Late billionaire Ken Talbot’s daughter sues for larger slice of father’s fortune
The privileged teenage daughter of a late billionaire coal baron is fighting for an extra $10 million slice of her father’s fortune.
Crime & Justice
Don't miss out on the headlines from Crime & Justice. Followed categories will be added to My News.
THE privileged teenage daughter of a late billionaire coal baron is fighting for an extra $10 million slice of her father’s fortune.
Claudia Elisabeth Talbot, 17, the youngest of Ken Talbot’s four children, has sued Brisbane lawyer Bill Boyd for negligence in the Supreme Court, claiming she is a “disappointed beneficiary” because Mr Boyd took too long to prepare her father’s new will before his death.
Mr Talbot’s estate is still being finalised, despite the fact the 59-year-old died nine years ago, due to the estate becoming bogged down in legal action.
Mining magnate Ken Talbot’s widow sues lawyer over will
Claudia’s mother Amanda Talbot, Mr Talbot’s wife of 15 years, who lives in a riverfront home in Bulimba, has filed a similar suit against Mr Boyd, claiming he “negligently failed to perform Mr Talbot’s instructions in respect of the new will’’.
Mr Boyd has been administrator of Mr Talbot’s estate since June 29, 2012. When Mr Talbot died the estate was worth about $1.1 billion.
Mr Talbot was the founder of Macarthur Coal and made his fortune selling out for $860 million in April 2008, before investing in new mines.
Claudia, who was just eight when her father died, has told the court that under her father’s 2002 will, which became his final will, she was entitled to 12 per cent of his entire estate. But she says that under a new draft will, which was prepared by a barrister and sent to Mr Boyd in 2009, she would have received 13 per cent of the estate.
Based on the estimated value of the estate her share would have increased from $131 million to $141 million.
The draft will was never executed before Mr Talbot’s death.
Mr Talbot left 30 per cent of his wealth to a charitable foundation, and his two older children from a previous marriage, Liam and Courtney, each received 24 per cent, with the remainder divided between Mrs Talbot and her two kids.
Court documents state the estate includes a luxurious mansion named Villa Calvi in Lake Como Italy, purchased for $22 million in 2007, and an apartment in Paris, near the Arc de Triomphe.
Claudia was staying in the apartment with her mother and older sister, Alexandra, when news broke of her father’s death in a plane crash in the Congo on 19 June 2010.
Court documents state that Claudia claims her father told his succession planner that he wanted her to inherit the Paris apartment. Other assets amassed before Mr Talbot’s death, and identified in court documents, include an apartment in Shanghai, China purchased for $5.3m in 2006 and a Learjet bought for $50m.
Claudia also blames the delays on settling the estate on complications due to French estate law and claims Mr Boyd’s failure to “exercise reasonable care” has caused her “economic harm”. She says she cannot yet quantify the size of her claim.
Mr Boyd did not respond to emails seeking comment.
No court date has been set for Claudia’s case. Mrs Talbot’s case is due back in court June 5.
‘You’ve lost two licences, and you’re only a learner’
A learner driver copped an earful from an Ipswich magistrate over his astonishing accumulation of demerit points.
‘Night beautiful’: Mum accused of attempted murder
A mum accused of trying to murder her four-year-old daughter - by 'gassing' her in a car - has been sentenced for breaching her bail conditions by spending time with the girl.