Florence Gemenis Polites $27m stake in family empire transferred into companies controlled by other family members

As the legal battle rages over the Polites matriarch’s property empire, a new analysis of property records show extensive movements of assets across family companies. Read what she owned.

The matriarch of one of the state’s wealthiest families had her almost $27m stake in their property empire transferred into different family companies in the years before her death, records show.

A bitter family legal war has erupted over the 1999 will of Florence Gemenis Polites, who was married to Adelaide property king Con for almost six decades, amid contested court claims her estate was “insolvent” before she died last year.

But an accounting firm analysis, which Polites family members commissioned, lays bare the matriarch’s nearly $27m interest – based on current valuations – in almost 50 properties, worth close to $140m in some of Adelaide and Sydney’s most recognisable areas.

SA businessman Constantine (Con) Polites with wife Florence in 1994.

The property records examination, tendered to the Supreme Court, reveals ownership interests were transferred to a complex corporate structure other relatives controlled over 12 years before her death in March 2024, aged 102, while living in a Glenelg nursing home.

Government records show transfers occurred between 2008 and 2020 when she was aged in her 80s and 90s.

The Advertiser is not suggesting any wrongdoing, just that the transfers occurred.

George Polites, has appealed a court ruling to appoint an administrator to review his late mother’s multimillion dollar estate. Picture: Brad Fleet

The report, which investigated her business and property interests over the past 24 years, shows her significant holdings in the family’s recognisable CBD properties on King William, Hindley, Rundle, Waymouth, Currie and Hutt streets as well as North Tce.

Mrs Polites, a great-grandmother who suffered ill health in her final years after her husband died in 2001 of heart failure aged 82, also part-owned shopping strip buildings along Rundle Mall and Jetty Rd.

The leaked report, which Thebarton firm KMH Tax and Business Solutions compiled, reveals ownership of several Sydney properties, including Double Bay and on the upscale Oxford St shopping strip in inner city Paddington.

Mrs Polites, a mother-of-three whose property tycoon son George Constantine, 70, was one of the estate’s executors, also owned homes in affluent Adelaide suburbs including Somerton Park, Springfield, Glenelg, West Beach, Skye and North Adelaide.

Using conservative Land Services SA 2023-24 capital values, the report calculates the entire Polites portfolio at $136.7m.

The family has significant holdings across the CBD with properties on King William, Hindley, Rundle, Waymouth, Currie and Hutt streets as well as North Tce. Picture: Sarah Mennie

But industry sources say commercial property market values are typically much higher than government estimates, suggesting the family’s empire – and Mrs Polites’ previous share – could be worth up to 20 to 30 per cent more.

Accountant Shammi Batra, who undertook the analysis, declined to comment.

But his report states: “I endorse this report as being true and accurate in relation to various entities in the Polites group of companies, including entities in which the deceased Florence Gemenis Polites beneficially held and owned shares.”

The court has heard her estate, which has not been granted probate or made legally official, had at least $1.5m in assets but was “insolvent” after accruing debts worth more than $4.4m.

The report, which other Polites family sources claimed had “inaccuracies”, suggests her estate would be valued much higher had she retained her earlier property ownership interests.

George Polites, has asserted to the court that he denies wrongdoing while the estate fell into the red due to “living expenses” that enabled his mother to live “peacefully”.

Records show more than 30 properties were transferred to entities held in a corporate group known as Nominated Manager – a public company George, of Glenelg North, established in 2012 to oversee and manage the family’s vast property holdings and wealth.

Another three Hindley St buildings, and a Springfield residence, in Adelaide’s southeast foothills, were transferred to companies Mr Polites sister Evon Koumi, 73, owned, the report states.

Polities grandson nephew Markas Salkanovic is suing for a bigger slice of his grandmother’s estate. Picture. Greg Higgs

Alex Polites, left, and Marcus Polites with sister Parisha Coleman, who is not embroiled in any of the legal action. Picture: Facebook

Corporate watchdog records filed with the Australian Securities and Investments Commission show George is Nominated Manager group’s chairman and managing director as well as its sole member.

Company records show several property holding companies, in which Mrs Polites previously held a stake, were wound up in September last year as part of a “group simplification”.

Mrs Koumi’s son, Markas Salkanovic, 54, a convicted attempted drug importer, is suing for a bigger slice of his grandmother’s estate.

But his uncle, George Polites, has appealed a court ruling to appoint an administrator to review his late mother’s multimillion dollar estate.

Despite Polites’ family protests, Mr Salkanovic, who denied accusations in court of launching family feuds – including desecrating his grandfather’s grave – won his bid to have administrator Sarah Hooper, of Track Legal, appointed to the estate.

George Polites, who denies allegations in court that he acted improperly as executor, has launched Court of Appeal action against Ms Hooper’s appointment.

Glandore-based Mr Salkanovic, who is estranged from parts of his family and has denied court claims of “abuse and harassment” towards relatives, launched legal action before inheritance laws changed last month.

George Polites’ Queensland-based twin sons Marcus and Con Junior, known as Alex, 40, have also made an application to join their grandmother’s estate’s legal challenge.

None of the parties commented outside court.

Justice Tim Stanley is considering George’s request to have Ms Hooper’s powers halted pending the appeal that will be heard later this year.