Heloise Pratt says deal between her parents and ex-husband Alex Waislitz proves control of Thorney
Codenamed Project Rose, details of a financial deal between the Pratt family, daughter Heloise and her ex-husband Alex Waislitz have been revealed in court as the billionaires battle over family assets continues.
Heloise Pratt says she struck a long-standing deal, codenamed “Project Rose”, with ex-husband Alex Waislitz and her billionaire parents Richard and Jeanne Pratt, proving her authority and control over the family’s investment arm, Thorney.
The former couple are separated, and Ms Pratt disclosed the little-known agreement in court documents as she mounts her legal case against Mr Waislitz.
Mr Waislitz, a billionaire in his own right, is defending the litigation by alleging Ms Pratt abdicated her responsibilities of managing the company to him and has no claim over its ownership.
“In 2005 Richard and Jeanne Pratt, Heloise Pratt’s parents, decided to transfer some of the assets of the Thorney Group to her or in accordance with her directions,” it is alleged.
“Heloise Pratt directed that a new structure be established for Thorney Group assets to be transferred to, and that that new structure take the form of a trust to be controlled on a 50/50 basis by her and Alexander Waislitz.
“Accordingly on 8 December 2005 ‘Project Rose’ was implemented in accordance with directions of Heloise Pratt.”
Thorney Investment Group is a stock-investing empire worth upwards of $1.3bn.
Mr Waislitz built it up by successfully investing in a string of small and mid cap companies with a sum of money initially provided by the late cardboard magnate Richard Pratt.
Negotiations about the couple’s assets have deteriorated after their separation in 2015, and it is understood Ms Pratt sued Mr Waislitz in a surprise move last November to obtain a settlement worth about $750m from her estranged husband and Thorney.
Ms Pratt said striking the “Project Rose” deal saw the incorporation of a private entity called Jamahjo, that has ownership of Thorney Investment Group Australia, with Ms Pratt and Mr Waislitz as its initial directors.
It also led to the establishment of the Halex Family Trust, which Ms Pratt says was established “with the primary intention of providing equally for the three children of Alexander Waislitz and Heloise Pratt”.
Ms Pratt is now asking the court to ditch Jamahjo as trustee of their Halex Family Trust and appoint an independent trustee.
Project Rose is one example of how the wider Pratt family, now headed by Anthony Pratt, is moving to protect their wealth as they also fight a number of other court cases which revolve around claims on their assets.
Mr Waislitz declined to comment on this story, but he has vigorously defended the claims made against him and in his own defences said Ms 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”.
“At all material times the first defendant (Mr Waislitz) was, to Ms Pratt’s knowledge, actively involved in the day-to-day management of the business of the Thorney Investment Group,” Mr Wasilitz’s defence said. “At no time has Ms Pratt been involved in or shown any interest in being involved in the day-to-day management of the business of the Thorney Investment Group.”
According to the 2025 edition of The List Australia’s Richest 250, Ms Pratt and her siblings Anthony and Fiona Geminder have amassed a combined fortune worth $28.57bn.
The money stems from their family business, Visy, a cardboard box manufacturing giant, which their father Richard Pratt took over in the late ‘60’s.
In her court documents, Ms Pratt said the Pratt Family Holdings Trust “was the ultimate owner of numerous companies established and/or run by Richard Pratt”.
“The Thorney Group was a business group consisting of a subset of those companies. Alexander Waislitz was employed as an executive in the Thorney Group,” she said.
Ms Pratt alleged Mr Waislitz acted dishonestly and “engaged in criminality” including for breaching governance rules, and for allegedly paying himself and his charitable foundation $1.147m in 2017 without her knowledge and from their jointly owned Thorney Investments business.
She has also alleged Mr Waislitz used more than $21m in loans to buy a luxury Melbourne apartment located in Saint Moritz – built by Tim Gurner – and that he also used funds to purchase property for his fiancee, Rebecca Behbahani and back companies connected to her music career.
As well, Mr Waislitz is also accused of spending about $1.23m from another of their jointly owned companies, Tiga, on two units in the exclusive suburb of Toorak occupied “rent free” by Ms Behbahani’s sister, Venus.
That property is the subject of a separate court fight, which the Pratt family have intervened in to argue the property is actually controlled by their empire.
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Originally published as Heloise Pratt says deal between her parents and ex-husband Alex Waislitz proves control of Thorney
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