A bitter and high-profile legal battle between Australian billionaire Alex Waislitz and his ex-wife, packaging heiress Heloise Pratt, has been abruptly halted following a blockbuster multimillion-dollar settlement.
A Dispute Over Secret Millions and Luxury Mansions
The simmering dispute, which was headed for a Supreme Court trial in Victoria, centred on allegations of secret financial dealings, multi-million pound property purchases, and the funding of a glamorous popstar's lifestyle. Mr Waislitz, 67, was accused by Ms Pratt of improperly using funds from their shared business interests to support his 35-year-old fiancée, Rebekah Behbahani, who is the mother of his young daughter, Storm.
Specific claims included allegations that Mr Waislitz took secret loans from a trust he shared with his ex-wife and that he authorised a transfer of $1.23million from their company, Tiga Trading, to buy two luxury townhouses in Melbourne's affluent Toorak suburb without Ms Pratt's knowledge. Ms Behbahani and her sister, former 'Real Housewives of Melbourne' star Venus Behbahani-Clark, were reported to have lived in these properties rent-free.
The Thorney Investment Group Empire
The core of the conflict was a struggle for control of the Thorney Investment Group, a tech investment firm with over $1.3billion in net assets. The company was founded in 1991 after Ms Pratt's father, the late cardboard magnate Richard Pratt, gave his future son-in-law shares worth $1.2million in the global paper giant Amcor. Mr Waislitz grew this initial portfolio into an empire now believed to be worth up to $1.5billion.
In March of this year, the legal row intensified when Ms Pratt filed an updated statement of claim, accusing her ex-husband of authorising $20million in transfers to buy a lavish penthouse in Melbourne's St Kilda and of loaning money to bankroll Ms Behbahani's music career, where she performs under the name Behani. Mr Waislitz consistently denied all allegations of wrongdoing.
A Multimillion-Dollar Resolution
The standoff has now been resolved with a comprehensive financial settlement. According to reports, the deal involves payments totalling hundreds of millions. Mr Waislitz's Thorney Investment Group made a $214million payment in September, followed by $330million in repayments and dividends to the Pratt family.
As part of the final agreement, Ms Pratt will receive $325million, while the couple's three children will inherit $825million in cash and assets. Crucially, the settlement has led Ms Pratt to drop all allegations of misconduct against Mr Waislitz in the Supreme Court, bringing the acrimonious year-long legal wrangling to a close. The dispute between the Behbahani sisters over one of the Toorak townhouses was also previously settled.
