Hedley fortune takes $430m hit

Thursday, May 29, 2008

CAIRNS developer Tom Hedley is still one of Australia's richest people but his personal wealth has taken a $430 million hammering.

The annual BRW Rich List released yesterday had Mr Hedley ranked as the 142nd richest Australian, with his wealth estimated at $285 million.

Just 12 months ago, Mr Hedley was worth an estimated $715 million, placing him in 47th position.

In 2006, the Rich List had him worth $515 million.

The drop in Mr Hedley’s fortune reflects the dive Hedley Leisure and Gaming has taken on the Australian Securities Exchange this year.

HLG shares, which closed at 99c yesterday, have lost more than a third of their list price of $3.50.

Mr Hedley, who could not be contacted yesterday, holds 56 per cent of HLG’s shares.

There were a few surprises on the Rich List, with former bankrupt and convicted fraudster Alan Bond rejoining the ranks of Australia’s wealthiest people.

Eight years after being released from jail, Mr Bond was given a ranking of 157 and a fortune of $265 million built on his overseas mining interests.

For the first time in 20 years, the list was not topped by anyone in the Packer family, with the top spot surrendered by gambling and media tycoon James Packer to Fortescue Mining Ltd chief executive Andrew Forrest.

Mr Forrest has amassed a record fortune of $9.41 billion, the biggest in the 25 year history of the richest 200 list.

The youngest person to make the rich list is Nathan Tinkler, who at just 32 years old has amassed $426 million on the back of Queensland’s booming resources sector.

Australia’s richest woman, iron ore magnate Gina Rinehart, fell one place to fifth, even though her fortune increased to $4.39 billion.

<strong>Fortune falls: </strong> Cairns businessman Tom Hedley has taken a $430m hit in wealth according to BRW's Rich List.

Fortune falls: Cairns businessman Tom Hedley has taken a $430m hit in wealth according to BRW's Rich List.

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