocketed $100 million after Kim Macdonald While the poor might have to make do selling radio stations PMFM and Mix 94.5 with only a friend’s shoulder or the local to Austereo, while the 2002 sale of Mt GP, the affluent of Perth can also look to Barker’s Goundrey and Fox River Chiu Chi Wen and an array of medical Making connections: Nigel Satterley, Mei Chi wineries earned him $62.5 million. 11 $679 million and health experts such as those at The Wen and Chiu Chi Wen. co He has previously owned stakes in Healing Tree operation in Mosman Park. by Burswood Casino, West Australian INVESTMENT, The Healing Tree offers conventional keep people happy,” he said. “My Vi Newspapers and Great Southern wine BASKETBALL, medical services, including general happiness was derived by making other producer Ferngrove. WINE practitioners, psychiatrists, audiologist people happy. Meditation allows you to be Ku But he believes his work to help youth, Perth Wildcats, and physiotherapists. Mr Wen is not happy no matter what others feel or do.” wh which includes seven homeless shelters only the owner of this medical operation Such peace of mind probably comes in aff and four university scholarships, will be Ferngrove but is a leading exponent of meditation handy considering Mr Wen sits atop a his legacy. and energy healing. private and public business empire op WA’s Rich List became aware of Mr spread across Malaysia and Australia. an Wen’s involvement in The Healing Tree His best-known business in Australia is Au when one of WA’s richest people spoke of arguably his property group Hawaiian, 20 a personal crisis and said “Chiu Chi Wen whose assets include the luxurious Cable Accelerating success. saved my life”. Beach Club Resort and Spa in Broome, According to a biography published by the Parmelia Hilton Hotel and Carillon his Blue Body Spiritual Centre, the City arcade in central Perth. 1 University of WA commerce graduate Hawaiian is owned through a network began his spiritual journey about 20 of family trust companies set up by his On City’s Door Step years ago after being introduced to late father Wen Tien Kuang Tan Sri Wen pranic healing in Malaysia. Mr Wen said and his mother Chong Chook Yew. SALE/LEASE that before he started meditiation, he The son has been managing director of could be affected by other people’s the family’s Malaysian-listed property thoughts about him. development company Selangor “My life was defined by how I could Properties since 2000. Hawaiian and a

CITY LINK PROJECT R f p Outlines indicative only Ia 100 James Street, Northbridge go re • 5,095.5m² of quality building • 1,330m² fl oorplates tec • Licensed for 38 basement carbays • Good natural light iiN • 1,666m² of total land area; increased plot • Two leased retail tenancies re ratio - now 4:1 • NABERS exemption po bu un tu For Sale or Lease wo www.colliers.com.au/500665651 un Hi th Ian Mickle Nicholas Agapitos David Cresp m 0403 659 800 0434 659 808 0434 659 809 08 9261 6628 08 9261 6647 08 9261 6600 sig pr www.colliers.com.au WA’S RICH LIST 2013 25 FOR SALE By Expressions of Interest Closing 30 November 2013

hi controlling stake in Selangor are owned Selangor has property investments and by the Wen family through a British development properties in Malaysia, as Virgin Islands trust structure. well as a 50 per cent stake with developer Selangor assets include a stake in the Brookfield Multiplex in the prestigious be Kuala Lumpur-based HELP University, Claremont Quarter shopping centre. ” which has been set up to provide The Claremont Quarter investment is n affordable education. producing healthy returns under the The group’s Malaysian education management of Perth-based Hawaiian, operations are a major source of revenue led by longstanding Wen lieutenant and profit for the group, and it set up an Russell Gibbs. is Australian division based in NSW in It is understood Mr Wen gives the 2011. Hawaiian team a lot of latitude in the le management of the family’s Australian assets. $884 million The family’s Australian assets could 10 well surpass their Malaysian k PROPERTY investments, considering its holdings in Selangor Properties, CBD properties such as London House, n Hawaiian Parmelia House and 235 St Georges HEALTH SERVICES Terrace. of Its Perth suburban shopping centres The Healing Tree, include Bassendean Shopping Village, Blue Body Spiritual Centre The Mezz in Mt Hawthorn and Noranda Shopping Village. Ralph Sarich f it is true that no man ever went broke