By posting your comment you agree to our house rules. Sir Warwick Fairfax at 57 divorced his second wife, Hanne, to marry Mary Symons, whose son Warwick tipped Fairfax into receivership. [3] Norman recognised the high demand for kosher meat and went into business with his brothers, Abram and Moses. Succession is the unspeakable topic. The goal of this was to provide income for all family shareholders, giving non-working family members financial stability too. The split has been good for the Salteris, who are backing further Di Pilla ventures. Shirtsleeves to shirtsleeves in three generations is not just American folklore. [19] For this Jewish community of up to 15 000 people, there were only 2 butcher shops in Melbourne supplying kosher meat. Victor Smorgon (centre) is surrounded by members of his family before the Smorgon empire was broken up in 1995. Samantha Smorgon as a child with her father, Robert Smorgon. Smorgon Consolidated Industries also sold the property portfolio of Victor Smorgon and Ron Altman and Victor and Loti Smorgons American Contemporary Art collection as these were purchased using the companys finances. "It is not lost on me, the irony. And lest there be any doubt, the 2012 list of Australia's richest families, compiled by Business Review Weekly magazine, reads thus: the Smorgon family tops the list with an estimated wealth of more than $2.5 billion; in second spot is the Liberman family with a listing of more than $2 billion, followed by the Besen family, also at over $2 billion. But Smorgon's greatest concern is the tensions among families on the Rich List are not getting better. We all started in the offal room, Edwards says. Luca and Guido had a robust social manner similar to Francos while Marco was more reserved and analytical. The BRW Rich Families List was published annually since 2008. LEVI WOLFF Smorgon, who last year retired from his position as executive chairman Family Advisory at accounting giant PwC and was the inaugural chairman of Family Business Australia, reveals he is working with at least 12 wealthy clients "where there are tensions". [3] In 1925, Norman divorced Tzippa and married the familys governess, Vera Naumovna Feldman,[1] so that she could obtain a travel permit too. Charles 'will NEVER build real relationship with Archie and Lili unless Harry and Meghan get new royal 'Putin has STOLEN our Ukrainian children': Distraught parents tell how THOUSANDS of youngsters never EMILY PRESCOTT: Sarah Ferguson 'confused' after seeing photos from goddaughter's wedding she thought she was Joe Biden is 'unlikely' to attend King Charles' coronation due to Ireland trip - despite promising to A 14-year-old autistic boy's naive prank. [3] To save their meat processing business, Smorgon Consolidated Industries bought two new plants in 1983. Your comment will be posted to MailOnline as usual. Gina Rineharts three older children won a victory in 2015, when Bianca replaced her mother as trustee of the Hope Margaret Hancock Trust, which owns a sizable part of Hancock Prospecting. [16] To compete with AMP, the Smorgons decided to start producing boxes as part of a vertical integration of their paper business. shadwell, london crime; lord capulet character traits; creflo dollar plane crash; The Smorgon family, based in Melbourne, has topped the BRW's Rich Families list for the past seven years with diverse investments in property, agriculture, technology and retail, across seven "wings" of the family. AMC Salud Grupo de Medicina Privada. Except they have one flaw. Each of Victor and Lotis four daughters is represented through nominee directors. [16] They then branched into selling canned vegetables, soups, sauces and spaghetti. Most of its $2.64 billion fortune has been split across many family members. Top place getter on the Rich Families list, the Smorgon family, is a case in point. A member of one of Australias richest families who claims she was left out of her fathers will because she was conceived via artificial insemination is being blocked from accessing documents which would unveil his wealth, court documents reveal. Edwards remembers Victor as a hard, first-generation entrepreneur, who softened over the years as his fastidious succession plans rolled out, and the family wealth remained intact. He also fought off a serious golden staph infection. Five unexpected signs in your 20s and 30s you're at risk of developing heart disease later in life. There was no deal on the table, no clear objective to solve. But Edwards says there was never an expectation they needed to join it. More than $2 billion would be. [3] This broke the partnership between Norman, Adam and Moses Smorgon. Its all a question of psychology, says Leibler. Edwards, then 25 years old, and Victor, aged 82, became the managing director and executive chairman respectively; a pairing that Edwards says worked because of their dual fixation on the familys longevity. [3], In the early 1980s, Loti and Victor Smorgon began living in New York. The first is that managing family