Court documents published on the Queensland supreme court website have laid bare the details of a legal stoush involving the one of Australia’s largest cattle producing families.
A recently published Supreme Court judgement, which forms the basis of a media report that appeared in News Limited newspapers over the weekend, involves a legal case between the children of the late Stanbroke Group cattle barons Peter and Angela Menegazzo.
The document relates to legal proceedings intiated by Mark Menegazzo against his siblings Debra, Brendan and David Menegazzo and other parties.
Mr Menegazzo owns Queensland Gulf properties Vanrook and Inkerman Stations while his siblings own the Stanbroke group of stations.
The documents show that in 2007 Mark Menegazzo received $64.7 million, after tax, as his quarter share of his late parents’ net assets, but he claims he should have received another $40 million.
Real estate firm Jutland Pty Ltd owned by Brisbane-based property agent Rod Douglas had valued eight Stanbroke Group properties at a total of $329,595,000, but Mark claims the true value was $398,405,000.
In his legal challenge he claims PricewaterhouseCoopers then erred in calculating the net assets of the Stanbroke Group and the estate of Peter Menegazzo at $313,101,880.
He also is suing Jutland, PricewaterhouseCoopers, and law firm Thynne & Macartney. A claim against McCullough Robertson Lawyers was struck out on May 8, as the Supreme Court document show.
Jutland and Thynne & Macartney are defending the claim. Brendan, Debra and David Menegazzo are yet to file responses.
To view the News Limited report of the case over the weekend click here