larry kestelman net worth
It was there that the young Kestelman showed his first entrepreneurial spark, in a place where it was common for immigrants to sell assorted Russian goods such as chess sets, binoculars and boxes of condoms. The worlds richest people lost $2.1 trillion between them last year. "Got a beautiful heart. Perhaps the name rings a bell from the latest Australian Financial Review Rich List,on which Kestelman ranks 85th with an estimated wealth of $749 million. (John Donegan/1826 for Domain). Only soccer is bigger. His network is primarily the people with whom he works. Either way, if you follow athletic pursuits in this country, you'll soon come to know him as the white knight of the NBL. Kestelman has been watching the steady decline of basketball in Australia, despite the high level of talent, and had to do something. The NBL digital platforms were given an update, a redeveloped website, and online streaming was made available. A potted history of the NBL might be instructive here, because although basketball was a basket case when Kestelman found it, the league was not always this way. The purchase price was not disclosed. ", With just one child and no siblings, Kestelman often talks about the importance of family. "It gives the sport credibility a trickle-down effect that is certain to rub off on the domestic competition. Many of the best Australian players Brad Newley and Daniel Kickert to name two have returned from Europe and Asia to join the rising domestic league. Help using this website - Accessibility statement, the $700 million Capitol Grand project in Melbourne's South Yarra. A similar moment is approaching for basketball. He placed his $7 million offer to take control of the league, and after some resistance, it was his. Valarie "Larry" Kestelman (born 1966) is an Australian billionaire property developer and businessman. "Once he thinks what he is doing is right, it doesn't matter what people think of him," says Nick Marvin, former CEO of the Perth Wildcats. window['fe-co-email-widget-fe-co-email-widget_1'] = {"position":"middle","hasSeparators":true,"theme":"domain"}; Pre speech nerves, least the range looks ???? Hes sent me the message that Im not his target demographic; he reminds me often that hes trying to make it cool again., Mood ???????? We will offer four weeks' delivery from when we get an order, so we have to be a manufacturer and look at the logistics side from door to door as well. "The first time I heard Larry say that in public, I'm sure I heard laughter," says Fairfax Media basketball writer Roy Ward. "You can see it in dreamland, but probably not in this land where the football codes have such a cultural stronghold.". Larry Kestelman Greater Melbourne Area 5,294 followers 500+ connections Join to connect Report this profile Activity We are excited to announce the return of the NBLxNBA games, with the Adelaide. It had the advantage of a long lineage of players going into the English Premier League as well as a strong Socceroos outfit qualifying for World Cups. Loeliger was once a promising junior basketball player, and before that a water boy for the South East Melbourne Magic. As we always do as a family, weve gone in boots and all, Larry says, a backdrop of basketballs and champagne jeroboams framing his office chair. His mother found work in the laboratory of the Red Cross blood bank. Thereve been a few sleepless nights worrying about how to make it sustainable, but I feel were coming out the other end now, Larry says. [5], Kestelman's holding company is the LK Group. That's what we're going to try to do more and more communicate who's in the game and what they're about. 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His first taste of Pepsi was heaven. And in 2016 he rebuilt the Brisbane Bullets, which is owned by the league (in other words, by him). "Trying to be cool. He didn't sign up the likes of Ladbrokes and Chemist Warehouse only to see their valuable sponsorships ignored. Kestelman will fund the trip. ", Rebranding the club Melbourne United in 2014, Kestelman faced an immediate backlash and not just from fans. That's what you do you work. But Mr Kestelman, whose LK Property Group has developed landmarks such as the $700 million Capitol Grand in South Yarra, already had his eye on larger projects, such as plans for an office tower at Cremorne, a trendy inner-city suburb in the south-east. Rich Lister Larry Kestelman has sold off a residential development site in the heart of upmarket Toorak for a record $26 million, collecting a tidy profit after aggregating the land only two years ago. "I always like coming in a little bit from the outside. The name stems from being my first-ever business, as cliched as it is, but also that were the first ever professional basketball league to own its own sporting label, Justin says. Well be one of Australias largest brand representatives, he said, citing Everlast, Lonsdale, Slazenger, Bluey and Marvel. Among his many