succession is hard. Although the same information is presented to both groups, the types of conversations that stem from the meetings vary, and the family strictly adheres to long-term decisions that will maintain and increase the wealth. The case is expected to return to court in February next year. Much of that was opportunity cost, forcing sales of News Corp shares at market lows to fund a peace treaty with the Murdoch children. [1] Adam and Moses were left with two butcheries in Richmond. . Rich List 2022: How Peter Edwards and the Smorgon family pushed ANZ to mint an Australian dollar-backed stablecoin Wealth Rich List From blood and guts to crypto: inside the Smorgon. [1] Their brothers, Abram and Moisey, worked in the meat trade supplying cattle for the Red Army. Hailing from the small town of Heidelberg in an area of Ukraine settled by Germans, Naum and his family were beaten down by the bloodshed and famines that accompanied the Russian Revolution and its subsequent civil war. Sam Bennett, In Melbourne, Leibler sees a growing emphasis on preservation of wealth rather than continuing the family business. Help using this website - Accessibility statement. The Smorgon name disappeared from the Rich List in 2015. BHP controlled Australias steel market in the 1980s. People say its about the money. Theres also the One Wedding Too Many problem. Victor Smorgon retained the Victor Smorgon Group, which included pallet manufacturer Vicfam Plastics, Smorgon Fuels and General Pants Co., while Eric Smorgon founded the Escor Group, which originally specialised in cosmetics but now spans multiple industries including private investments and property. . smorgon family rich list. This isnt quite the full PCG. Victor Smorgon and other senior family members were replaced by a new generation on the SCI board, to be headed by Graham Smorgon, to oversee the sales. [28], The Smorgon family has various philanthropic foundations including the Victor Smorgon Foundation,[30] Victor Smorgon Scholarship Fund, the Sandra and Barry Smorgon Family Charitable Trust, and the Jack and Robert Smorgon Families Foundation. RELATED: Surprise Christmas tax cut in Budget, RELATED: Australian economy rebounds with retail spending boost. Nothing is fail-safe. Were working to restore it. The couple opened a mixed goods store the following year (1909). In 2001, Smorgon Steel purchased Palmer Tube Mills and joined OneSteel in a partnership to acquire Email Ltd. Vicki Smorgon is the executor of Robert Smorgon's estate and is a joint proprietor in three of his four properties, according to his daughter's affidavit. Smorgon Consolidated Industries operated across a number of industries but was best known in later years for Smorgon Steel, which was sold to OneSteel in 2005 for $2.5 billion. [3], The business, Norman Smorgon and Sons, began exporting meat to England using the export license of the London firm, Mickie and White. Liberman family, $2.5 billion 4. [3] The Smorgon families headed the families list in every year of its publication. If youre prepared to say, and really mean, we want to resolve this ourselves and not enter a legal process, then you can save a lot of money and a lot of emotion.. Others and they include the Packers have found that many disagreements can be resolved with a little understanding and communication, and a rather large bank transfer. [3] In 1948, Sam Smorgon and Jack Morris began to use the Smorgon canning facilities to sell canned fruit. The Smorgons are one of the great dynasties in Australia. [30][32] Loti and Victor Smorgon are also supporters of the arts where they are benefactors of the Victorian Arts Centre, Melbourne Symphony Orchestra and have a Loti and Victor Smorgon Gallery at the National Gallery of Australia. It prevents resentments from breeding if some know, but others dont, that in itself can be a source of destabilisation. But its just amazing what happens if you get everyone in the same room talking . My advice almost always is sell it before youre gone or arrange for a process of sale. John Hancocks feuding with Gina Rinehart is one example. [3][17] Carlton was the centre of a Yiddish community[18] that was growing with influxes of Jewish immigrants from Eastern Europe. In 1991, Dick Pratt famously handed Alex Waislitz a $1 million share portfolio as seed capital to invest, before he married Pratts daughter Heloise in 1994. Ruperts own heirs are unlikely to be as accommodating with each other. Every member of the family is obliged to sit on the council for a minimum of three years. Failure to Launch leads to a related issue, Seething Siblings. It would appear to encompass every single document held by the defendants relating to the administration and management of the assets and investments of the trusts by the defendants, and the business activities of the active trusts, he states. [3], In 1946, Victor and Sam Smorgon started exporting rabbit meat to England after Victor noticed a demand for rabbit exports at Londons Smithfield Market. But the legal war