larry kestelman net worth

He offers freely his view that basketball can become the number-one sport in Australia. LK is currently building the Capitol Grand project in Melbourne, which will consist of 500 plus apartments over 50 storeys. Among the first-time billionaires are Computershare founder Chris. Larry Kestelman. In addition to his impressive business credentials, Kestelman is widely involved in the community and has won a variety of awards and recognitions for his achievements in supporting multiple charities and initiatives. [12], Australian Competition & Consumer Commission, "Larry Kestelman: The Melbourne millionaire putting the bounce back into basketball", "Buyers fail to pay up in glittering South Yarra mega development", "Inside the birth and death of a junior telco M2 Group", "Larry Kestelman's LK Group snaps up Shoes & Sox owner", "Melbourne property developer Larry Kestelman the second highest debutant on Rich List", "Melbourne Tigers to change their name to United", "Larry Kestelman didn't buy a basketball club, he bought the entire NBL", https://en.wikipedia.org/w/index.php?title=Larry_Kestelman&oldid=1134039266, This page was last edited on 16 January 2023, at 18:41. No half measures here.. The family emigrated when he was 11 years old as part of a wave of Jewish immigrants leaving the Soviet Union, living for six months in Ostia, Italy, before securing Australian visas. It is the perfect place to hear his rags-to-Rolexes tale (although as far as watches go, Kestelman prefers the rose gold Audemars Piguet on his wrist today). His estimated personal wealth is around $750 million. ", Kestelman took over in early 2015, agreeing to pump $7 million in operating capital into the league once club owners allowed him his non-negotiable demand of a controlling stake. Alex Connolly is this years youngest member of the Young Rich List after helping create Australias third most valuable privately held tech company. "Since taking over the league we have been looking at all aspects of the business, and how we could build a proper sustainable business. [11] He subsequently increased his stake in the NBL to 94 percent. He doesn't trust third parties unless he knows them well and then he trusts them completely. Vacant bleachers on a TV screen will send a negative message. His office walls are decorated with unopened bottles of expensive champagne, but he drinks vodka. He says he lives "in the honour of his parents", and that the most important thing in his life is to set an example for his son. Whenever a new venture needs services such as IT support, accounting work, HR, web design or publicity (including the NBL), Kestelman calls on that family of companies. We're selling entertainment. Presently, Mr. Burton holds the position of Non-Executive Chairman at Grand Gulf Energy Ltd. and Executive Chairman for TSV Montney Ltd. Mr. Burton is also Member of Australian Institute of Co. Directors and Principal at Verona Capital Pty Ltd. and on the board of 6 other companies. What a year it's been! Don't miss a thing! "The main act is the basketball but what happens around it just as important. "The majority of my friends I've known for a long time. Kestelman has good reason to believe in ascendance: it's his life story. [7] His net worth was assessed at A$1.1 billion in the 2022 Rich List. While establishing and selling Dodo was his biggest success, Kestelman's wealth has been built on diverse sources including offshore call centres, city construction companies, an amusement centre in outer suburban Dandenong, a pair of home security firms and a sports betting website. Once, after a business win, he took Akoka for a ride in his Ferrari to Chanel. You understand what tough is when you come from nothing. We used to have those awkward moments of silence where you dont always connect. He is ranked 85 on the list behind the highest ranking debutant, Perth businessman Tim Roberts who is the son of Multiplex founder John Roberts who is ranked 62. The property developer and owner of the National Basketball League - worth $785 million in the 2022 Financial Review Rich List - put together two sites on the corner of Williams Road and Bruce. "He won't give anything to anybody. In this analogy, he says, rugby union is fillet mignon, rugby league is pork chops. Australias richest man, Andrew Forrest, says he is sad to see the chief executive of his private investment arm and philanthropic interests exit. A Ukrainian migrant, Kestelmans rags-to-riches life story has made him a beacon for achievement in Australias business, technology, property, and sporting landscape. The initial AU$7 million investment Kestelman made is beginning to pay enormous dividends for the 52-year-old. "I don't agree with it," he said at the time. Growing up an only child in the small port city on the Black Sea, he was carefree but poor; he collected discarded chewing gum wrappers and swapped them with mates like trading cards. With Financial review Rich Listers dotted throughout the room, its little wonder that Sydney Dance Companys Dance Noir fundraiser on Saturday night was one of its most successful ever. One floor down, on level 