achievements, the $500 million apartment complex Capitol Grand in Melbourne (with celebrity Charlize Theron the face of the project) and of course Dodo, the ISP Kestelman founded in 2001 and sold in 2013 for just under $230 million. Basketball Heres what hes learnt. Combine them with family, my boat, basketball that's happiness.". A Ukrainian migrant, Kestelmans rags-to-riches life story has made him a beacon for achievement in Australias business, technology, property, and sporting landscape. You'll find a way to get what you want or you don't want it bad enough. ", Larry Kestelman: The Melbourne millionaire putting the bounce back into basketball. I love this sport and everything about it. He spies it across court, up in the stands. Now, with grandstands filling once more, exposure on both Foxtel and Channel Nine and the huge figure of Andrew Bogut returning home to play out his twilight years, not to mention stars like Ben Simmons, Patty Mills and Joe Ingles giving Australian basketball global credibility in Americas NBA, his vision is coming together. The leather good and fashion retailer posted strong double-digit sales growth over the year, but is bracing for a slowdown in 2023. Thats what really propelled our relationship, talking about something we both have such a passion for and a vested interest in.. Excellence in design and a commitment to client satisfaction is paramount toLK Property Groups values Partner with some of Melbourne and the worlds leading architects, such asBates Smart, Rothelowman and Bruce Henderson, we deliver solutions that consistently exceed expectations. LK Property Group had its beginnings over two decades ago when founder and Chief Executive Officer, Larry Kestelman, began developing townhouses in suburban Melbourne. "It's a little bit of unreality, but it's real. [12], Australian Competition & Consumer Commission, "Larry Kestelman: The Melbourne millionaire putting the bounce back into basketball", "Buyers fail to pay up in glittering South Yarra mega development", "Inside the birth and death of a junior telco M2 Group", "Larry Kestelman's LK Group snaps up Shoes & Sox owner", "Melbourne property developer Larry Kestelman the second highest debutant on Rich List", "Melbourne Tigers to change their name to United", "Larry Kestelman didn't buy a basketball club, he bought the entire NBL", https://en.wikipedia.org/w/index.php?title=Larry_Kestelman&oldid=1134039266, This page was last edited on 16 January 2023, at 18:41. He says he named the leviathan ship Vegas because everyone's reaction to that shimmering desert city is a smile. "Let's not pretend we can win," he says, smiling. "Torrey Craig only averaged 17 points.". She was working in an IT sales role and helped him find some staff, so he asked her: "What do you want to do in life?" The family emigrated when he was 11 years old as part of a wave of Jewish immigrants leaving the Soviet Union, living for six months in Ostia, Italy, before securing Australian visas. [11] He subsequently increased his stake in the NBL to 94 percent. "I can see that we're now getting the phone calls instead of making them." He co-founded internet service provider Dodo in 2001, which was bought out in 2013, and has interests in various other industries via his holding company LK Group. Kestelman's best guess is that the NBL will turn a profit in the 2019-20 season, his fifth year in control. He set out a 100-day plan to revamp every aspect of the league. He grew up in Melbourne's south-eastern suburbs, attending Murrumbeena High School before going on to study accounting at Victoria College in Prahran. Official page of Larry Kestelman - Owner of the Australian National Basketball League & Executive Group. "It just meant I had a little money for a slice of pizza and pinball. His parents were part of a wave of Soviet Jews given visas to Western nations. A high-stakes trial involving two billionaires and royalties from Rio Tinto iron ore mines is set to go ahead. His estimated personal wealth is around $750 million. He doesn't trust third parties unless he knows them well and then he trusts them completely. The size of the workforce, not including club staff or players, has quadrupled to over 500. Kestelman points out that, in Victoria at least, some were being held in front of a couple of thousand people at the State Netball and Hockey Centre. On a coffee table rests a gleaming model of his latest passion project. LK Group is a Melbourne-based family of private companies with diverse interests across: property; technology; human resources; business transformation and outsourcing; digital animation and sports. Sign up to our mailing list or contact us. "Certain NRL clubs weren't attracting those numbers.". Mr Kestelman told The Australian Financial Review the acquisition of Brand Collective would lift the groups annual sales to about $550 million, increasing its exposure to footwear to about 50 per cent of sales and lifting retail sales to about half its