continues, with a new trial this year over ownership of the Hope Downs iron ore mine. In 1995, Michael Naphtali, who has worked with several wealthy families, warned: There is only one rule. Sam Bennett. The Smorgon clan repeatedly topped the BRW Rich Families list throughout the 2000s, with an estimated combined wealth of more than $2 billion. When will the Beast from the East be at YOUR door? If we dont deal with this topic, whats going to happen? You cant write a textbook on this, one size fits all. Sydney is so boring and expensive that students and Mum transforms her 'small boring block' into a beautiful Ukraine soldiers shoot down enemy drones with drones of their own, Wheel of Fortune contestant answers food puzzle wrong, Pavement where disabled woman gestured at cyclist before fatal crash, Pro-Ukrainian drone lands on Russian spy planes exposing location, 'Buster is next!' It wasnt the only courtroom drama. I have been told I was conceived by artificial insemination. The trusts are held by her brother Stephen and other relatives and include delicate information about the size and scope of the families' assets. It was opened by Victors father, Naum, who fled the last years of Russian tsarist rule. Smorgon Steel was sold to OneSteel in 2007. A political brawl has broken out over a change to how superannuation is taxed, but what on earth does it all really mean for you? Rupert Murdoch has flirted with both the PCG and OK, Boomer approach before encountering other problems. [3], In 1982, David Smorgon purchased the Australian subsidiary of a Canadian packaging company, Glass Containers, which made glass and plastic packaging. Toxic trauma expert Gabor Mate diagnoses Prince Harry with attention deficit disorder but tells him it CAN 'I felt different to the rest of my family - and my mum felt the same': Prince Harry opens up on his 'broken 'He's completely beige drained of all his feisty ginger life-blood': JULIE BURCHILL'S verdict on Prince 'I was a bit of a mess': Amanda Abbington reveals she considered suicide after split from ex Martin Freeman DR ELLIE CANNON: My breast has not got lumps but it's itchy, should I be concerned about cancer at age 72? My father was part of a large corporate and trust structure, of the Smorgon Family Group, of which he would benefit, Ms Smorgon wrote in the court documents. Thats the hardest part, he says. You get further and further away from the first-generation entrepreneur. To combat this, management meetings are held in the evenings, so younger family members can join in and listen. Only one-third of families have real succession plans, Smorgon says. Your details from Facebook will be used to provide you with tailored content, marketing and ads in line with our Privacy Policy. Clockwise from top left: Harry Triguboff; the Rineharts; the Smorgons; the Murdochs. They are hugely successful in their business, but behind closed doors, they have the same issues, concerns and fears as the rest of us, he says. You havent ever run anything, and youre 50 or 60, and suddenly, youve got the business. But to get Australian dollars into the crypto ecosystem, he would have to buy US dollars, then buy a US stablecoin (a cryptocurrency pegged one-to-one with the greenback), and then transfer it into whatever crypto investment he was keen on. They started Smorgon Steel, which was taken over by OneSteel in a $2.5 billion deal in 2007. The Liberman and Besen families are second and third respectively. [3][16] This process increased product quality and factory productivity[26] compared to traditional blast furnace production methods. According to the top 20 shareholder list in Prana's latest annual report, Vicki and Robert Smorgon hold 1 million shares . The document states the inventory supporting his will showed he owned assets amounting to $851,000 with liabilities of $141,000 at the time of his death. It turns out that every family dynasty, even the fondest, the closest and the most enduring, carries a little red button somewhere, labelled Tactical Nuclear Device. Escor Group is a privately-owned company handling the interests of Robert Smorgon and his brother Jack Smorgon including investments, property and philanthropic activities. At the time of the breakup, Smorgon Consolidated Industries employed over 400 people,[3] operated companies in steel, meat, plastic containers, paper mills and recycling[22] and was worth $1.5 billion. Within three months, ANZ launched an Australian dollar-backed stablecoin. June 16, 2022. [1] He married Tzippa Mejov at Blumental in 1908. Indeed, my father treated me as if he was my natural father and I his child. And given the Smorgons had been with the ANZ Banking Group for more than 100 years, the bankers were only too eager to help. Prana's share register reads like the top end of BRW's Rich Families list. As he grew, Edwards left the offal room, moving to the boning room, then the kill room, and remembers being small enough to fit through pipes to clean them. Wealth; Rich List; From blood and guts to crypto: inside