Sydney sisters in court for their $90M share of late building baron grandfather's $2.5B fortune
Two Sydney sisters could become some of the richest teens in the city after launching a legal bid for a $90 million slice of their late billionaire grandfather's fortune.
Since West Australian construction magnate Len Buckeridge's death in 2014 a number of family members have staked their claim on his $2.5 billion estate, Fairfax reports.
Two of his grandchildren, Esperance Stephen, 19, and 16-year-old sister Alba, are just two family members taking legal action in the West Australian Supreme Court to secure their share of the estate.
The teens claim the will does not make "adequate provisions" for them due to the way the fortune tied to the Buckeridge Group of Companies (BCG) is held over in trusts and out of their control.
The sisters' money is currently controlled by two of Mr Buckeridge's sons in WA – Sam and Andrew, and a step-brother Julian.
Now directing the BCG construction firm, the trio are said to have a "hand in just about every facet of the building process" in WA.
Their sister Rachael Buckeridge – mother to Esperance and Alba – is also challenging the will and how the money is governed.
"What we are after is what we were left, but we just want to be able to make our own decisions about it," she told The Australian.
The court was told Rachael Buckeridge said she was "substantially" dependent upon her father from 1980 to 1999 and then completely dependent upon him until his death in 2014.
WA Supreme Court Judge Master Craig Sanderson said it was therefore "arguable" to assume her daughters were "at least partially dependent" upon their billionaire grandfather's wealth.
Mother and her daughters live in a three-story home in Vaucluse, an exclusive suburb in Sydney's eastern suburbs.
The court was told last week the property was given to Rachael by her father, which the judge noted was likely maintained by the mother and her two daughters.
Judge Master Sanderson noted the teens "do not say they are entitled to more from the estate... rather they argue the way in which their entitlement is structured should be altered".
There are now 22 different parties making claims on the fortune with mediation set down for July.
Newsbreak – June 1