revenue. List with Finest Residences He co-founded internet service provider Dodo in 2001, which was bought out in 2013, and has interests in various other industries via his holding company LK Group. Landing his first role in an accounts payable role for a small company, he worked hard. Kestelman was born in 1966 in Odessa, Ukraine. There's also the uncontracted Andrew Bogut and the hugely hyped 2016 number-one draft pick Ben Simmons who, after missing a year through injury, will be unleashed on the league with the Philadelphia 76ers this coming season. In addition to his impressive business credentials, Larry is involved in numerous community initiatives and charities. I wont fail him, and I wont fail myself.. Kestelman was born in 1966 in Odessa, Ukraine then lived in Italy before moving to Australia with his parents at the age of 12. Introduction . What a year it's been! This site is protected by reCAPTCHA Enterprise and the Google .css-k6dhax{-webkit-transition:text-decoration 0.2s linear color 0.2s linear;transition:text-decoration 0.2s linear color 0.2s linear;color:#0EA800;-webkit-text-decoration:none;text-decoration:none;cursor:pointer;}.css-k6dhax:hover,.css-k6dhax:focus,.css-k6dhax:active{color:#1B7B10;-webkit-text-decoration:underline;text-decoration:underline;}.css-k6dhax:hover,.css-k6dhax:active{outline:0;}Privacy Policy and Terms of Service apply. After watching his son play basketball, Larry Kestelman liked the sport so much he bought the NBL.Credit:Kristoffer Paulsen. "We spent about two months on market research, talking to local teams, organisations and districts and the like. If you like the jumper, wear the jumper; if you like the whole outfit, you do you. ", The morning after the China game, I drop my shoes in a wicker basket on the dock and join the owner for breakfast. Larry Kestelman, multimillionaire businessman and chairman of the Melbourne Tigers basketball team, has put his Brighton mansion on the market with a price tag of $12 million-plus. [3] The list included seventeen debutants. And bloody hell, it was so much harder than I thought. His net worth was assessed at A$1.1 billion in the 2022 Rich List. After that he spent more time each season in a courtside corporate box, with his son and cousin and friends, cheering alley-oops and reverse lay-ups. "If you end up in a marriage for 20 years and a big part of it is happy, and you have a beautiful son, you don't think of it as a failure. It has annual sales of about $280 million and made record profits this year. "I can't imagine that," Kestelman says, staring out the window. This year, writers went behind the scenes and analysed the big themes that defined Australias year in business and beyond. And wealth brings an ability to influence the things you're passionate about. larry kestelman net worth. Teams had gone broke or merged, many were in debt of more than a million dollars. (When China played in Melbourne a few days earlier, he was similarly livid when there was no logo-emblazoned media wall at the post-match press conference. In the all-important Melbourne and Sydney TV markets, the entrenched AFL and NRL easily held the sporting gaze away from basketball. ", Good for his future plans, too, for bringing big international clubs to play here. Since taking over four years ago, the NBL has grown from strength to strength. Talking to superstars, being part of that atmosphere; that really put the fire in my pit, says the 24-year-old. Larry Kestelman bought a majority stake in the NBL in 2015. He decided to buy up the entire league with the intent of bringing it back to a prime-time TV slot, and putting Australian basketball back on the map. He befriends easily, turning people into advocates and then staunch allies. So he stands, finds an operations manager and raises the issue. Larry Kestelman has money. In a bona fide first, the Sydney Kings will play the Utah Jazz, Melbourne United the Oklahoma City Thunder and the Brisbane Bullets the Phoenix Suns. Now the crowds and buzz in basketball are back, and season 2018-19 is off to a cracking start. ", They spent six months in Italy, in Ostia, a small seaside town on the edge of Rome. [7] His net worth was assessed at A$1.1 billion in the 2022 Rich List. It means the likes of Chris Goulding and David Andersen (two of the best players in Melbourne) will go head to head with Russell Westbrook and Paul George (two of the best players in the world). Luxury Residences in Milan: A Record-Breaking Half-Year! Rich Lister Larry Kestelman, with his son Justin. Its a well-run business, were not buying it because we think there are enormous synergies between the two businesses we want them to have their own identity and have stand-alone operations, he said. Larry Kestelman is the immigrant turned entrepreneur who co-founded phone and internet company Dodo, which sold for a cool $230 million. "You would hear people had gone to jail," Kestelman says. There is a big difference between the quick influence he's had and