the Smorgon family office [3][22], In 1998, the company bought out Australian National Industries[3] for its steel operations and in 2000 they purchased NSWs leading scrap metal recycler, Metalcorp. If anyones asking whether one of Australias richest dynasties has still got it? [16] After the company went public in 1999 the family still retained 67% but, over time, family members have sold their shares. They cant answer the question, what do you want to be remembered for, what do you want your legacy to be?. He skipped university, finished an apprenticeship and began managing factories in Sydney, Melbourne and Tasmania. The Smorgon family originates from the small town of Heidelberg (now known as Pryshyb), in eastern Ukraine. [16] On 3 February 1999, the company listed on the Australian Securities Exchange and 33% was sold to new investors. In 2018, the figure was $120 billion, and by 2050 its forecast to reach $224 billion a year, measured in 2018 dollars. The Smorgons are one of the wealthiest families in Australia. Well ask you to confirm this for your first post to Facebook. accident in union, nj today; kutchi language translator; razer deathadder v2 best settings; katie vinten linkedin; . [3] This purchase put them in competition with the large company, Australian Consolidated Industries. From the upcoming Rich List issue, out on May 27. If they all are aware of what the structure is and whats going to happen, at least they can put a different view, and it can be debated., David Smorgon says wealthy people are not just comprised of bank accounts and balance sheets and trusts. While he loved to wander on to the shop floor and talk to workers, in the new system he was told that if he wanted to go to a factory, he would need permission from four levels of managers. Its all about pushing things forward.. He had grown up on the factory floor of his grandfather Victor Smorgons meatworks in West Footscray. The mini-mill used electricity to melt scrap metals into steel billets. Out on May 27: The definitive list of Australias wealthiest people, now in its 40th year. It was an unseasonably cool day in Melbourne early last December when a group of ANZ bankers filed into the art-filled boardroom at the Victor Smorgon Group in South Yarra. The company was renamed Smorgon Steel. The 2007 sale of Smorgon Steel helped dismantle the traditional family structure and distribute the collective fortune. After decades of speculation about who would succeed him, in 2016 Rupert Murdoch stepped back to let Lachlan and James run the Fox side of the empire only to change his mind 12 months later and begin talks to sell off 80 per cent of Fox to Disney, turning his childrens inheritance into an $18 billion trust fund. [20] Rabbit became the Smorgons most profitable operation where Australians consumed 27 million rabbits annually during the 1940s[21] and were exporting over 50 million rabbits by the end of the 1940s. Elsewhere, the list of unhappy families goes on and on. In 1989, Franco Belgiorno-Nettis and his long-time partner Carlo Salteri stepped back from Transfield, the billion-dollar construction conglomerate they had built together over 34 years, and let their elder sons, Marco Belgiorno-Zegna and Paul Salteri become joint CEOs. Following the death of her father Robert Smorgon in September 2019, Samantha Jane Smorgon has applied to the Supreme Court of Victoria for access to the past seven financial years worth of documents relating to 18 trusts which she believes hold substantial assets. It sparked a feud which led the families to split the $720 million Transfield empire in two. They originally had plans to export steel to South-East Asia but, when the foreign steel market collapsed, the family decided to compete with BHPs domestic market instead. I believed my father was my biological father until my teenage years. [3], In April 1983, the Smorgons closed their original Brooklyn meat processing plant. In the first series of plates issued in 1910, Vic 9 was issued to a Toorak resident, along with plates 7 and 8. . [3], While exporting meat, Norman Smorgon rented a factory near the Melbourne Meat Market where he canned the cuts of meat that werent fit to be sold to England raw. When he floated the business in 2013 as Pact Group Holdings, Fiona and Raphael picked up $709 million in share sales and a special dividend, while retaining shares worth $445 million, pushing their return over the $1.15 billion mark. For Francos family? But Rupert took control of Cruden, and his long-suffering sisters had to wait more than 40 years for him to buy them out, for $600 million, in the late 1990s. Looking back at that cover story, 27 years later, some hard conclusions can be drawn from the changing of the guard that has followed. Having difficult conversations on difficult topics is not on their agenda.. For many it is some combination of peace in the family and increase in wealth. Thats when the Smorgon family having arrived in Australia from Mariupol in Ukraine in 1927 and built Australias