Children of one of Australia’s wealthiest beef barons embroiled in legal battle over $40m

THE children of one of Australia’s wealthiest beef barons are embroiled in a family legal stoush over $40 million.

The funeral of Peter and Angela Menegazzo at St Andrews in Victoria.

THE children of one of Australia’s wealthiest beef barons, who was killed in a plane crash 10 years ago, are embroiled in a family legal stoush over $40 million.

Mark Menegazzo, son of the late Stanbroke Group cattle king Peter Menegazzo, is taking his three siblings to the Supreme Court, claiming they “deceived’’ him eight years ago.

Mark Menegazzo owns Queensland Gulf properties Vanrook and Inkerman Stations.

Although he got $64.7 million, after tax, as his quarter share of his late father’s net assets in 2007, he claims he should have received another $40 million.

And he says in a court claim he never would have sold his share if he had known about a secret side agreement between his siblings Debra, Brendan and David Menegazzo over loans.

Brisbane-based Stanbroke Group is one of the world’s largest private integrated cattle breeding, processing and distribution businesses, worth around $400 million.

It owns six Queensland properties across 1.6 million hectares, a Lockyer Valley processing plant and Darling Downs feedlot.

Stanbroke managing director Brendan Menegazzo, whose wealth was estimated at $138 million in the 2014 Sunday Mail Rich List, owns homes at New Farm and Fig Tree Pocket in Brisbane.

Former potato grower Peter Menegazzo of Swan Hill in Victoria bought Stanbroke Pastoral Company with Queensland grazier Peter Hughes and Hungry Jacks founder Jack Cowin for $490 million in 2003.

A few months later Mr Menegazzo bought out his partners.

Peter and Angela Menegazzo died in a plane crash in country NSW.

When Peter and wife Angela were killed in a plane crash in NSW in 2005, Mr Menegazzo was Australia’s third biggest beef producer.

As a result of his will, his four children, then in their late 20s and 30s, became equal owners of Stanbroke Group, an extensive network of companies, entities and properties.

But some of them later disagreed about management of the group, the court heard.

At a mediation on November 7, 2007, it was proposed that Mark Menegazzo would sell his quarter share to his siblings, a court judgment says.

Real estate firm Jutland Pty Ltd had valued eight Stanbroke Group properties at a total of $329,595,000, but Mark claims the true value was $398,405,000.

He claims PricewaterhouseCoopers then erred in calculating the net assets of the Stanbroke Group and the estate of Peter Menegazzo at $313,101,880.

Mark Menegazzo received, after-tax, $64,753,474, in December 2007, but he says he should have received a further $40,028,042 and is claiming that amount.

He also is suing Jutland, PricewaterhouseCoopers, and law firm Thynne & Macartney. A claim against McCullough Robertson Lawyers was struck out on May 8.

Jutland and Thynne & Macartney are defending the claim. Brendan, Debra and David Menegazzo are yet to file responses.