Aged care Rich Listers ‘worth $342m’ as sector cries poor

Exclusive: As the aged care industry cries poor some owners are not short of cash.

Queensland TriCare's owners Paul O'Shea and sons Peter, John and Damien have had enough spare cash to donate over $80,000 to the Queensland's Liberal National Party in recent years.

The O'Shea family was ranked 30th in Queensland's Top 150 Rich List in 2014 worth $342 million.

Last night they told News Corp Australia this amount was "significantly overstated and we didn't seek to correct at the time".

Attention has been drawn to the fact the company is based in Norfolk Island.

The Centre for International Corporate Tax Accountability and Research found TriCare received $66 million aged care funding from the Federal Government in 2016-17 while the entire GDP of Norfolk Island estimated to be $68m a year in 2013-14.

The firm has said neither TriCare nor its shareholders receive any tax benefit in relation to Norfolk Island.

Director of Tricare Peter O'Shea told News Corp more than 90 per cent of TriCare's aged care revenue is spent on the day-to-day costs of operating aged care residences.

"Staffing costs comprise approximately 75 per cent of the operating costs. Food, medical and resident supplies, electricity, building maintenance etc. comprise the other 25 per cent," Mr O'Shea said.

"Of the surplus made from aged care each year, at least 80-90 per cent is re-invested back into aged care residences in the form of building refurbishment and construction of new buildings."

 

One of TriCare’s owners, Peter O'Shea. The family was ranked 30th in Queensland’s Top 150 Rich List in 2014 worth $342 million. Picture: Supplied
One of TriCare’s owners, Peter O'Shea. The family was ranked 30th in Queensland’s Top 150 Rich List in 2014 worth $342 million. Picture: Supplied

 

TriCare’s Mt Gravatt Retirement Community.
TriCare’s Mt Gravatt Retirement Community.

 

In Victoria, Heritage Care proprietors Peter and Areti Arvanitis flaunt prestige cars including a Maserati, Lamborghini and a Rolls Royce.

The couple's multimillion-dollar mansion in Toorak, Victoria, was recently featured in Vogue magazine and described as "the Melbourne mansion with Gucci in almost every room".

But they have also been making headlines for other reasons - the couple's Epping Gardens aged care facility had the highest number of COVID-19 cases with 211 staff and residents affected by the virus.

They have 10 homes in NSW and Victoria.

Heritage Care directors and shareholders Areti and Peter Arvanitis (left), and Stacey and Tony Antonopoulos (right). Picture: Supplied
Heritage Care directors and shareholders Areti and Peter Arvanitis (left), and Stacey and Tony Antonopoulos (right). Picture: Supplied

 

Areti Arvanitis with her Maserati. Picture: Chris Hopkins/Headpress
Areti Arvanitis with her Maserati. Picture: Chris Hopkins/Headpress

 

Late last week Mr Arvanitis resigned as a director of Heritage Care after intensifying focus on his and his wife Areti's wealth while the aged care industry claimed it was going bankrupt and struggled to cope with COVID-19 infections.

 

 

 

Tony Antonopoulos and his wife, Stacey, who between them own half of Heritage Care. Picture: Supplied.
Tony Antonopoulos and his wife, Stacey, who between them own half of Heritage Care. Picture: Supplied.

 

Mr Antonopoulos' Rolls-Royce, described as a Phantom Coupe Zenith Edition, the only one in Australasia and one of 50 in the world. Picture: Supplied
Mr Antonopoulos' Rolls-Royce, described as a Phantom Coupe Zenith Edition, the only one in Australasia and one of 50 in the world. Picture: Supplied

 

"Some have been critical of Peter's private wealth which was acquired before his time at Heritage Care, including the public offering of Estia Health which generated over $1 billion in 2014," Heritage Care CEO Greg Reeve told News Corp Australia.

"It's not possible for any aged care operator to generate that degree of wealth from resident fees, and it's inaccurate to imply otherwise," Mr Reeve said.

 

The modern mansion on Grange Rd, Toorak, that the Arvanitis family previously owned before selling it for a multimillion-dollar sum in May. Picture: Supplied
The modern mansion on Grange Rd, Toorak, that the Arvanitis family previously owned before selling it for a multimillion-dollar sum in May. Picture: Supplied

 

The sprawling Toorak home was designed by architect Nic Bochsler in the 1980s. Picture: Supplied
The sprawling Toorak home was designed by architect Nic Bochsler in the 1980s. Picture: Supplied

 

It was described as “the Melbourne mansion with Gucci in almost every room” in a recent Vogue article. Picture: Supplied
It was described as “the Melbourne mansion with Gucci in almost every room” in a recent Vogue article. Picture: Supplied

 

"These past business achievements have nothing to do with Heritage Care, although we have benefited from Peter's partial ownership since late 2018.

"Not wanting to be a distraction to the good work of staff, Peter has decided to resign as a Director of Heritage Care effective immediately, but will maintain his partial ownership in the business," Mr Reeve said.

 

Outdoor features include a tennis court, pool and spa. Picture: Supplied
Outdoor features include a tennis court, pool and spa. Picture: Supplied

 

The five-bedroom home is surrounded by Japanese-inspired gardens. Picture: Supplied
The five-bedroom home is surrounded by Japanese-inspired gardens. Picture: Supplied

 

Meanwhile, Arcare owner and rich lister Russell Knowles recently sold a clifftop Portsea mansion in Victoria for a speculated $13.5 million.

 

 

 

John Knowles and his wife Coral. John owns Arcare along with his brothers Russell and Graham. Picture: Nicki Connolly
John Knowles and his wife Coral. John owns Arcare along with his brothers Russell and Graham. Picture: Nicki Connolly

 

Arcare owner Russell Knowles recently sold “Rovina”, a 1960s clifftop mansion in Porsena, for a rumoured $13.5 million. Picture: Supplied
Arcare owner Russell Knowles recently sold “Rovina”, a 1960s clifftop mansion in Porsena, for a rumoured $13.5 million. Picture: Supplied

 

The five bedroom, three bathroom home occupies a block of almost 2000sqm, and was designed by architect Geoffrey Sommers in the early 1960s. Picture: Supplied
The five bedroom, three bathroom home occupies a block of almost 2000sqm, and was designed by architect Geoffrey Sommers in the early 1960s. Picture: Supplied

 

Regis Healthcare founder Bryan Dorman is estimated to be worth $459m and ranked 233rd on The Australian's Rich 250 list this year (up $49m on previous year).

 

Regis Healthcare founder Bryan Dorman’s home in Montrose Court, Toorak. Picture: Supplied
Regis Healthcare founder Bryan Dorman’s home in Montrose Court, Toorak. Picture: Supplied

 

Ian Roberts’ - the business partner of Bryan Dorman - home in Sackville St, Kew. Picture: Supplied
Ian Roberts’ - the business partner of Bryan Dorman - home in Sackville St, Kew. Picture: Supplied

 

 

 

His business partner Ian Roberts is said to be worth $616m and ranked 184th on The Australian's 2020 Rich 250 list (up $55m on previous year).

Originally published as Aged care Rich Listers 'worth $342m' as sector cries poor


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