largest private conglomerate, Smorgon Consolidated Industries decided to sell off everything. In 2000, healthcare moguls Doug and Greta Moran and their eldest son, Peter, were sued in the NSW Supreme Court by their daughter-in-law Kristina Moran when she sought punitive damages after the suicide of her husband, Brendan. Its the button of no return, which marks the point when all sides lawyer up and threaten court action that so often blows up the family. That can make people fearful.. [3], In 1995, Smorgon Consolidated Industries divested itself of all assets except for their steel business. Then theres the OK, Boomer approach, in which the family head continually postpones making any solid plans for a structured succession, on the assumption they know best and that they are immortal (and Baby Boomers own 57 per cent of the countrys wealth). Its never about the money, its about the egos., A senior family adviser describes a client, who has built a large company, who is constantly approached by other people for guidance and counsel. Frank Lowy made the inheritance simple: he stepped down as executive chairman of Westfield Group in 2011, with sons Steven and Peter becoming joint CEOs, while providing seed capital for the Lowy Family Group, an investment arm founded by David Lowy. [16] Victor Smorgon partnered with David Holckner and began researching this new manufacturing method by visiting steel mills in the US. [3], They began constructing the electric mini-mill in Laverton, Melbourne in 1981. And then I could ask all my stupid questions in the car ride on the way home., Edwards investments in cryptocurrencies and his desire to position the Smorgon family to ride the next wave of innovation is, he likes to think, in keeping with the family tradition: take an old-fashioned way of doing things and shake it up. David Smorgon, who had run the meat division, declined to talk about it. The financiers, including the head of the banks institutional arm, Mark Whelan, settled themselves around the boardroom table. How did it come to this? [3], In February 1995, the new board decided to divest the Smorgon family of their conglomerate, Smorgon Consolidated Industries. The daughter of the patriarch of one of Australia's wealthiest families claims she was cut out of her father's will because she was conceived artificially. The money involved today is so much greater. my childhood dream to be a doctor Plstico Elstico. It's GRAYGATE! If Ms Smorgon is successful in her bid for access to the accounts and other information including tax returns and balance sheets, it would be the first time in almost two decades that light was shone on the vast wealth believed to be held in the trusts. Interactive map reveals when you may see SNOW, Kate Garraway reveals Derek's heartbreaking words when they thought he had just minutes left to live. Ms Smorgon has also pursued a legal case against Vicki Smorgon, who is the executor of her father's estate, over a lack of support from his will. 'Indeed my father treated me as if he was my natural father and I his child,' she said. But after Anthony Take care of your gut and it will take care of you: Could these 'friendly' bacteria transform your gut Do not sell or share my personal information. Its where the patriarch or matriarch decides their designated heir is not the best option. Smorgon family, $2.7 billion 2. There is a real issue that does arise more frequently than you would think, says Leibler. It broke his heart to do that, I think, Edwards says. The kids have no idea how good they are . After Pratt seniors death in 2009, its believed that Anthony, Heloise and Fiona inherited equal shares in Visy Australia, which they help run, while Anthony owns the huge US operation which he built up. He had already taken an equity stake in Zerocap, an institutional investor that specialises in crypto. The Smorgon family were named the BRW richest family in Australia for seven consecutive years up to 2015, with a wealth of some $2.7 billion. By how many american ships were sunk in ww2. The family used this opportunity to invest in American business and purchased a newsprint mill in Chicago. [3], Due to the continuing violence and anti-Semitism of the Russian Civil War, the Smorgon family then moved to Mariupol. [16] The business secured the Smorgons 25% of the glass packaging market and 50% of the plastic bottle market. They challenged the likes of public companies such as Australian Paper Manufacturers (now Amcor), BHP and ACI, often buying a minor player and investing in technology and processes to undermine the monopolies and duopolies that were ubiquitous in the 1970s, 1980s and 1990s. How to measure a successful succession? Victor Smorgon in 1993 outside the butcher shop his family founded in 1927. Smorgon scion Peter Edwards and a string of fellow asset managers joined them. MENU MENU. Court documents filed this week lay bare the incredibly sensitive and complex family dispute. He is based in Sydney and has won multiple Walkley Awards. While its not quite the