making a 9 $1.06 billion 500 Caves Road, Siesta Park profit, this canny businessman will never be broke Iand will probably die a billionaire. SHARES, Absolute Beachfront Residence As the founder of Orbital Engine Corporation, who VENTURE 2 got out before its shares headed south, Ralph Sarich CAPITAL, Huge 3949m double lot realised a 200 per cent-plus gain on a 2010 foray into WA PROPERTY technology players Amcom Telecommunications and Cape Bouvard, 6 bedrooms, 5 bathrooms iiNet. It is small beer in a $1 billion empire but a 2 reminder of this man’s ability to pick markets. He Alluvion 800m of luxurious living pocketed more than $500 million on commercial office LAND building sales in 2006 amid his prescient fears about DEVELOPMENT unsustainable boom time prices. The veteran inventor Settler’s Cove Noosa Inspection by appointment – turned his formidable mind to renewable energy, being APARTMENTS worried that Australia’s economic growth was Geoff Hanson 0418 926 290 unsustainable without proper investment in technology. Ce-Vue, One His son Peter manages the day-to-day business affairs of Brighton [email protected] the Cape Bouvard Investments family empire. Seeing COMMERCIAL #13W2190873-24/10 more red tape in residential development, the patriarch Alluvion signalled last year he was looking at more commercial property investment. 9755 8234 26 WA’S RICH LIST 2013 Roberts Kerry Stokes

ith his wealth now M family reweighted to the $2.27 billion me W WesTrac heavy 6 ho fter their relatively brief equipment franchise, the mining MINING Me period in the public slowdown was always going to EQUIPMENT, Au A company scene last decade, visit Kerry Stokes at some time. MEDIA, PROPERTY fre the children of the late John WestTrac has been an Seven Group an Roberts are back to making impressive flagship business for Ide money mostly away from Mr Stokes’ listed Seven Group Holdings, Westrac, Ho constant scrutiny. Holdings, riding Australia’s Seven West Media, H Andrew, Tim and Denby resources boom to emerge as Iron Ore Holdings ma Roberts played a major role in one of the world’s biggest pro diversifying Multiplex from dealers of Caterpillar Sy being a construction group to a equipment. The weaker outlook is M property investment and WesTrac racked up a record reflected in SGH’s share price, to management company. profit this year but as mining which has retreated from record pa The heirs sold their development slows, SGH is highs in March, when Mr Te controlling stake in Multiplex warning of quieter times ahead Stokes’ 68 per cent holding was sup before the global financial crisis, for the WA-based dealership. valued as high $2.4 billion. Me then quietly invested in property, private equity and hedge funds as debt-addled investors reeled. The Andrew Roberts-backed CorVal Partners has built a Hancock reputation as an astute property investor. On the negative side, his RF Capital was part of a failed bid to heirs fix struggling gold miner Apex Minerals. n paper, each of Gina Perth-based Tim owns Rinehart’s four AVWest, a private charter children are aircraft operator and owner of billionaires. But 8 the Perth Jet Centre business nothing in the House passenger terminal. Oof Hancock is ever that simple. A social A-lister and close The Hope Margaret Hancock wi mate of James Packer, Tim is Trust, set up by their late av also a director of the company grandfather, holds shares an behind Crown Perth. representing almost a quarter of John Hancock in Hong Kong. Picture: Steve Pennells Bianca Rinehart ex the family company, Hancock wo Prospecting, worth about $5 billion. co With their mother as trustee, wh it was due to vest when the Ho youngest, Ginia, turned 25, just flo over two years ago. It didn’t, co pitting three of Mrs Rinehart’s up four children in a high-stakes bil Denby Roberts Andrew Roberts court battle against her and re setting in play what has become one of Australia’s most famous th and bitter family feuds. tak In the NSW Supreme Court be last week, a phalanx of lawyers an for the mining magnate, her two sh youngest daughters and the Hope Rinehart in 2000. Ginia Rinehart with Bruce Butcher, Gina Rinehart’s personal lawyer. lia family company argued that Mrs Tim Roberts and Ryan Rinehart had thanklessly built go to them since the battle Ginia was spared. As the only pay her bills. Despite Mrs sh Stokes, son of up assets for her children, began. The mining magnate one of Mrs Rinehart’s children Rinehart’s efforts to have