Son Goes to Court Over Division of Father’s Estate

A long-running dispute over the estate of a millionaire from Queensland is heading back to the courtroom, reports the Sydney Morning Herald.

Peter Menegazzo and his wife were tragically killed in a plane crash in 2005. Mr Menegazzo made his fortune in vegetable and cattle farming, and owned Stanbroke Pastoral Company. After his death, the family’s assets were valued at around $340 million.

His Will left his entire estate, which included several cattle properties, a feedlot and meatworks, to be shared equally amongst his four children. 

Unfortunately, disagreements soon developed between the heirs over how the properties should be run, and in 2007 one son, Mark, agreed to step down from his position in the companies in return for sole ownership of a property in the Queensland Gulf, valued at around $56 million, plus a 25% share in a number of other properties, giving him a total settlement of around $64 million. As part of the agreement, his siblings would also absolve a debt he owed of $18.5 million.

However, in 2013 Mark lodged a claim in the Supreme Court of Queensland, stating that his father’s estate had been undervalued and he had been short-changed in the settlement he received. He is therefore pursuing his siblings for a further $40 million, the Sydney Morning Herald reports.

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Source:

http://www.smh.com.au/queensland/brw-rich-listers-the-menegazzo-family-in-court-inheritance-stoush-20160504-gom9zp#ixzz48Ldve1MJ