John Gandel is an Australian property developer whose vast fortune derives from his involvement in the development of commercial real estates. Forbes has ranked him as the 7th richest person in Australia and the 384th richest person in the world with an estimated net worth of $3.5 billion.
Net Worth: $3.5 Billion (As of March 2013)
Source: Real Estate, Shopping Malls, Inherited and Growing
Born: 1935 (Age 78)
Marital Status: Married with 4 children
John Gandel was born in 1935 in Melbourne, Australia. He is a businessman, property developer, and a billionaire. His business is mostly involved in the development of commercial real estate in the main shopping centers situated in Melbourne, Victoria. Gandel acquired much of his wealth through inheritance from his parents, Sam and Fay Gandel, who were the initial founders of Susann women’s clothing chain. Today, Gandel is one of the wealthiest people in Australia with an estimated net worth of $3.5 billion. Forbes ranks him as the 7th wealthiest individual in Australia, and the 384th richest individual in the world.
Gandel’s money-making ambitions started in the 1950s when he took over the control of his parent’s business, Susann, which was a women’s clothing business. Together with his brother-in-law, Gandel grew the business into a chain of more than 200 stores.
In the year 1983, he decided to sell his stake in the chain to his brother-in-law in order to concentrate on real estate. He purchased the Chadstone Shopping Centre from the Myer Emporium at a price of A$37 million, a transaction that would consequently enable him to make his own massive fortune. Gandel has managed and developed the shopping mall and turned it to Australia’s largest shopping mall that is now valued at more than $3 billion.
Chadstone Shopping Center
Gandel did not only purchase the Chadstone Shopping Center from the Myer Emporium in 1983, but he also bought the Northland Shopping Center. Gandel’s stake at Chadstone is 50% as well as a 17% stake in the listed CFS Retail Property Trust that owns the other half. This billionaire also has significant stakes in various other listed property companies. He has a 15% stake in Charter Hall, which is a Sydney-based property group in which he invested more than A$150 million.
Northland Shopping Center
Gandel is also a committed philanthropist, whose donations are dedicated to medical causes as well as arts. In 2010, he made a donation of A$7.5 million to the National Gallery of Australia. He also donated A$1 million to fight destructive bushfires in Victoria.
In 2006, Tel Aviv awarded Gandel with an honorary doctorate of philosophy purposely for his business standing, extensive leadership roles and his philanthropic support in Israel and Australia. This is the highest honor that is given by this university. Shortly after, Gandel launched the Gandel Institute for Adult Jewish Learning.
John Gandel and wife Pauline Gandel
He is married to Pauline Gandel, with whom he has 4 children. Gandel and his wife live in Melbourne, Australia and they are both avid collectors of Japanese Art.
Interesting Fact about Gandel