Mosman home potentially caught in Gina Rinehart dispute
Intrigue surrounds the dispute between billionaire iron-ore tycoon Gina Rinehart and her daughter Hope Rinehart Welker, who is suing Rinehart in the NSW Supreme Court.
Perhaps it is an intellectual property dispute, as suggested by the Australian Financial Review, but it potentially could spill over into real property, given their business and private lives are so entwined.
Rinehart Welker, who turned 26 last month, has never had any public spotlight. Her only company directorship is of 150 Investments Pty Ltd, the family entity that owns the Sydney home of Hope and her husband, Ryan Welker.
The $5.4 million contemporary non-waterfront residence in Mosman was bought in August 2007 through LJ Hooker agent Geoff Smith. Hope Welker became a co-director of the company in September 2007.
Rinehart Welker, who has played a low-profile role in the Rinehart family business, Hancock Prospecting, lives with her 29-year-old American-born, London-educated husband, who was appointed last December as non-executive director to the board of Mineral Resources, in which Hancock Prospecting has a small stake.
Previously Welker had a stint with Hancock Prospecting between April 2008 and July 2009 working on the commercial development of Alpha coal project in the Galilee Basin, Roy Hill iron ore project in the Pilbara, Western Australia and the Nicholas Downs manganese project in the Pilbara, Western Australia.
Rinehart is a director of 150 Investment with her daughters, Hope and Bianca, according to recent reports.
It was only eight years ago that Rinehart also fell out with her son, John, who changed his name by deed poll to John Hancock. John forced to vacate the family-owned apartment in Perth when his mother put it on the market in 2003. He took legal action in an attempt to claim a share of the Hancock family trust, describing in a court affidavit his mother as "a very powerful and controlling person". John has since returned to the fold.
Justice Paul Brereton stood the Rinehart Welker matter over to the same court on September 21 and adjourned to the registrar's list on September 14 a "notice to produce".
Alan Sullivan, QC, the barrister for Rinehart, told the judge that "in due course, if this case does proceed" he would apply for suppression orders.
Sullivan asked that third-party access to the court file be restricted until September 21. The judge noted that, to date, there had been a summons, an affidavit and an order of the court.
Sullivan said the reasons for the application involved "the impact on commercial negotiations". Brereton agreed to hear argument today on restricting third-party access, which would include the media.
Rinehart’s total fortune to $10.3 billion, according to BRW’s valuation in May.
Her Dalkieth family’s most recent purchase was a neighbouring $7.85 million property, which was bought in June through 156 Investments Pty Ltd.