‘Friction’ between billionaire heiress Heloise Pratt and ex-husband Alex Waislitz emerges in court fight
Heloise Pratt claims her ex-husband Alex Waislitz transferred $14m from their family trust to fund his new fiancée Rebecca Behbahani’s pop music career and luxury properties.
Billionaire heiress Heloise Pratt has alleged her ex-husband Alex Waislitz transferred $14m from their family trust to fund his new fiance’s pop music career, as new court documents claim “a history of friction” between the pair should expedite the appointment of an independent trustee.
Ms Pratt’s updated case against Mr Waislitz detailed how much money she alleged her ex-husband spent without her approval from their joint ‘Halex’ family trust on his new fiance Rebecca Behbahani’s pop music career.
This money allegedly paid for two properties in Toorak for her and her sister to reside in “rent free”, and a luxury Melbourne apartment located in the Saint Moritz St Kilda tower built by Tim Gurner.
Mr Waislitz was contacted for comment. He has previously denied the claims against him. In his defence, Mr Waislitz said Ms Pratt failed to involve herself in their business affairs.
“(Mr Waislitz) and Heloise Pratt had an arrangement or understanding whereby Heloise Pratt left to him the management of their family’s commercial and business affairs, including with respect to the distribution of income of the Halex family trust,” Mr Waislitz said in his defence.
Ms Pratt’s latest court filings dropped allegations against Mr Waislitz that accused him of criminality, but contained transactions Mr Waislitz and his associated companies allegedly made over many years.
She is prepared to take her case all the way to trial, which is set to go ahead in September.
Ms Pratt struck up a deal with her billionaire parents Richard and Jeanne Pratt dubbed Project Rose which saw the incorporation of a private entity called Jamahjo, which owns Thorney Investment Group Australia, with Ms Pratt and Mr Waislitz its original directors.
“(Mr Waislitz) from time to time deposited substantial sums of money with subsidiaries of Jamahjo. Those deposits were undocumented, interest free and for no apparent business purpose. They were not transactions that an ordinary prudent man of business would enter into on his own account,” she alleged.
This pact also led to the establishment of the Halex trust, which Ms Pratt says was established “with the primary intention of providing equally” for their three children.
As negotiations about their assets broke down following their split, Ms Pratt late last year launched her court case against Mr Waislitz asking the court to ditch Jamahjo as trustee of their Halex trust, and appoint an independent trustee.
According to her latest pleadings, Ms Pratt alleged “disputes” about their wealth “make it expedient for the trust as a whole and its beneficiaries to be administered by an experienced, properly resourced and independent trustee”.
“The history of friction between Alexander Waislitz and Heloise Pratt is likely to impede the proper administration of the Halex Family Trust,” Ms Pratt’s court pleadings further alleged.
She claimed Mr Waislitz “used his position” as a manager of Jamahjo to advance “undocumented, unsecured and interest free” loans without the authority of the board.
This included $US9.4m ($14.4m) allegedly transferred to Flytime Productions, a music promoter for Ms Behbahani’s career.
Ms Behbahani, who performs as Behani, has released a number of singles including “Say You’ll Be There”.
Ms Pratt also alleged Mr Waislitz authorised the purchase of two units in Toorak for Ms Behbahani and her sister Venus to live in without her approval.
Ownership of one of those units is being challenged in a separate Victorian Supreme Court fight, brought by Venus who has alleged she and her family were promised the property by Mr Waislitz and her sister. Mr Waislitz and Rebecca dispute that claim.
As well, Ms Pratt claimed $20m was improperly used to fund the purchase of a luxury apartment in Saint Moritz, which Mr Waislitz has previously flagged defects in. Those allegations are rejected too.
Ms Pratt said the affairs of Jamajho are now “in a state of deadlock”.
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