the ca billionaire Kerry Stokes. setting up Hope Downs and countered with the argument to have sided with her since the case thrown out or moved creating “rivers of gold” for her that she was using the money as start of the legal battle, she was behind-closed doors, it has ou 7 $2.21 billion offspring. security to repay her defence paid more than $816,000 from the lumbered steadily towards a feu “But it hasn’t, your honour,” costs against their “malicious” trust in 2011-2012, more than showdown that was set to air the re INVESTMENT, said Sydney lawyer Christopher litigation over her management four times the amount her two family’s dirty laundry and put re PROPERTY, AVIATION Withers, arguing that John of the trust. sisters received. the country’s richest woman on on CorVal, Signature Capital, Hancock and Bianca Rinehart According to paperwork Her brother, John, received trial over claims of gross as RF Capital, had barely seen a cent. submitted to the Australian Tax nothing. misconduct and dishonesty. Documents filed in court Office, each of the pair was The financial pressure made a But a last-minute backdown re AVWest, Goodoil allege that Mrs Rinehart supposed to have received casualty of their sister Hope, by the mining magnate, when po Investments, withheld hundreds of thousands $398,206 in 2011-2012. But Mrs who had launched the fight at she stepped down as trustee sto Warburton Capital of dollars in family trust Rinehart withheld it, saying she their side but pulled out of the days before the trial was due to Th payments which were meant to was entitled to “issue a lien”. legal action, broke and unable to start, and a decision by John to Ste WA’S RICH LIST 2013 27 Len Buckeridge Mr Stokes remains a force in n media through SGH’s 35 per cent illionaire Len holding in the listed Seven West Buckeridge used to G Media, owner of The West enjoy playing a game T, Australian newspaper, the Seven just before annual rich Y free-to-air television network lists were published. and magazines including New BA reporter with a national p Idea, marie claire and Better publication would brave Mr c, Homes and Gardens. Buckeridge’s infamous wrath a, His other interests include a each year in a bid to get a few gs major art collection and comments about his enormous properties in Perth, Broome, wealth. Sydney and the US. “I would tell the reporter I Mr Stokes has used his wealth knew their boss, I could have to further his philanthropic them sacked and that they rd passions, continuing to drive would never work in print ever Telethon and being a strong again if they didn’t hang up s supporter of the Australian War immediately,” he laughs. Memorial. “One year a young man said to me ‘You can’t blackmail me you silly old bastard.’ “I realised then that the game $1.12 billion (each) was up but I did very well at terrorising journalists for a IRON ORE number of years.” Hancock Prospecting Though in this case Mr Buckeridge’s bark was worse than his bite, his many sparring partners in politics, local council, business and unions know that being on the wrong side of him can be costly and 8 painful. There are rumours he may family migrated from England. True to his humble roots, he His favoured weapon appears spin off BGC’s contracting arm, With the family finances tight, claims his eight grandchildren to be the courts and he has been but he assures he is not and is, he spent his childhood in and one great-grandchild are the withdraw his nomination, known to throw millions of in fact, creating a new factory to patched hand-me-down trousers. stars in the family. avoided the public bloodletting dollars at cases that can drag on boost the division. Legend has it he did not get his Kim Macdonald and re-framed the trial into a less for more than a decade. The unnamed contracting first pair of shoes until high exciting discussion over who His legendary temper was enterprise involves the school. would replace her. once aimed at certain manufacture of hollow-core He shone as a student at the $2.56 billion The children have gained construction unionists, though slabs that can be used to make selective Perth Modern School, control of the trust, which was it’s been a long time since he’s everything from panels to floor where he showed an aptitude for 4 BUILDING what they wanted. But while the personally gone head-to-head slabs and stairs. business — by brewing beer in MATERIALS, Hope Downs dividends will start with any of his old union foes. “I bought