REVEALED: Tasmania’s unassuming rich-listers
The Apple Isle might not be swamped with filthy-rich moguls compared to our interstate counterparts, but developers and entrepreneurs have quietly made their millions through the state’s unique industries. SEE WHO MADE THE LIST >>
Tasmania
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We’re familiar with Tassie’s wealthy sports stars and reality TV personalities, but some of our biggest rich-listers have flown under the radar.
The Apple Isle might not be swarmed with filthy-rich moguls compared to our interstate counterparts – only three locals made it onto the Australian Financial Review rich list in 2021– but property developers, financiers, CEOs and entrepreneurs have quietly made their millions through the state’s unique emerging industries and booming real estate market.
Construction and machinery magnate and Tasmania’s first billionaire Dale Elphinstone was ranked 109 on the national list with an estimated wealth of $1.06bn.
The other two Tasmanians to rank among the nation’s heavy hitters were National Basketball League executive director and Dodo founder Larry Kestelman at number 139 with $785m and professional gambler Zeljko Ranogajec at number 188 with $610m.
But the state boasts other less nationally famed multi-millionaires and big earners, or those who were once prominent in the public eye and now live in the shadows.
These are some of Tasmania’s lesser known rich-listers.
Bruce Neill
The major shareholder in Lark Distillery Co was recognised as a rich-lister by AFR in 2019, but has gone relatively quiet since.
Though he might not be among the richest in the nation anymore, the millionaire has invested in companies like Lark and Bellamy’s baby formula through his company Quality Life.
He was cited by AFR as having a net worth of $397m in 2019, though the figure is believed to have fallen.
His wife Penny Clive is a major name in the local creative scene, being a philanthropist and patron of the arts.
She owns the Old Mercury Building and the pair have developed the space into an exclusive artistic and cultural space.
Mr Neill was also a substantial investor in IOOF investment advice company and had been the Menzies Institute for Medical Research chair up until April this year.
Jan Cameron
Former Bellamy’s director Jan Cameron has been a wealthy addition to the state for some years.
The founder of outdoor clothing and supplies brand Kathmandu has lived in and out of the limelight and is known for being one of the state’s richest businesswomen.
Ms Cameron previously owned the old Triabunna woodchip mill, entering a legal stoush with former business partner Graeme Wood in 2014 over the future of the site.
The multi-millionaire had submitted a development application for 12 Bicheno holiday accommodation units in December.
Known as The Rookery, the proposed development at 80 Burgess St, Bicheno would serve tourists near a little penguin colony in place of the Silver Sands Hotel, which would be demolished.
Ms Cameron was expected to appear in Hobart Magistrates Court on Wednesday to fight charges over allegedly misleading the corporate watchdog about her shares in Bellamy’s, but the matter was adjourned.
Graeme Wood
Environmentalist Graeme Wood who founded major travel site Wotif has cultivated big visions for local disused sites and has made major donations to political parties.
Mr Wood owns the Spring Bay Mill East Coast events space and Triabunna Investments, with his work revamping the former Triabunna woodchip mill garnering notoriety in recent years.
The 43 hectare waterfront space was at the centre of a dispute with former investor Jan Cameron, but the pair settled the matter and Ms Cameron is no longer affiliated with the site.
Through Triabunna Investments and Spring Bay Mill, Mr Wood came together with the Bob Brown Foundation to take legal action against the federal Environment Minister Josh Frydenberg for approving a Tassal fish farm near the Mill.
The action to stop the farm was unsuccessful.
Jane Bennett
Jane Bennett’s influence over the Tasmanian farming industry has been far reaching, to the extent that she has been recognised on the Tasmanian Honour Roll of Women for her contributions.
The Ashgrove Cheese co-creator has moved from strength to strength, redefining the local dairy brand, image and experience as a major selling point for the state.
As CEO and manager of TasFoods Limited she oversees recognisable local brands like Pyengana Dairy, Shima Wasabi, Betta Milk, Meander Valley Dairy and Nichols Poultry.
Errol Stewart
Developer Errol Stewart has contributed to the success of brands like Jackson Motor Company, and tourism experiences including the Silos in Launceston and the Seaport, and York Cove Holiday Hotel.
Mr Stewart had also been involved with the $9 million CH Smith development of a multistorey Launceston carpark and commercial office space.
But not every project Mr Stewart has overseen has come to fruition, like his proposed $50 million Kings Wharf Towers residential apartments in Launceston, which he abandoned in 2019 citing the Launceston City Council’s complex planning process for backing out.
Mr Stewart more recently shared plans with the Mercury to revamp a heritage home on the corner of Red Chapel Ave and Sandy Bay Rd, which he bought through Stewart Family Investments Pty Ltd in December for $1.77 million.
He said the family planned to extend the heritage home and landscape the garden, which has won awards.
Brett Torossi
Brett Torossi has invested her time and money into the arts and development sectors to great success.
The Tasmanian Heritage Council chair has worked on several East Coast accommodation projects, like developing the concept to refurbish the Freycinet Lodge, and creating Avalon Coastal Retreat and Rocky Hills Retreat.
Ms Torossi is also a Festival of Voices patron, and a trustee of Tasmanian Museum and Art Gallery, as well as being the first female to chair the museum.
Mark Ryan
A controversial yet hugely successful sector, salmon farming has made millions for the top industry players in Tasmania.
Among them is Tassal CEO Mark Ryan, who has held the position with the major Australian company since 2003.
Mr Ryan’s reach with Tassal makes him one of the state’s richest people, but he has managed to stay out of the limelight in recent years, even if his company has not.
Rufus Black
University of Tasmania Vice-Chancellor Rufus Black earned about $975,000 in 2019, according to the annual report.
The uni has millions of dollars tied up in investments, with handsomely paid senior executive staff also earning six-figure sums upwards of $375,000.
Josef Chromy
Some tales of success resonate more warmly than others, and Josef Chromy’s pathway to becoming a leading wine industry figure is one of them.
Mr Chromy, who turned 90 in December, escaped Czechoslovakia as a teen as the country’s communist regimen prevented him from pursuing his ambitious business dreams.
Once safely in Australia, Mr Chromy was a successful butcher before creating his own vineyard and winery.
Mr Chromy has developed accommodation and commercial spaces in the state’s north,
reviving what tourists now enjoy as the Penny Royal.
The latest string to Mr Chromy’s bow is shaping up to be a five star Gorge Hotel in Launceston.
The $50 million development was proposed by the rich-lister’s JAC Group, prompting a unanimous council vote in May to amend the planning scheme to allow for the unique nine-storey hotel’s approval.
Jenny Gale
The top public servant position in the state was filled by Jenny Gale in 2018, but despite this she is not as prominent or well-known as many of the state’s political figures.
Ms Gale is Tasmania’s secretary of the Department of Premier and Cabinet, having previously been the Department of Education secretary and deputy Premier’s chief of staff.
The former schoolteacher takes home some $519,000 a year through her salary, and before Covid-19 was earning $548,000.
With her riches come great responsibility, working closely with the state government to lead big initiatives.
Originally published as REVEALED: Tasmania’s unassuming rich-listers
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