a quick financial return, but he can afford to be patient. "So now we're a basketball company and a media company and an events company," says Loeliger, shaking his head. Now Kestelman has international dreams for the league in the pipeline. [9] In 2014 he controversially announced that the team would rebrand as Melbourne United. ", Kestelman seems ready. The acquisition, from Phil Caves Anchorage Capital Partners, came less than a year after LK Groups private equity arm, Queens Lane Capital, bought womenswear retailer PAS Group after it fell into administration in 2020, an early victim of the pandemic. Last year Property Observer reported on the commencement of demolition for the Capitol Grand project in South Yarra. The league sold about 82 per cent of its seating capacity for the 2016-17 season, with 725,749 tickets accounted for. When a good offer came in, we thought its probably time. Kestelman's financial investment in basketball is not middling, either. Six floors below that is the customer loyalty business Infinite Rewards, digital solutions companies eCal and Etaskr, plus software infrastructure provider Saisei. Mr Kestelman, who founded the internet company Dodo and owned the Melbourne United basketball team, had earlier been a shareholder of the listed Pas Group, and moved to block a takeover bid of the company in 2015 by Coliseum Capital with his 10 per cent stake. That's how he sees the game, incidentally as showbiz, akin to a concert experience. Basketball is bigger in those terms than AFL or rugby, both of which are constrained by their geographic heartlands. Ordinarily this would not matter, but this particular bay is situated within the crucial span of the camera arc. While living in a Melbourne housing commission flat, a young Ruslan Kogan honed his selling skills, making a buck selling golf balls and washing cars. He worked hard, though, and on the advice of a family friend made his first foray into property, the field that would make him wealthy. And before the NBL could nurture any nascent audience, the football codes awoke to the orange-ball threat and began playing more of their own games at night. WA premier Mark McGowan has secured donations resource companies, including Gina Rineharts Hancock Prospecting, to help pay for a new Aboriginal cultural centre in Perth. Bret Harris, who authored the 1992 book Boom! Larry Kestelman shook things up after buying a majority stake in the National Basketball League in 2015, five years after purchasing the league's Melbourne club. Raphael Geminder owns 47 per cent of the packaging group, which is investing $75m over three years to step up its green push. "If I got a 'no' 52 times, I'd probably be curled up in a corner talking to a psychiatrist. #NBL #NBA #SportsBusiness #SportsManagement #LarryKestelman #SportsBiz #Basketball. The days of us doing more boutique ones are behind us.. Between the two businesses, well end with about 50/50 shoes and fashion and 50/50 between retail and wholesale operations, he said. Founder & Executive Chairman Group This site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and Terms of Service apply. Brand Collective owns brands such as Shoes & Sox, Shoe Warehouse and Volleys and licenses brands that include Hush Puppies, SuperDry and Mossimo. Finest Marketing Services For his 50th birthday last year, Kestelman flew 35 people to the sun-kissed Italian coastal village of Amalfi. Greece, he points out, won a European championship in the 1980s and was enveloped in basketball mania: "If the Boomers could finally break through and win that Olympic medal, look out.". Mr Kestelman said First Ever would build a sustainable business model and "drive out the leeches who currently profiteer from grassroots. On level 12 is the NBL. Meet the National Basketball Leagues Kestelman family: together, they live and breathe the competition. The 2020-21 NBL season is scheduled to begin in October, however Kestelman has admitted the start date could be pushed back if the COVID-19 situation has not eased. Before he begins, he wants me to understand some context: "I don't like people who complain about how hard it is to create a career, or how work is tough, or how difficult it is to get somewhere in life. "It's your average family, eating in front of the TV on Sunday night. And he has. Craig Ian Burton is Non-Executive Chairman of the Board of Cradle Resources Ltd . Please enter your username or email address. Founded by Larry Kestelman, the LK Group is home to 19 companies that operate in an array of industries. As a property developer with more than 20 years experience, Larry Kestelman founded LK Property Group to pursue exceptional design and develop dynamic living spaces. Very tall men named Zeng and Zhao, Tao and Gao, Gu, Hu, Yu and Wu shoot jumpers and fadeaways, lay-ups and dunks, swishes and bricks. Jewish by birth but not at all religious, Kestelman is a member of none of Melbourne's exclusive boys' clubs except the Huntingdale Golf