out this machinery the school’s science labs. CONSTRUCTION, flowing, setting each of them up In 1986 he lost his driver’s from Europe that you can use to He studied architecture at HOME BUILDING comfortably, they will face an licence for driving his Mercedes build with the hollow core slabs Perth Tech and went on to set up uphill battle transferring their Benz through a caravan annex like a meccano set,” he said. the Buckeridge Group of BGC, Brikmakers, billionaire status from paper to that formed part of a union It is a rags-to-riches story for Companies, which involve Perceptions, reality. picket line at a BGC site in the 77-year-old, who grew up in a manufacturing, home building Commodore Homes Their lawyers claimed that if Canning Vale. fibro shack in Rivervale after his and contracting. they sold their shares, it would take between 30 and 40 years because of the huge costs to them and the company at $2 million a Stan Perron share, with a capital gains tax his humblest of eye and drive for a deal, even liability of $400,000 a share. $2.48 billion squillionaires this year when recovering from major They are allowed to sell the 5 celebrated the 50th surgery. A convalescing Mr shares only to each other and T AUTOMOTIVE, anniversary of grabbing one of Perron spent $690 million buying can’t use them as security. the best opportunities in WA half shares in three major Centro Depending on how things play PROPERTY business history. shopping malls last year, out, the Rinehart clan’s public Prestige Motors, Centro We are not talking about including Morley’s Galleria, feud leaves the mining magnate’s Galleria, Mirrabooka bankrolling Lang Hancock and after reading the struggling he reputation battered but her Square, Belmont Forum, Peter Wright in their iron ore property group was looking to relationship with her children — Central Park quest, which he did, but his free up some capital. n once described by her son, John, decision in 1963 to become the The renowned philanthropist as “complex” — salvageable. IRON ORE WA distributor for Japanese said this year he enjoyed the “Complex and deep Cut of Hancock automotive group Toyota. challenge in everything he had relationships do have the Prospecting’s and Wright As WA iron ore headed north done. “There has been a certain potential to be salvaged after Prospecting’s Brockman and came back as Toyota cars, amount of luck and a certain storms pass,” Mr Hancock told royalties Mr Perron got a cut both ways. amount of research,” he said. The West Australian. The 90-year-old still has the Steve Pennells “It all has been a lot of fun.” Investment Opportunity Future Location Growth

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*VU[HJ[John Garland P: M: ^^^NHYSHUKPU[LYUH[PVUHSJVTH\ E: QVOUN'NHYSHUKPU[LYUH[PVUHSJVTH\ WA’S RICH LIST 2013 29 Andrew Forrest ndrew Forrest amassed company he founded a decade when Mr Power negotiated his multibillion-dollar ago. better terms from the company’s fortune with That stake yields him a bankers. breathtaking speed. fortune because of tough A plan to expand production He seems decisions made by Fortescue’s to 155mtpa was temporarily Adetermined to give it away just executive team over the past 12 shelved, hundreds of staff were as quickly. months. In August he was in line sacked, non-essential assets Giving $65 million to fund to receive a $102 million cheque were sold and a blueprint scholarships and postdoctoral after Fortescue’s board devised to sell Fortescue’s prized fellowships at WA’s five announced that a stronger-than- rail infrastructure in a further universities and to build expected iron ore price meant it bid to retire the $10 billion debt accommodation for researchers could afford to pay a higher mountain which had investors is the latest in a string of moves dividend. twitchy. in the philanthropy field. Under chief executive Nev By Christmas the iron ore The most strategic of these Power, Fortescue has tightened price had steadied at about $120 was the creation of the its operations. Mr Power had a a tonne and the urgency to sell Minderoo group — a new baptism of fire after taking over the company’s furniture faded. vehicle that merges Mr Forrest’s day-to-day operations from Mr A failed High Court challenge to business holdings with his Forrest. He was the man in Labor’s mining tax aside, 2013 charitable arm, the Minderoo charge when the iron ore price has been good for both Foundation. tanked to $US86 a tonne in the Fortescue