Siblings in ‘Succession-style’ feud over Melbourne billionaire’s estate
The estate of the late Melbourne billionaire Nick Andrianakos is the subject of a bitter inheritance dispute between his four children; His youngest son claims the former property and oil tycoon changed his will before his death in Greece last year.
Theo Andrianakos is a plaintiff in the Victorian Supreme Court case and has claimed the revised will, which was never signed, represents the legal and legitimate plan for his father’s estate.
However, sisters Paul, Kristina Andrianakos and Vicky Papamarkou will rely on the original document signed by their father, who has an estimated fortune of $2 billion. Financial Review Rich List of 2025.
A source familiar with the probate case but not authorized to speak on behalf of the family said it had become “Melbourne’s answer to this situation.” Inheritance” – a reference to the HBO drama about patriarch Logan Roy’s fictional family battle for his media empire.
“Obviously it’s a very risky situation and there are some heavy lawyers involved on both sides. None of them want this to be published in public, but that’s where it’s heading,” the source said.
The case is expected to continue hearing after a mediation hearing on March 30 failed to resolve the dispute.
Theo Andrianakos published a statement on this imprint regarding the legal glitch.
“This is a private family matter. I am focused on carrying on my father’s legacy, including carrying out his final wishes,” he said.
Kristina Andrianakos and Vicky Papamarkou declined to comment on the issue, while Paul Andrianakos did not respond to numerous phone calls and SMS messages.
The legal case was further complicated by the involvement of the late oil baron’s partner, who lives in Greece but was represented in mediation last week. A source familiar with the matter said the woman was promised up to 5 million euros ($8 million) in inheritance.
Succession planner Peter Pagonis of Horizon Nexus Partners is also named as a plaintiff in the lawsuit, along with Theo Andrianakos, after providing financial advice to the billionaire.
Pagonis, who has advised more than 450 ultra-high-net-worth families over the past 40 years, has provided “strategic guidance on family dynamics, governance frameworks, and succession planning,” according to his LinkedIn profile. Pagonis did not respond to multiple requests for comment.
The late Andrianakos estate includes at least five Victorian properties; most notably a sprawling Greenvale mansion and a private penthouse at the Westin Hotel on Collins Street.
The billionaire also had significant property and business interests in Greece. It was reported that the 81-year-old man was building a luxury hotel in Nafplio, the former capital of the Peloponnese peninsula, at the time of his death.
The company’s property portfolio spans Melbourne, Brisbane and Adelaide, with its crown jewel being acquired in 2025 with a $385 million half-stake in Melbourne’s Northland shopping centre.
An article published on the Andrianakos Property website in 2022 states that a succession plan is already in place, reflecting the fact that “everyone in the family works in the business.”
In the article, Andrianakos singled out his youngest son, Theo, as the driving force behind his oil and real estate conglomerate.
The late patriarch said, “I work very closely with Theo in business. Theo devoted himself to this business at a young age and I had the opportunity to teach him over the years.”
Theo has been managing director of Andrianakos Property Group, Nikos Property Group and Milemaker Petroleum since 2018; His siblings hold managerial positions in various family companies.
Oil baron made his debut Australian Financial Review In 2021, the Rich List features him among the 150 richest Australians, with an estimated fortune of $896 million. In 2025, the Andrianakos family reached a valuation of $2 billion, an increase of 26 percent compared to the previous year.
Andrianakos died unexpectedly While I was in Greece in March last year. According to local media reports, the eighty-year-old had a heart attack during a meeting in the city of Argos, about 135 kilometers northwest of Athens.
Theo led the family’s response to his death by issuing a statement on behalf of the family and flying to Greece to return his father’s body to Australia.
“It is with deep sadness that we share the passing of our father… He was an incredible man,” Theo said. AFR.
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Carla Jaeger is a journalist for The Age. Got a clue? Email carla.jaeger@theage.com.au or message carlajaeger.62 on Signal.Connect with: X or email.
