How Shane Warne built $20.7M fortune and what his kids should do with their $6.41M inheritance
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Shane Warne’s three sons are reaping the benefits of their father’s sense of investment and entrepreneurial flair.
After retiring from the sport in 2007, Warne transformed his stellar cricketing talents and big personality into a hugely successful business career, from flipping houses to promoting products.
Warne’s final will, drawn up just three months before his tragic death last March, reveals that the blonde-haired larrikin had amassed an extraordinary fortune of $20.7 million.
His children — Brooke, 25, Jackson, 24, and Summer, 21 — will each inherit just under a third of their father’s assets, or about $6.41 million each.
Newly minted siblings can choose to sit in their famous father’s legacy.
But if they’ve inherited their father’s business acumen, they could turn his financial legacy into their own fortune.
Cricket legend Shane Warne amassed a fortune after retiring from his cricketing career, and his $20.7 million in assets were revealed when he finalized his will, leaving most of it to his children.
Warne’s children Jackson, 24, Brooke, 25 and Summer, 21, (above) each kept $6.4 million of their father’s estate and may have inherited his knowledge in property and stock investing.
Nearly a year after Warne’s sudden death of a heart attack, aged 52, in Thailand, his will has just been drawn up.
With 93 percent of his $20,711,013.27 assets going to his three children, that leaves seven percent to be distributed among his brother Jason (two percent) and two and a half percent to each of his brother’s children. , Sebastian and Tyla.
His ex-wife Simone Callahan, to whom he was married for 15 years, is not listed in the will, nor is his ex-fiancée, actress Liz Hurley.
Warne requested that his prized $375,500 vehicle collection, which includes a BMW, a Mercedes Benz and a Yamaha motorcycle, be left to his son and ‘best friend’ Jackson.
Warne’s estate included $5 million in his Australian bank account, $514,000 in an offshore account, a $6.5 million seaside house in Melbourne, about $3 million in shares and $2 million in belongings. personal, including a jet ski.
Although his business ventures weren’t always successful (the company that ran his underwear line, Spinners, went bankrupt in 2011), Warne was always full of ideas and never afraid to try.
In 2019, he founded a gin distillery called 708 Gin, produced in Western Australia. One of her drinks won the gold medal at the Australian Gin Awards that year.
In early 2020, as the Covid-19 pandemic hit, Warne announced that it would also be producing an alcohol-based hand sanitizer to help alleviate critical shortages of the product.
In August 2020, Warne launched a fragrance called SW23, a mix of his initials and the number he wore while playing cricket for Australia.
Bought, renovated and sold at least five houses in trendy Brighton, Melbourne; in one case, he bought and sold a mansion twice between 2001 and 2018 and earned $18.8 million.
Another property he bought for $3.7 million in 2007 and sold for $6.7 million two years later, while making a similar profit on a $7.5 million property that he sold for $10.8 million four years later.
After retiring from test cricket, Shane Warne spun his talents and personality around to become a prodigiously successful businessman with a ‘rock star’ like presence.
The late cricketer amassed property, flipped houses and took on huge renovation projects, including buying and reselling this property in Brighton, Melbourne.
One of Warne’s real estate investments involved buying and selling a massive bluestone mansion twice between 2001 and 2018, earning $18,888,888.
The will showed that Warned had $295,000 in liabilities, including credit cards and household bills.
Warne was known for his high-spending lifestyle and expensive tastes, including a fleet of luxury cars that he often showcased on social media.
But the foundations of the inheritance bequeathed to his sons are evidence of his financial intelligence and the success of his post-cricket career.
Warne had built successful business ventures, earned lucrative product endorsements, acquired an impressive property portfolio, and had multiple commentary commitments.
The spin bowling king’s most lucrative “retirement” job may have been joining Indian Premier League side the Rajasthan Royals in 2008 and departing with a stake in the franchise that was on pace to be worth $400 million.
After demonstrating his outrageous talents as a cricket superstar turned commentator, businessman and professional poker player, Warne managed to use his status as an international sports hero to amass a fortune.
Before his death, Warne had laid out plans to build a $5 million resort-style retreat on a block he bought for $3.6 million in Portsea, outside Melbourne, now listed in his will as worth $6.5 million.
Warne also has an apartment in the $540m Saint Moritz complex on St Kilda, which he is said to have bought in 2018 for $5.4m.
Warne’s three sons inherit their father’s wealth at a difficult time in Australia’s usually booming property market, when Reserve Bank rate hikes have not yet ended and prices are expected to continue. falling down.
Investment expert Jessica Amir of Saxo Markets said this was not the time for the Warnes, or any youngster, to “throw all their eggs in one basket” with property.
His enormous fortune was matched by his lavish lifestyle and expensive taste with a fleet of luxury cars, leaving a BMW and a Mercedes Benz to his son Jackson.
Warne also has an apartment in the $540m Saint Moritz complex on St Kilda, which he is said to have bought in 2018 for $5.4m.
A single $6m house, which could swallow up the inheritance of each of the cricketer’s children, is below the median house price in just six Sydney suburbs, though Melbourne is far more affordable.
Amir recommended investing in stocks “to get more for your money,” and while investing in some of the biggest companies in the world (Apple, Facebook, and Alphabet (Google search engine)) is an easy way to get in, stocks technologies in general are not. a good buy, coming out of a maximum of 10 years.
“Diversification is really important, so you can invest in a basket of stocks in one area through an exchange-traded fund (ETF), which are gaining popularity,” he said.
Amir named nine booming areas where young people could buy stocks or invest in ETFs that in turn invest in multiple different companies in the same areas, such as resources, mining, metals, green transformation, food, fertilizer, energy, and defense. cybernetics. security.
Jessica Amir of Saxo Markets (right) said it was not the time for the Warnes, or any youngster, to “throw all their eggs in one basket” with property and there were booming areas of stock investment to make money.
She said investing in stocks by people under 30 had been “completely unprecedented” during the Covid pandemic, but with many burning their fingers, cryptocurrency and slowing tech stocks “has died.” “.
Stock investments recommended by Amir: BHP, Rio Tinto, copper, lithium or aluminum companies (the elements used in electric vehicles), ASX 200 companies or ETFs in them, resource ETFs like Betahsares or SPDR, poultry producers and dairy, shares of fertilizer companies (‘quite bullish’), energy ETFs and luxury companies such as Louis Vuitton and Hermes.
Of the latter, Amir joked that instead of spending $10,000 on an LV bag, investing in the company, which had shares on the rise due to China’s rising middle class and its rise of Covid, was a smarter choice. .