OZschwitz: Reclusive millionaire Ric Stowe in battle with extortionist ATO

RIC STOWE has spent 24 years on the BRW Rich List, with his wealth peaking in 2008 at $875 million.

The reclusive 66-year-old made his fortune in coal, property, beef, billboards, scaffolding, office products and helicopter leasing.

Mr Stowe's empire is made up of Griffin Coal, which operates one of only two open-cut coal mining pits in Western Australia, cattle properties across Western Australia, and a property development arm.

His businesses are owned through a complex web of private companies including Devereaux Holdings and WR Carpenter Holdings.

His cattle properties farm Angus and Wagyu beef, mostly for Asian markets, and Japan in particular.

His property projects include Quay West Resort Bunker Bay near Busselton and Dunsborough Lakes, south of Perth, and Roselea Estate, north of the capital.

A oceanfront development site at Bunker Bay, adjacent to Quay West, which was to be developed into a resort, was put on the market in October for $20 million.

Mr Stowe is also part way through building a $400 million privately owned coal-fired power station, designed to cash in on WA's mining boom by generating more than 200 megawatts of electricity. The first phase has been completed. Two new generators were expected to be completed by 2012 and 2014.

Mr Stowe, a polo enthusiast, owns a large private estate at Bullsbrook, 50 kilometres east of Perth, where Prince Harry played a game of polo in October 2003.

However, he spends most of his time at his luxury home in Monte Carlo.

He is now in his third marriage and has nine children, three of them with a long-term partner after his first marriage.

His two eldest sons, Robert Geoffrey Stowe (known as Geoff) and Jason Stowe, are both involved in the business.

He was subject to a nine-year tax audit that ended in June 2004 and triggered a five-year legal battle.

The fight over a $173 million tax bill for the years from 1986 to 2002 was finalised last March when he reached an out-of-court settlement for an undisclosed sum.

The Australian Taxation Office alleged Mr Stowe evaded tax by claiming $28.5 million in deductions for ''management fees'' paid to companies in a number of tax-haven countries, including the Turks and Caicos Islands, Nauru, Cyprus, Fiji and Jersey.

He also claimed deductions for his Falcon 50 private jet and a boat.

One of his company, Devereaux Holdings, is still in battle with the Commissioner of Taxation in the Federal Court. The hearing is due to begin on July 19.

LNK

OZschwitz: Reclusive millionaire Ric Stowe in battle with extortionist ATO

OZschwitz: Reclusive millionaire Ric Stowe in battle with extortionist ATO

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