Billionaire Meriton owner Harry Triguboff reveals who he’s leaving his fortune to as he talks of his family, legacy and housing crisis

From passing on Meriton’s empire and addressing Australia’s “avoidable” housing crisis to surviving a near-death scare, Harry Triguboff opens up in a rare interview. See the video.

Exclusive: In an era where billion-dollar companies are rarely kept in the family, Harry Triguboff is determined to turn Meriton into a lasting dynasty — even to the point of coaching his grandchildren on business strategy while they drive him home from the office.

At 91, the property mogul — known as “High-Rise Harry” — is grooming the next generation to lead Australia’s largest developer. Three of his grandchildren – Daniel, Ariel, and Ella -already work at the company, and are poised to carry on his legacy.

“The grandchildren will become very wealthy when I die, but they will become much more wealthy when they take over,” Mr Triguboff said.

At 91, the property mogul — known as “High-Rise Harry” — is grooming the next generation to lead Australia’s largest developer. Picture: Sam Ruttyn

“It’s very important they’re involved because they’re connected to the company. If I get somebody from the outside, they might stay in the company, but they might also leave because there’s nothing in it for them.

“So if I can get somebody from the family who also has some ability, I think it’s a good combination.”

The billionaire, whose daughters Orna Triguboff and Sharon Hendler never went into the business but will inherit a stake in the company, believes having his grandchildren at the forefront will only “strengthen” his empire.

Watch our interview with him above.

Harry Triguboff on site during the building of World Tower. Picture: Supplied

Moshe Triguboff with his sons Joe and Harry in 1936. Picture: Supplied

Mr Triguboff even has a roster for each grandchild to drive him home from work every day, using it as time to pass on important lessons.

“It’s better that they are together in the company because they work better together … that’s why I keep them there,” he said.

The lasting future of the business comes after one of the toughest years for the Meriton boss.

In September, his much-loved wife Rhonda, 76, passed away peacefully at the couple’s Sydney home after an illness — a topic that is still too raw to talk about.

Harry and Rhonda dancing at his 80th birthday party. Picture: Supplied

Harry and Rhonda on their wedding day in 1980. Picture: Supplied

Just six months earlier, Mr Triguboff narrowly survived a life-threatening build-up of fluid around his heart.

“They told me I had a 50/50 chance of survival,” Mr Triguboff said.

“The (doctors) wanted to know if I wanted them to take all measures to keep me alive. Of course I did, even if it meant being in a wheelchair, as they suggested might happen.

“They started treatment and, fortunately, all went well with no side effects, like dying.”

Billionaire property developer Harry Triguboff sits down for exclusive interview at the penthouse of the Meriton Tower on Kent Street. Picture: Sam Ruttyn

With over 80,000 apartments built and another 2000 in development, Meriton’s success has been a testament to Mr Triguboff’s work for over 60 years.

After years of persuasion from his family, the fiercely private billionaire has finally shared his entire life story in his first-ever authorised biography, High-Rise Harry, offering a rare glimpse into the man behind the Meriton empire.

High-Rise Harry, his new biography. Picture: Supplied

Harry Triguboff in Sydney on April 8, 1982. Picture: Ross Willis for The SMH

“If I wrote the story when I was 50 years old, it would be only half the story, and if I waited much later than that, my marbles might not be in order,” Mr Triguboff said.

“So I think that now was the best time to do it.

“The most surprising thing people will learn about me when they read the book is that I got where I did without ever imagining that I could get there.

“I just got [there] by working hard, having the right people and being in the right business.”

Harry Triguboff with his daughters Orna and Sharon on holiday. Picture: Supplied

Born in northern China to Russian Jewish parents and educated in Sydney, Mr Triguboff’s empire began with one house, then eight units, then 18.

“I always say that you should be the tallest tree in the forest, not the only tree in the desert,” Mr Triguboff said.

“I never doubted myself for a second, so when I made decisions, I believed them always to be the right ones. I had commitment, resilience, perseverance, and passion. I was stubborn and fearless.

“Did I mention the healthy ego I have? All those characteristics I still have today, and I will still do what any good entrepreneur can always do – find a hole and fill it.”

Sydney has undergone significant transformation since the 1960s, when Mr Triguboff first began.

The Triguboff family celebrating Harry’s 90th birthday at Sydney’s Town Hall last year. Picture: Supplied

While most developers focused on building cottages, the real estate tycoon took a different approach, opting to construct apartments.

That’s why he believes the current housing crisis, which he has been outspoken on, “didn’t just creep up on us”.

However, Mr Triguboff is optimistic about first-home buyers who have been priced out of the market.

Watch our video below where he speaks about the housing crisis in Australia.

“The housing crisis will get better, but it shouldn’t have gotten that bad,” he said.

“But what can you do? The politicians today and the bureaucrats have rules and they keep to them. Now, the way the rules work is they might be correct for one particular time, and they might be a disaster for the next.

Meriton Aprartments development boss Harry Triguboff looks into his crystal ball at his office in Sydney in 2002.

“Looking at the Reserve Bank … the problem with that is that the rules are out of date, and they will always be out of date. But time moves. You can’t just say I do it because that’s the rules. The rules have to be correct for that time and continue being updated. If you don’t change your rules, it’s better to have none.”

When it comes to the kind of legacy the iconic developer will leave, Mr Triguboff isn’t too worried.

With over 80,000 apartments built and another 2000 in development, Meriton’s success has been a testament to Harry Triguboff’s work for over 60 years.

Harry Triguboff with his Bentley in 1997.

However, he hopes to see Meriton thrive with his family at the helm and continue the success he built for decades.

“I’m doing the same as what I was doing before. Only thing that’s happened is the business grew, so I’ve got more people,” he said.

“Before I had to know everything and now, because I have better people, they do a lot.

“As for the future of Meriton, that’s not my problem. That’s the problem of the people that work there and the family and I hope that they will succeed.

“But I always made sure that my workers succeeded as well as I did, and that’s why they stayed with me for many years.

“My legacy is only important when I live and what happens afterwards I don’t know, and I really don’t care. All I know is that I’ve done my best.”

High-Rise Harry will be available from all good bookstores or online.

Originally published as Billionaire Meriton owner Harry Triguboff reveals who he’s leaving his fortune to as he talks of his family, legacy and housing crisis