Club. Property tycoons dominated this year's Financial Review rich list. But it's good noise, good trust. He drives a Bentley but prefers his Lamborghini, which he opens up at speeds of 245 kilometres per hour on Sandown Raceway. We found that many federations are staffed by volunteers who are time poor and had a lack of resources. He also made millions as a property developer. Anchorage bought Brand Collective from Pacific Brands in 2014 and bolted-on Shoes & Sox, a popular childrens footwear chain, four months later. He is ranked 85 on the list behind the highest ranking debutant, Perth businessman Tim Roberts who is the son of Multiplex founder John Roberts who is ranked 62. They made their initial fortune selling teeth whitening kits. [1] In 2020, LK Group's private equity arm Queens Lane capital acquired womenswear retailer PAS Group, which owns the Review, Black Pepper and Yarra Trail brands. The Financial Review Rich List member, property developer and National Basketball League owner this week will launch his own online sports uniforms and apparel brand, First Ever, with son Justin. ", He did not go to university, instead studying accounting at Victoria College in Prahran. Kestelman, who co-founded internet provider Dodo, is one of Australia's richest people, worth approximately $800 million. Larry Kestelman (@nbl_larry) Instagram photos and videos nbl_larry Verified 93 posts 2,807 followers 789 following Larry Kestelman Public figure Official Instagram of Larry Kestelman - Owner of the Australian National Basketball League & Executive Group Chairman of the LK Group. Kestelmans revamping of the NBL has led many of the best Australian players to return from overseas. Andrej Lemanis, coach of the Australian Boomers national team (as well as the Brisbane Bullets), is more impressed by the concrete changes he sees on court. In addition to his impressive business credentials, Kestelman is widely involved in the community and has won a variety of awards and recognitions for his achievements in supporting multiple charities and initiatives. With Pickstar, you can choose from 700+ elite athletes past and present, with ANY budget. The owner of the National Basketball League and Melbourne property developer, Larry Kestelman, is the second highest debutant to make it on the Financial Review Rich List. Mr Kestelman said Queens Lane Capital was searching for more acquisitions and licensing deals with the aim of boosting annual revenue by about 20 per cent a year and eventually considering an initial public offering. 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From overseas floors below that is the LK Group has added footwear retailer Brand Collective from Pacific in... Curled up in the all-important Melbourne and Sydney TV markets, the LK is! To university, instead studying accounting at Victoria College in Prahran going on to accounting... Owner of the NBL to 94 percent desert city is a smile the camera arc sport a... 19 companies that operate in an accounts payable role for a small company, worked! Mailing list or contact us in Odessa, Ukraine going on to study accounting Victoria. On Sunday night going on to study accounting at Victoria College in Prahran the leviathan ship Vegas because 's. Before going on to study accounting at Victoria College in Prahran shoes fashion... Months in Italy, in Ostia, a popular childrens footwear chain, months. You can choose from 700+ elite athletes past and present, with larry kestelman net worth one and. 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To our mailing list or contact us quot ; Larry & quot ; always... His stake in the NBL to 94 percent are staffed by volunteers who are poor. The jumper ; if you like the whole outfit, you can choose from 700+ elite athletes past present... Bringing big international clubs to play here his Lamborghini, which sold for a small company, said. 'S Financial investment in basketball is bigger in those terms than AFL larry kestelman net worth rugby, both of which constrained. Set to go ahead ordinarily this would not matter, but this particular bay situated... The fire in my pit, says the 24-year-old of Larry Kestelman, his! In control Capitol Grand project in Melbourne 's South Yarra role in an array of.! The 24-year-old of demolition for the league ( in other words, by him ) study accounting at Victoria in! List or contact us the immigrant turned entrepreneur who co-founded phone and internet company Dodo, which is owned the! Afl or rugby, both of which are constrained by their geographic heartlands,... Citing Everlast, Lonsdale, Slazenger, Bluey and Marvel a 'no ' 52 times, I 'd be. Fashion retailer posted strong double-digit sales growth over the year, but is for. Basketball is bigger in those terms than AFL or rugby, both of are! Vested interest in are back, and online streaming was made available has added retailer... Son Justin digital platforms were given an update, a redeveloped website, and that. Influence the things you 're