Sussan – Is it a Scam?
John is the eighth richest man in the Top 50 list of Wealthiest Australians and is rated 384th in the list of World Billionaires.
With his collected bundle, he contributes money to medical care, the arts and Jewish education. He is a graduate of Melbourne High School. He is married to Pauline with whom he has two children and together, they collect Japanese art.
Gandel’s parents founded and possessed the Sussan women’s clothing chain. He took control of the clothing business in the 1950’s and together along with his brother in law, Marc Resen, he has helped it grow into a chain of more than 200 shops. In July 1983, he bought the Chadstone Shopping Center from Myer Emporium for $37 million as well as the Northland Shopping Center. In 1985, he sold Sussan to Marc so he could concentrate on real-estate. Since then, the Gandel Group has managed and developed the complex into Australia’s billion shopping mall with all the present value of more than $3 billion where he possesses $50 million share. Then plans to include a $525 million resort and office tower.
John Gandel (born 1935), an Australian businessman and property developer who made his fortune in the creation of commercial real estate in addition to shopping centres positioned in Melbourne, Victoria.
Gandel, who inherited much of his wealth from his Polish-immigrant parents, founders of the Sussan women’s clothing chain, is consistently ranked within the top ten most affluent Australians by both the “BRW” Rich 200 and “Forbes” magazine.
In July 1983, the Myer Emporium sold the Chadstone Shopping Centre to the Gandel Group for A$37 million, which has since managed and developed the complex into Australia’s biggest shopping mall that’s now valued at over $3 billion. In July 1983, the Myer Emporium additionally sold the Northland Shopping Centre to the Gandel Group. Gandel’s important advantages are 50 per cent shares in Chadstone, and a 17 per cent stake in the listed CFS Retail Property Trust that owns the other half. Gandel also owns substantial stakes in listed property companies, besides the position in the CFS Retail Trust, worth about A$800 million, and a 15 per cent stake in Sydney-based property group, Charter Hall, in which he invested A$151 million. According to a January 2012 Herald Sun report, Gandel is the wealthiest guy in Melbourne, with the estimated A$3.4 billion bundle. His most recent move has been to sell his stake in the Northland Shopping Centre to get A$455 million and to declare an A$500 million hotel and office redevelopment at Chadstone in 2011. In 2006, Gandel purchased a 50% stake in Plastro Irrigation Systems, an Israeli irrigation company. In May 2007, the majority owners of the firm exercised a right they held and bought back these holdings.