15, sits the office of Acquire BPO, a "business process outsourcer" (a call centre with 7000 staff in the Philippines), along with its subsidiary Shore Solutions, and a rendered graphics company called Animation1. "It's a different ball game. [3] The business grew rapidly with a focus on simplifying customer billing, including providing fixed-price plans and unlimited downloads. Meet the National Basketball Leagues Kestelman family: together, they live and breathe the competition. Mr Kestelman said there were about 20 apartments yet to sell. Then he began dipping into other ventures, co-ordinated from an office above a fish and chip shop in Elsternwick. The whole brand is about street individuality, says Justin. His son will be there, of course, and he can think of no greater joy than their passion being shared in work and play. That's what we're going to try to do more and more communicate who's in the game and what they're about. But one thing's for sure, he's not done yet. The league sold about 82 per cent of its seating capacity for the 2016-17 season, with 725,749 tickets accounted for. #ballislife, A post shared by Justin Kestelman (@justinkestelman) on Oct 5, 2016 at 11:15pm PDT. Rich Lister Larry Kestelman has sold off a residential development site in the heart of upmarket Toorak for a record $26 million, collecting a tidy profit after aggregating the land only two years ago. "The imports used to come down here and drop 50 points in a game," says Lemanis. There is no bitterness. Find out more HERE. "We're all on a mission. "She works across the more affluent part of the charitable sector," he says. Introduction . His mother found work in the laboratory of the Red Cross blood bank. He is ranked 85 on the list behind the highest ranking debutant, Perth businessman Tim Roberts who is the son of Multiplex founder John Roberts who is ranked 62. Larry Kestelman is a serial entrepreneur whose limitless enthusiasm for business has bred a winning culture throughout the expanding portfolio of companies over which he presides. So in 2015 he instead struck a five-year broadcast deal with Foxtel to screen every game live. "I'm not saying the sport would have disappeared without me. Even in the 1990s boom, the initial ratings for matches were modest. By the 1990s Michael Jordan was the pre-eminent star athlete on the planet, but in an era without live streaming sport, Australian audiences could only catch glimpses of his talent on the nightly news. (Kestelman now owns 94 per cent of the NBL, after all the clubs bar Perth agreed to a recent share buy-back in exchange for a slice of media revenue. "I was more interested in fitting in. Larry Kestelman is a serial entrepreneur whose limitless enthusiasm for business has bred a winning culture throughout the expanding portfolio of companies over which he presides. In 2013 he sold his company Dodo for $230 million. On level 12 is the NBL. "), Yet his closest business partners are almost as important. You have to.". ", The morning after the China game, I drop my shoes in a wicker basket on the dock and join the owner for breakfast. Brand Collective had been on the market for about 12 months but the pandemic disrupted the sale process. He grew up in Melbourne's south-eastern suburbs, attending Murrumbeena High School before going on to study accounting at Victoria College in Prahran. Larry and Justin Kestleman photographed in Melbourne, 26 September, 2018. However, in Perth, the league still had great potential. This level of television exposure was a real game-changer in pushing the league into prime time. Exactly how long it will take for the league to be able to survive without the millions and manpower of the LK Group is uncertain. Help using this website - Accessibility statement, block a takeover offer from US-based investment company Coliseum Capital. She was working in an IT sales role and helped him find some staff, so he asked her: "What do you want to do in life?" In 2016 he partnered with SBS, which will screen two live games per week on free-to-air television when the new season kicks off on October 5, including a new 5.30pm Saturday marquee game sponsored by Kmart. In 2012 Larry decided that simply owning NBL franchise Melbourne United wasn't enough. Australian stars Gaze, Bradtke, Vlahov and Heal needed no first names, nor did American imports like Bolden, Copeland, Bruton and Loggins. His first job was an unglamorous accounts payable role for a tyre company. [2], In September 2001, Kestelman established internet service provider Dodo Services with his cousin Michael Slepoy and Russian-born Igor Gilenko. In his first year as league owner Kestelman negotiated a new television rights deal, the revival of the Brisbane Bullets, and a revamp of the league's brand identity and digital platform. He did the same thing two or three more times, still working as an accountant. He co-founded internet service provider Dodo in 2001, which was bought out in 2013, and has interests in various other industries via his holding company LK Group. Mr Kestelman said there was scope for an IPO, particularly to fund further acquisitions, but he was also happy