and Mr Forrest. “(Minderoo Station) has been second half of 2012. His belief in his own vision in our family since the 1960s, I Investors pounded Fortescue saw him spend $24 million think it is a special place in . . . after analysts started increasing his stake in the history of WA,” Mr Forrest questioning whether the Fortescue by 5.2 million shares told The West Australian after he company could service its debt in September. unveiled the new entity at a while earnings were so low. Mr Forrest is prosecuting his charity night at Government The hard slog of getting the philanthropic endeavours with House a fortnight ago. company on a steady financial the same religious zeal and He has become one of footing after confidence in the setting the same seemingly Australia’s greatest charity iron ore market evaporated last impossible goals that he put in benefactors and seems destined year began in the third quarter, place when creating Fortescue to go down in history as this — ending world slavery and nation’s version of the creating 50,000 jobs for celebrated American $3.7 billion indigenous Australians. His philanthropic families, the largesse may well prove good for Carnegies and the Rockefellers. 2 IRON ORE business — on the day his $65 It cannot be forgotten that Mr Fortescue Metals million university donation Forrest is capable of giving away Group became known Fortescue closed so much money because of his up 30¢ and his worth jumped by one-third stake in Fortescue hundreds of millions of dollars. Metals Group, the iron ore Ben Harvey and Natalie Brown

Philanthropy at fore Bennett & Wright he descendents of Lang over Hancock’s Hope Downs Lawyer and property developer charitable legacy that included Hancock’s late business joint ventures with Rio. Malcolm McCusker would big landholdings in prime T partner Peter Wright have Michael Wright died last year probably be in the middle of urban expansion areas such as none of the high-profile and was replaced on the Wright this list with a fortune in Beaumaris, Burns Beach, intra-family fights afflicting board by his daughter Leonie excess of $200 million if it were Iluka, Halls Head and Secret their Hancock Prospecting Baldock. not for a crucial decision that Harbour. The McCusker counterparts. His sister Angela Bennett also he made with his late father fortune also now includes But they have had their hands stepped down as part of a board and business partner, Sir interests at Bullsbrook, full fighting Hancock heiress rejuvenation. James McCusker. The Chittering, Anketell and a Gina Rinehart over tenements McCuskers, who had made minority stake in the they claim were earmarked for their fortune with the Town & development company behind Wright Prospecting when the Country Building Society and the massive Ellenbrook Hanwright prospecting $3.1 billion land development, put most of project. “It seems to be quite partnership was carved up by 3 their wealth into a trust silly to amass a lot of assets for the patriachs in 1980s. IRON ORE focused on health, medical yourself,” Mr McCusker said. The Wright clan last month ROYALTIES research and education. When In a seminal year for fought off a High Court Wright Prospecting Sir James died in 1995, he was corporate philanthropy, WA’s challenge to a ruling giving PROPERTY, recognised as a major Rich List pays tribute to the them a half share in the rich contributor to medical and State’s Governor. Rhodes Ridge iron ore deposit. INFRASTRUCTURE agricultural research but left a Neale Prior and Ben Harvey Malcolm McCusker They are also pursuing separate AMB Capital royalties and ownership claims 30 WA’S RICH LIST 2013

RICH LIST 2013 Gina 1 Gina Rinehart $14.1b 2 Andrew Forrest $3.7b 3 Bennett & $3.1b Wright families Rinehart 4 Len Buckeridge $2.56b 5 Stan Perron $2.48b 6 Kerry Stokes $2.27b n a year that saw Gina 7 Roberts family $2.21b Rinehart’s fractious relationship with her 8 Hancock heirs $1.12b children dragged out in open 9 Ralph Sarich $1.06b court, the mining magnate’s 10 Chiu Chu Wen $884m familyI company quietly got on with the job of minting cash, & family developing its flagship iron ore 11 Jack Bendat $679m project and hunting for its next 12 Kerry Harmanis $585m big opportunity. Mrs Rinehart’s family dramas 13 Mark Creasy $539m overshadowed her business 14 Chris Ellison $473m ventures and captured headlines 15 John Simpson $470m across the globe. They include 16 Caratti family $457m sensational allegations she misused her position as trustee 17 Gordon Martin $450m of her children’s trust and Gina with her father Lang Hancock. 