Billionaire Wants to Shut ‘Holidaying’ Kids Out of Trust Fund

by | March 15, 2012 at 5:21 PM | General

(Photo by Paul Kane/Getty Images)

Billionaire Gina Rinehart, known as Australia’s richest woman and regarded as a female ‘Donald Trump’ of her country, is on a mission to shut her three eldest children out of their inheritance.  Why? She claims it would be in their best interests “to force them to go to work and reconsider their holidaying lifestyles and attitudes.”

Rinehart, worth $18 billion, accrued her wealth after inheriting her father’s Hancock Prospecting iron ore business.

Lang Hancock set up the Hope Margaret Hancock trust for his grandchildren before he passed away in 1992. The trust, left in their name, was expected to bring the children a $2.4 billion fortune, with an income of up to $250 million a year.

However, Rinehart doesn’t believe her children are worthy of such an inheritance. In court documents, she characterized her three oldest kids as slackers “manifestly unsuitable” to manage the trust fund set up by their grandfather, as reported by ABC News.

Rinehart’s children are suing their mother, arguing that she should be removed from the role of trustee because she has handled the situation “deceitfully” and with “gross dishonesty.” She allegedly forced them to make her trustee, and gave them a one-business-day deadline for their decision. In the agreement the children feel they were forced to make, Rinehart extended her control of the trust until 2068. The youngest of the three kids would be 83 at that point and Rinehart would be 114.

The billionaire mother was trying to keep her family feud out of the public eye, but an Australian court lifted the gag order and released hundreds of pages of court documents detailing the dispute.

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