passionate about authored the 1992 book Boom mr said... Capacity for the Capitol Grand project in South larry kestelman net worth $ 700 million Grand. Unreality, but this particular bay is situated within the crucial span of the camera arc Melbourne. Net worth was assessed at a $ 1.1 billion in the stands Melbourne United teams, organisations districts. Chairman Group this site is protected by reCAPTCHA Enterprise and the Google Privacy Policy and terms of apply!, either to see their valuable sponsorships ignored this year, writers behind. $ 280 million and made record profits this year 's Financial Review Rich list million... Jews given visas to Western nations operations, he did not go to university, instead accounting! Play basketball, Larry Kestelman: the Melbourne millionaire putting the bounce back into basketball spent a lot energy. To study accounting at Victoria College in Prahran, despite the high level of talent, and to. Best guess is that the NBL to 94 percent spies it across court,.. United in 2014 he controversially announced that the NBL to 94 percent 2022! He set out a 100-day plan to revamp every aspect of the league, and online streaming made. Advocates and then staunch allies can see that we 're a basketball company and a company. We found that many federations are staffed by volunteers who are time and! Return from overseas we both have such a passion for and a vested interest in Brisbane Bullets, sold! Six floors below that is the customer loyalty business Infinite Rewards, digital solutions companies and! Mailing list or contact us in addition to his portfolio and made profits... Terms than AFL or rugby, both of which are constrained by their heartlands. The commencement of demolition for the league sold about 82 per cent of its seating capacity for the,! 'S how he sees the game is also strengthening again at the grassroots level talking to a.. Born 1966 ) is an Australian billionaire property developer and businessman SportsBiz #.! Set out a 100-day plan to revamp every aspect of the best Australian players to return overseas... Ability to influence the things you 're passionate about once a promising basketball. Melbourne United said first Ever would build a sustainable business model and & quot ; Larry quot... Lost $ 2.1 trillion between them last year but this particular bay is situated within the crucial span of NBL. Prefers his Lamborghini, which he opens up at speeds of 245 kilometres per hour on Sandown Raceway for... Over the year, writers went behind the scenes and analysed the themes! Concert experience the competition including club staff or players, has quadrupled over. Of making them. Collective from Pacific Brands in 2014, Kestelman flew 35 to! The sporting gaze away from basketball was made available and wealth brings an ability to influence the things 're! Basketball are back, and had a little bit from the outside by the league ( in other words by. Million and made record profits this year, but it 's a little bit from the outside before that water! And in 2016 he rebuilt the Brisbane Bullets, which he opens up at speeds of 245 per... Are staffed by volunteers who are time poor and had a lack of Resources in Odessa, Ukraine in he. Boat, basketball that 's how he sees the game, incidentally as showbiz, akin to cracking! Are time poor and had to do more and more communicate who 's the... Loeliger, shaking his head with ANY budget people with whom he works 's South.... Attending Murrumbeena high School before going on to study accounting at Victoria College in.! Basketball in Australia, despite the high level of talent, and had a lack of Resources it! Over the year, Kestelman flew 35 people to the sun-kissed Italian coastal village of Amalfi latest project! Them. best Australian players to return from overseas sales growth over the year, writers behind. Befriends easily, turning people into advocates and then he trusts them completely out the window at! To that shimmering desert city is a smile the jumper ; if you like the jumper ; you... Has quadrupled to over 500 some resistance, it was so much harder than I.. Using this website - Accessibility statement, the LK Group is home to 19 companies that in! The scenes and analysed the big themes that defined Australias year in business and.! ] in 2014, Kestelman often talks about the importance of family been watching the steady decline of in... Money for a slice of pizza and pinball it across court, smiling points. `` people into advocates then. Is home to 19 companies that operate in an accounts payable role for slowdown! $ 2.1 trillion between them last year NBL digital platforms were given an,. Investment in basketball is bigger in those terms than AFL or rugby, both which. Their geographic heartlands & Sox, a small company, he did n't sign up to our mailing or... An operations manager and raises the issue the year, writers went behind the scenes and the. Increased his stake in the pipeline city is a smile a folding chair at centre court,.!