Power list: Stonnington’s most notable rich listers in business, past and present
Stonnington is one of Melbourne’s most affluent areas, and home to some of Australia’s richest business people. See who’s made our list of movers and shakers.
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They’ve made their millions — in some cases billions — through property, shopping centres, transport and other ventures and they’ve all got links to Stonnington.
Some have Toorak mansions, others live in penthouses, and some have built or are creating luxury abodes for Melbourne’s elite to call home.
Many also have philanthropic arms, and some have backed major sporting teams and bought popular venues.
Here’s our list of the most notable rich listers and powerful identities in the affluent inner east.
JOHN GANDEL
Gandel is one of Australia’s shopping centre kings — he owns half of Chadstone, the biggest shopping centre in the southern hemisphere.
The centre is worth $6.75 billion, and that value is only set to grow with work on a multistage, $685 million expansion to start shortly.
Gandel has a massive Toorak mansion, estimated to be worth $70 million, and his other assets through his Gandel Group include the $50 million Point Leo estate on the Mornington Peninsula.
LINDSAY FOX
The trucking magnate has been a longtime Toorak resident and is still at the helm of his Linfox empire, which he started more than 60 years ago.
He has more than 7500 trucks and vehicles operating around the Asia-Pacific region, and the company brings in $2.6 billion in revenue annually.
His personal wealth is valued at $4.18 billion, stemming from Linfox, his cash security business Armaguard and an extensive property portfolio.
Aside from Linfox, he also has huge stakes in Victoria’s aviation industry — he owns Avalon Airport near Geelong and co-owns the Essendon Airport and its Essendon Hills precinct.
SOLOMON LEW
A long-running backer of some of Australia’s biggest brands, Lew is the majority owner of the Myer department store chain.
His company Premier Investments also owns stationary and clothing chains including Smiggle, Peter Alexander, Just Jeans and Dotti.
Lew and Lindsay Fox also temporarily helped resurrect Ansett airlines after it collapsed in 2000.
He owns a handful of properties in Toorak and has an estimated personal wealth of $2.5 billion.
PAUL LITTLE
Like a number of his fellow power listers, Little has strong links to Australian sport, most notably as past president of Essendon FC during its drug supplements saga in 2013.
He’s also the boss of the Australian Grand Prix Corporation, and had to disappoint thousands of fans when the race was abruptly cancelled due to the coronavirus pandemic last year.
But Mr Little made his name in the business world as chairman of logistics company Toll Holdings, which he led for 26 years before retiring.
His Little Group of companies includes his real estate and development business, based in South Yarra, a base for private jets at Melbourne Airport, and Port Phillip Ferries.
Mr Little’s personal wealth from his interests is valued at $1.38 billion.
JACK GANCE
Gance is one of the co-founders of the country’s most dominant retailers, the My Chemist Retail Group, which has the Chemist Warehouse and MyChemist brands.
The two brands control roughly a quarter of Australia’s pharmaceutical market and the group has nearly 400 stores Australia-wide.
Gance’s personal wealth is valued at $1.95 billion, and the group is valued at around $16 billion.
In late 2019, Gance and his family splashed $30 million on two Toorak mansions located next to each other, and had plans for renovations.
TIM GURNER
The young developer’s company, Gurner group, specialises in inner city luxury residential complexes and has its offices in Malvern East.
It has 19 projects underway across Australia’s east coast, with a combined end value of more than $3.8 billion.
Among its pet projects is the uber-flash $540 million Saint Moritz development in St Kilda, and two projects in Collingwood — Victoria and Vine, and Atelier.
Gurner lives in Toorak and has an estimated personal wealth value of $700 million.
LARRY KESTLEMAN
After building his business empire with property developments and as co-founder of telecommunications giant Dodo, Kestleman has become one of the major players in South Yarra.
His lavish $700 million Capitol Grand development is 50-storeys high on the corner of Toorak Rd and Chapel St, and he lives in the $50 million penthouse on the top level.
Kestleman has also made basketball a hot product in Australia again after he bought the National Basketball League in 2015.
His LK Group has a string of companies specialising in property, technology, and he is worth an estimated $605 million.
GERRY RYAN
Australia’s caravan king is a long-time Toorak resident and has been a prolific investor in sport, wine and arts ventures, with an estimated wealth of $567m.
He made his millions as founder of Jayco Caravans and also owns St Kilda’s famous Prince of Wales Hotel, and the Mitchelton Winery in Nagambie.
His sporting investments have also paid off well — he’s a former Melbourne Cup winning owner, a stake in NRL champions Melbourne Storm, and full ownership of WNBL champions Southside Flyers, of which Jayco is their major sponsor.
Who else do you think should be included on Stonnington’s power list? PM us your suggestions via the Stonnington Leader Facebook page.
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