18 Peter Bartlett $405m whitewashed tax advice to and Ron Sayers pressure them to sign over their years as the Hope Downs 4 rights to shares in family expansion comes on line. 19 Fred Rae & $392m mining company Hancock Mrs Rinehart is inching closer family Prospecting, the source of the to the biggest prize: her own 20 Rod Jones $390m family’s great wealth. integrated iron ore project at They are allegations Mrs Roy Hill. Although the estimated 21 Cardaci family $385m Rinehart denies, instead $7 billion in debt funding needed 22 Rhonda Wyllie $376m pointing to her work in building for its construction is yet to 23 Nigel Satterley $360m the value of Hancock for her arrive, with the assistance of family’s future. That she has equity partners Marubeni, 24 Vern Wheatley $355m achieved this is undeniable. POSCO and Taiwan’s China 25 John Hughes $322m Hancock Prospecting is now a Steel Corporation, Roy Hill has been reflected on the ground, 26 Kailis Family $314m behemoth. Its 2011-12 revenue — made great strides towards its with the project appearing to be $14.1 billion the last year figures are $10 billion goal of building a running at full steam and early 1 27 Tony Lennon $311m publically available — from its 55-million-tonne-a-year mine, site works started. IRON ORE, 28 Tony Poli $298m share of profits generated by the rail and port operation. At the same time, Mrs COAL, 29 Danny Hill $295m Rio Tinto-run Hope Downs joint Roy Hill locked in Samsung Rinehart signalled she is again ROYALTIES 30 Stan Quinlivan $290m venture and from royalties from C&T to a $US5.8 billion ($6.1 positioning herself to take Hancock 31 Divirgilio family $262m other iron ore mines topped $2.3 billion) fixed-price engineering advantage of the early stages of a Prospecting billion. The company declared and procurement contract for different resources boom. 32 Garry $260m an annual after-tax profit of the project. The Korean In January, Mrs Rinehart, Brown-Neaves $3.27 billion after factoring in engineering giant has been busy through private investment $1 billion-plus gains related to pushing out that work to local vehicle Timeview Enterprises, cent stake in the giant Rhodes 33 Fini family $255m Minerals Resource Rent Tax firms. took part in a convertible note Ridge iron ore project after a 34 Dale Alcock $243m credits and to the sell-down of its Although there is still some offering by Victoria-focused decade of legal battles with the 35 Peter Meurs $235m Queensland coal assets. doubt about whether bankers Lakes Oil, which has onshore family of Lang Hancock’s Although it may be affected by will back the debt raising gas and oil projects in the former prospecting partner 36 Alan Tribe $229m softening iron ore prices, that without a further sale of project Gippsland and Otway basins. Peter Wright. 37 Nick Tana $225m revenue is set to go up in future equity, that uncertainty has not At the same time, Hancock The Wright family also threw 38 Peter Larsen $217m Prospecting revealed it had up new legal challenges against directly taken positions in the Mrs Rinehart, pushing on with a 39 Geoff Prosser $212m emerging onshore shale and claim royalties are owed from 40 Mauro Balzarini $205m unconventional gas sector by production at Hope Downs and 41 Peter Prendiville $193m marking out acreage in its own launching a new action arguing name. the family should have been 42 Marylyn New $186m While few details are given a stake in the Hope Downs 43 Harry Hoffman $182m available, the move appears 4 expansion project. 44 Nick Giorgetta $179m similar to Hancock’s earlier Those matters are still before foray into Queensland coal, the courts . 45 Steve Wyatt $176m which ultimately yielded the They, along with the fallout 46 Julian Walter $163m company a massive win when from the battle between Mrs 47 Graham Hardie $160m assets were sold. Rinehart and her two eldest While Hancock stacks its cash children, John Hancock and 48 Ian Trahar $150m and Roy Hill marches on, her Bianca Rinehart, point to 49 John Rubino $149m future project pipeline in iron another tumultuous year ahead 50 Frank Tomasi $147m ore took a major dent when she for the country’s richest person. Gina and former husband Greg Hayward in 1973. Picture: Kerry Edwards finally lost control of her 25 per Nick Evans COTTESLOE & DALKEITH

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