Many families feud, and the blood that gushes between members of stratospheric families sometimes turns ugly when it gets out in public. In fact, there are numerous popular television shows like “Succession” which, albeit in a fictional manner, show how strained family relationships can be when it comes to the sharing of money and power, even and perhaps most particularly when there are plenty of dough for Everyone.

For the past few years, Austrian-born and Canadian-based multibillionaire Frank Stronach, the eighty-year-old founder of Magna International, one of North America’s largest auto parts manufacturers, and his 50-year-old daughter Belinda Stronach have been in tense legal battle over control of one of the others Family company, The Stronach Group. Among TSG’s other holdings, the Aurora, Canada-based entertainment, gaming, real estate, and horse racing conglomerate owns some of America’s most iconic racetracks, including Santa Anita Park in Arcadia, California, Gulfstream Park in Hallandale Beach, Florida, and the historic one Pimlico Race Course in Baltimore, Maryland, where the prestigious Preakness Stakes have been held on the third Saturday in May since 1870.

Frank resigned as trustee of the Stronach Group in 2013 when he was running for public office in his home country Austria. Then, in October 2018, his short-lived Austrian political career in the rear-view mirror, he and his Austrian-born wife Elfiede Sallmutter filed a lawsuit against their daughter and two children in October 2018 for $ 416 million, with allegations gross mismanagement and alleged misuse of corporate funds to fund lavish lifestyles and self-serving investments.

Although he officially resigned as trustee of TSG, Frank claims in his lawsuit that he should retain de facto control of the company and that he could resume his role as trustee upon request. Belinda responded to the allegations by alleging that her father lost $ 800 million in what one report referred to as “several ill-advised endeavors” and counterclaimed $ 32.8 million for that she retains responsibility for TSG. After a few years of bickering and pointing fingers, Frank and Belinda settled the matter out of court about a year ago, with Belinda taking full control of the Stronach Group. Imagine what the holidays in the Stronaches look like today!

The story goes on

Toronto-based Belinda got rid of the hassles and headaches of her parents’ half-billion dollar lawsuit and quickly turned her attention to Los Angeles, where tax records show she got $ 16.25 million for a newly built, from the mid-century-inspired fashionable home has lost (and hideously expensive) Trousdale Estates neighborhood of Beverly Hills. Newly completed and with an area of ​​nearly 7,500 square meters with five bedrooms and five bathrooms, as well as two guest toilets and a view of the mountain top over the crystal clear swimming pool, the low one-story residence was designed and built by the powerhouse compass agent Sally Forster Jones. who also held the ad for the property. Rodeo Realty’s Safir Shamsi represented Stronach on the deal.

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