for the group to remain private. (ABC News: Mary Gearin) A formal announcement from the Glenorchy City Council is expected in the coming days. [9] In 2014 he controversially announced that the team would rebrand as Melbourne United. #OTTNO, A post shared by Justin Kestelman (@justinkestelman) on Apr 1, 2018 at 12:45am PDT. LK Property Group transcend the current development industry by extending exemplary experience to clients with the exclusive LK Concierge, ensuring clients are well supported throughout their property purchase experience, from beginning to years after. Leah Akoka met Kestelman when she was 19 and he was 26. (The average six-month NBL contract is now $132,000.) The Blundy effect has finally arrived at womenswear retailer City Chic Collective! [3], Dodo claimed revenues of $A80 million by 2005 and received a takeover offer from Telstra which was rejected. Scott Stavretis was hired in tech support at 20 and is now CEO of Acquire BPO. So hard. "This helps build a connection between the grassroots and elite levels of the game in Australia," he said. He set out a 100-day plan to revamp every aspect of the league. Jewish by birth but not at all religious, Kestelman is a member of none of Melbourne's exclusive boys' clubs except the Huntingdale Golf Club. "But Vegas is also a vision of something man creates from nothing," he adds. And I love the way it makes me feel.. Greece, he points out, won a European championship in the 1980s and was enveloped in basketball mania: "If the Boomers could finally break through and win that Olympic medal, look out.". Kestelman points out that, in Victoria at least, some were being held in front of a couple of thousand people at the State Netball and Hockey Centre. He retained the penthouse of the development for his own use. I love this sport and everything about it. PAS Group and Brand Collective would operate as separate businesses, with Eric Morris continuing to run PAS and Caleb Brown running Brand Collective, but would collaborate on brand development. He's talking with FC Barcelona Lassa and Maccabi Tev Aviv, for instance, but his unhidden abiding ambition is to see an NBA team play a game in Australia something that has never been done before. "I always like coming in a little bit from the outside. His parents were part of a wave of Soviet Jews given visas to Western nations. He points out that Kestelman just signed a deal to host the comedic exhibition games of the Harlem Globetrotters when they next tour Australia. A high-stakes trial involving two billionaires and royalties from Rio Tinto iron ore mines is set to go ahead. Roberts has a diverse number of investments including funds management and he is part of businesses such as AVWest and Warburton Group. Often, when he meets someone he likes, he becomes their patron. ", Kestelman is executive director of the league but has appointed commercial lawyer Jeremy Loeliger, a former partner at corporate firm Holding Redlich, as CEO. By that time the Boomers squad could be filled entirely with Australian NBA players. Facebook Twitter "Trying to be cool. "There must be a way to do it. Rich Lister Larry Kestelman, with his son Justin. Its wonderful, and we got a very good permit there. [1] In 2020, LK Group's private equity arm Queens Lane capital acquired womenswear retailer PAS Group, which owns the Review, Black Pepper and Yarra Trail brands. Kestelman will fund the trip. [6], Kestelman debuted on the BRW Young Rich List in 2005 with Dodo co-founder Igor Gilenko, with a shared net worth estimated at A$87 million. ", Rebranding the club Melbourne United in 2014, Kestelman faced an immediate backlash and not just from fans. Contact us by email, phone or post. ", Born in 1966 in Odessa, in what was then Soviet Ukraine, Valarie (Va-lare-ree) Kestelman wanted it badly. The masterplan includes a four-and-a-half-star hotel up to 40 metres or about 12 storeys high and up to 250 rooms at the northern end of the precinct. Currently, he is proud of what he has achieved, stating hes well ahead of the three-year plan for the league. The man seems happy in the moment until he notices something amiss. By 31, Ruslan Kogan had landed on the Financial Review Rich List after building online retail group Kogan.com. #NBL #NBA #SportsBusiness #SportsManagement #LarryKestelman #SportsBiz #Basketball. Craig Ian Burton biography. The Financial Review Rich List 2019 is the 36th annual survey of the 200 wealthiest people resident in Australia, published by The Australian Financial Review on 31 May 2019. , yet his closest business partners are almost as important often, when he meets someone likes... Perth, the initial ratings for matches were modest Australias third most valuable privately tech. Larry Kestelman, with his son Justin third most valuable privately held tech company exposure. In Odessa, in what was then Soviet Ukraine, Valarie ( Va-lare-ree Kestelman. Larry Kestelman, with his cousin Michael Slepoy and Russian-born Igor Gilenko then he them. The 52-year-old # SportsBiz # basketball have disappeared without me met Kestelman when She was 19 and was... 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