John Gandel

John Gandel
AO
Born 1935 (age 80–81)
Residence Toorak, Melbourne
Nationality Australian
Occupation Property developer
Net worth
Religion Judaism
Spouse(s) Pauline Gandel
Children Four
Parent(s) Sam and Fay Gandel

John Gandel AO[3] (born 1935), an Australian businessman, property developer and philanthropist, made his fortune in the development of commercial real estate as well as shopping centres located in Melbourne, Victoria.

Gandel, who inherited much of his wealth from his Polish-immigrant parents, founders of the Sussan women's clothing chain, is consistently ranked within the top ten wealthiest Australians by net worth in both the BRW Rich 200 and Forbes magazines. In May 2016 he was ranked fifth.

Early life and education

Gandel was born in Australia in 1935,[4] the son of Sam and Fay Gandel, Jewish[5] immigrants from Poland. His parents operated a corsetry store on Collins Street in Melbourne.[4] Gandel was educated at Melbourne High School. He has one sister, Eva Gandel Besen.[4]

Career

In the 1950s, Gandel took control of his parents' women's clothing business (then named Sussan) in the 1950s and with his brother-in-law Marc Besen grew it into a chain of over 200 stores.[4] In 1983, he bought the Chadstone Shopping Centre, selling Sussan to his brother-in-law in 1985 to concentrate on real estate. He subsequently built his own fortune in shopping centres.[6]

In July 1983, the Myer Emporium sold the Chadstone Shopping Centre to the Gandel Group for A$37 million, which has since managed and developed the complex into Australia's biggest shopping mall which is now valued at over $3 billion. In July 1983, the Myer Emporium also sold the Northland Shopping Centre to the Gandel Group. Gandel's major assets are 50 per cent shares in Chadstone, and a 17 per cent stake in the listed Novion that owns the other half. Gandel also owns significant stakes in listed property companies, besides the stake in Novion, worth about A$800 million, and a 15 per cent stake in Sydney-based property group, Charter Hall, in which he invested A$151 million.[7]

According to a January 2012 Herald Sun report, Gandel was the wealthiest man in Melbourne, with an estimated A$3.4 billion net worth.[8] In 2012 Gandel sold his stake in the Northland Shopping Centre for A$455 million and announced an A$500 million hotel and office redevelopment at Chadstone in 2011.[7] In 2006, Gandel bought a 50% stake in Plastro Irrigation Systems, an Israeli irrigation company. In May 2007, the majority owners of the company exercised a right they held and bought back these holdings.[9]

Personal life

Gandel is married to Pauline; together they have had four children.[10] John and Pauline Gandel live in Toorak, Melbourne.[3] In 1990, Gandel was appointed an Officer of the Order of Australia in recognition of his service to business, commerce and to the community.[3]

Gandel's philanthropy has focused on Judaism, education, medical causes and the arts. In 2010 he donated A$7.5 million to the National Gallery of Australia[7] and A$1 million to fight devastating bushfires in Victoria, recalling how their own home was destroyed by fire 20 years earlier.

In May 2006, Gandel was awarded an honorary doctorate of philosophy from Tel Aviv University, the university's highest honor, for his "business standing, broad leadership roles and philanthropic support in Australia and Israel." In the same month Gandel inaugurated the Gandel Institute for Adult Jewish Learning at the Hebrew University of Jerusalem.[4][11]

Wealth rankings

Year BRW
Rich 200		 Forbes
Australia's 50 Richest
Rank Net worth (A$) Rank Net worth (US$)
2010[10] 5 Decrease $2.40 billion Increase
2011[12][13] 9 $3.45 billion Increase 6 Decrease $3.30 billion Increase
2012[6] 10 Decrease $3.35 billion Decrease 8 Decrease $3.20 billion Decrease
2013[14][15] 8 Increase $3.7 billion Increase 8 Steady $3.5 billion Increase
2014[16][17] 9 Decrease $4.08 billion Increase 8 Steady $3.2 billion Decrease
2015[18][2] 8 Increase $4.4 billion Increase 6 Increase $3.6 billion Increase
2016[1] 5 Increase $5.4 billion Increase
Legend
Icon Description
Steady Has not changed from the previous year
Increase Has increased from the previous year
Decrease Has decreased from the previous year

References

  1. 1 2 "BRW rich list topped by Harry Triguboff, Gina Rinehart slips to fourth". ABC News. 26 May 2016. Retrieved 26 May 2016.
  2. 1 2 "Australia's 50 Richest: #6 John Gandel". Forbes Asia. February 2015. Retrieved 13 June 2015.
  3. 1 2 3 "Search Australian Honours : GANDEL, John: Officer of the Order of Australia". It's an Honour. Commonwealth of Australia. 26 January 1990. Retrieved 13 June 2015.
  4. 1 2 3 4 5 Big Pond Money: John Gandel 19 July 2012
  5. ↑ The Gandel Institute for Adult Jewish Learning: About Us - Mr John Gandel AO & Mrs Pauline Gandel retrieved 9 March 2013.
  6. 1 2 "BRW Rich 200 Wealth Index". BRW Rich 200 Wealth Index. Australia. 24 May 2012. Retrieved 22 March 2014.
  7. 1 2 3 Waters, Cara (12 April 2012). "Beware over-expansion: Reclusive retail billionaire John Gandel on how he's navigating the slowdown". Smart company. Retrieved 18 June 2012.
  8. ↑ Hurley, David (8 January 2012). "Locals in wealth's top deck". Herald Sun. Australia. Retrieved 18 June 2012.
  9. ↑ Gavison, Yoram (11 June 2007). "John Deere negotiating to buy controlling interest in Plastro". Haaretz. Israel. Retrieved 18 June 2012.
  10. 1 2 "Australia's 40 Richest: #5 John Gandel". Forbes Asia. 3 March 2010. Retrieved 18 June 2012.
  11. ↑ Cashman, Greer Fay (23 May 2006). "Hebrew U president: Don't take Israel's Jewishness for granted. Gandel Institute for Adult Learning launched to foster Jewish literacy". Jerusalem Post. p. 5.
  12. ↑ "Passport Power". BRW Rich 200 Wealth Index. Australia. 25 May 2011. Retrieved 2 June 2012.
  13. ↑ "Australia's 40 Richest: #8 Kerr Neilson". Forbes Asia. 1 February 2011. Retrieved 18 June 2012.
  14. ↑ "BRW Rich 200: John Gandel". BRW. 22 May 2013. Retrieved 22 March 2014.
  15. ↑ "Australia's 50 Richest: #8 John Gandel". Forbes Asia. 1 February 2013.
  16. ↑ "2014 BRW Rich 200". BRW. Sydney. 26 June 2014. Retrieved 28 June 2014.
  17. ↑ Rollason, Adam (30 January 2014). "Rinehart on top, Palmer down on Forbes rich list". AFR Weekend. Australia. Retrieved 13 June 2015.
  18. ↑ "BRW Rich 200: John Gandel". BRW. May 2015. Retrieved 13 June 2015.
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