Mining mogul Ken Talbot leaves a third of his fortune to charity | News.com.au

Posted: August 22, 2010 in Uncategorized

talbot family

Ken Talbot with daughters Claudia and Alexandra and wife Amanda / Supplied Source: The Courier-Mail

  • Billionaire’s wealth to benefit charity
  • Children face strict rules on inheritance
  • Homes, apartment to stay with family

BILLIONAIRE mining mogul Ken Talbot has left nearly a third of his vast fortune to charity in his will.

The 59-year-old, who died in a light plane crash in Africa in June, directed that the rest of his riches be held in trust for the benefit of his wife Amanda and his four children.

And Mr Talbot’s children will have to prove they can run a company – and they are not alcoholics – to access their inheritance.

The billionaire’s will states that when they turn 30, his son Liam and daughters Courtney, Alexandra and Claudia should “obtain written confirmation from three independent doctors that they are not alcoholics or drug users”.

A further requirement is that they each pass a diploma course for company directors in Australia.

Mr Talbot’s will directs that 30 per cent of his estate is to be held by the Talbot Foundation “as a vehicle for charitable donations”.

Based on an estimated wealth of $1.11 billion, about $300 million would go into his charitable Talbot Family Foundation, making him one of the state’s greatest philanthropists.

“The family and those close to Ken are very proud of him,” said Don Nissen, chair of the Talbot Family Foundation.

“I think the will typifies the type of man Ken was and his absolute commitment to those who could do with some help. This is fairly unique in Queensland terms. It’s very special and will have an enormous impact on many people.”

The will, which was lodged in the Supreme Court at Brisbane last week, also makes special mention of his beloved Paris apartment, just a few hundred metres from the Arc de Triomphe in elegant Avenue Hoche.

“It is my wish that the apartment should remain in the family forever,” he wrote and directed specifically that business class airfares be provided for family members to visit and enjoy it.

Mr Talbot even wanted the family flown there for the will to be read. His wife and their two young daughters, Claudia, 8, and Alexandra, 11, had been staying at the apartment when news of the fatal crash in the Congo came through.

The will was written in November 2002, the first year that Mr Talbot appeared in a national rich list, with an estimated wealth of $130 million.

Mr Talbot’s wealth is now nearly 10 times that.

Mr Talbot also wrote a two-page statement to his family members, attached to the will, explaining “the philosophy I have adopted in structuring my will”. Justice Martin last Thursday agreed to a request from the trustee Paul Bret – Senior Vice President USB Financial Services Inc global investment bank – to keep that document confidential.

Of the proportion of the estate going to his family, Mrs Talbot and the two youngest children will share in 52 per cent of the income and capital from the trust fund, while Mr Talbot’s two adult children from his first marriage – Liam, 28, and Courtney, 26 – will receive 24 per cent each.

While Mrs Talbot is entitled to her share immediately, the children must wait until they are aged 30 to receive 10 per cent and 36 before they can access the rest.

The riverfront family home in Bulimba has been left to Mrs Talbot.

KEN TALBOT’S WILL

 

  • 30 per cent to the Talbot Family Foundation for charity
  • 70 per cent to be shared among his wife Amanda and children Liam, Courtney, Alexandra and Claudia
  • Family homes to his wife
  • Paris apartment to be kept in the family forever
  • Wine collection divided among family members
  • Wife and children to take company director and management courses if they wish to work in business

What a wise man! RIP

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