Salteri payout, Luca and Guido continue to burnish the family name through arts philanthropy Guido as chairman of the Australian Chamber Orchestra while Luca continues to partly fund the Sydney Biennale created by his father, even though hes no longer chairman. ssga funds management inc aum; omaha public schools 2021 22 calendar; What these cases show and what gets lost in the court procedures and headlines is the cost in raw pain of the betrayal, anger and grief that family members experience when succession plans go wrong. [16] The building of the Smorgon's new meat processing plant in Brooklyn, Melbourne was completed in 1945. Ms Smorgon said she only found out she wasn't her father's biological daughter until her teenage years and was told her brother Stephen was conceived the same way. Smorgon concurs: The next generation is saying: Its not all about the f---ing money . Mark Leibler, senior partner of Arnold Bloch Leibler, who is often called on to advise high-net-worth clients, confirmed the need to be upfront about succession plans. RICHEST FAMILIES 2015 TOP 10 LIST 1. [1][3] During this time, Tzippa, Normans wife, suffered ongoing health conditions of bleeding ulcers and paralysis. Westpac helped fund the deal, and after he sold off part of the business for $63 million, Geminder began expanding. Norman Smorgon then decided to go into business with his sons, Victor and Eric. Ms Smorgon claims she is one of the discretionary beneficiaries in all of the trusts including as a general beneficiary, primary beneficiary or a relative of one, being her father. Sans. [3] Eric Smorgon founded the Escor Group which originally specialised in cosmetics but has since invested in multiple industries. Theres $4 trillion that will be transferred in the next two decades. From the upcoming Rich List issue out on May 27. [4] Contents 1 List of individuals 2 List of families The trusts are controlled by her relatives including her brother Stephen Smorgon. Horarios: Lunes a Viernes - 8:00 a 17:00 hs Contacto : (0341) 4266031 / 4485246 | does hormel fully cooked bacon need to be refrigerated Mi cuenta Its expected that his daughters, Orna, 61, and Sharon, 59, will inherit the shares in Meriton, which are now all held by Harry. The Smorgon family topped the BRW Rich Families list for seven years running until 2015 with a fortune of more than $2.7 billion, amassed from interests in property, meat, paper, chemicals, plastics, electronics and steel. Rupert Murdoch was 68 when he divorced his second wife, Anna, to marry Wendi Deng. In June 2003, the new business was reporting net assets of $103 million when ownership was transferred to Geminder, and the company became Geminder Holdings. They then built a tissue plant alongside this factory. Across Australia the red button has had quite a workout, from the Morans, the Belgiorno-Nettis clan, the Morans again, the Kirby family at Village Roadshow, even the Smorgons, that most adept of family dynasties. Its a lot of hurting. The transaction took less than 10 minutes. The Smorgon family travelled from Mariupol to Marseilles where they boarded a converted French cattle ship taking passengers to Australia.The Smorgons arrived in Melbourne, Australia in 1927 and settled in the suburb of Carlton. We were sorting through anything that wasnt blood, bone, fat or meat.. Then there is the prestige of the family name. Samantha Jane Smorgon, 44, who is the daughter of the late Robert Smorgon, claims her father raised her as if she was his biological child but chose to exclude her from his estate on the grounds that she was his step-child and he had no biological children. In 1967, the Smorgons exited the fruit cannery business due to cheap South African products lowering the cost of goods in the UK. Veteran KPMG partner Dominic Pelligana has left the firm to launch a consultancy aimed at rich families, with foundation clients that include the Victor Smorgon Group and the Brown Family Wine . I have been told that I was conceived by artificial insemination, her affidavit, obtained by news.com.au, states. For the remaining trusts in respect of which the plaintiff (Samantha Smorgon) seeks orders, the relevant documents sought by the plaintiff contain confidential and commercially sensitive information, he states. The Smorgon family topped the BRW Rich Families list for seven years running until 2015 with a fortune of more than $2.7 billion, amassed from interests in property, meat, paper, chemicals, plastics, electronics and steel. In November this year, Escor Group finance and investment director Michael Meehan filed an affidavit in the case on behalf of all of the defendants, noting he is responsible for maintaining their financial accounts. [32] In 1995, Loti Smorgon also donated her collection of 154 contemporary Australian artworks to Sydneys Museum of Contemporary Art. He doesnt understand why his children, in contrast, never want his advice, that they just want to be left alone. If I want my three kids to live the way I do, I need to triple my money.