Stronach family feud continues with daughter’s countersuit

The Canadian billionaires owns several horse race tracks in California, Florida

Los Angeles /
Jan.January 26, 2019 12:00 PM
(Credit: Getty, iStock)

Belinda Stronach, former Magna International CEO, has filed a countersuit against her father Frank Stronach — the latest episode in a complex and highly expensive family feud.

In October, the elder Stronach filed a 73-page lawsuit against his daughter and other family members for $400 million, claiming they mismanaged the family’s assets and limited his control.

The Canadian family built an empire off manufacturing auto parts. The Stronach Group, a Magna-related company, own prime real estate in California and Florida.

Belinda Stronach is now fighting back, seeking $25 million from her father in damages, Bloomberg reported. The amount includes funds that were “gifted” to her father for his political campaign in his native Austria and a tax settlement with the Austrian government.

In the countersuit, the former CEO says she was trying to prevent her father from “idiosyncratic and often unprofitable projects” that would hurt the family’s fortune. Frank Stronach spent about $850 million on failed “passion projects,” including two bronze statues of a Pegasus horse that cost $55 million, according to statements provided by a vision of The Stronach Group.

The company owns top race tracks such as Santa Anita Park in Arcadia, California; Gulfstream Racing Park and Casino in Hallandale Beach, Florida; and Pimlico in Baltimore. They also own a cattle ranch in Florida. [Bloomberg] – Natalie Hoberman


Related Articles

arrow_forward_ios
(iStock)
LA County sued over commercial eviction moratorium
LA County sued over commercial eviction moratorium
The future of San Francisco’s Oceanwide Center is up in the air again (Getty, Foster and Partners)
Contractors pull out as Oceanwide Center sale falls through again
Contractors pull out as Oceanwide Center sale falls through again
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari
Industrious partners with landlords to offer tenants satellite workplaces
Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske
Northwestern Mutual picks up Santa Monica office campus for $166M
Northwestern Mutual picks up Santa Monica office campus for $166M
Prop 15 property tax measure draws millions (Credit: iStock)
Prop 15 property tax measure draws millions of dollars from for and against campaigns
Prop 15 property tax measure draws millions of dollars from for and against campaigns
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)
California allows barbershops to reopen, but LA holds back
California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang
LA County properties valued at nearly $2 trillion…before pandemic
LA County properties valued at nearly $2 trillion…before pandemic
Brian Chesky (Credit: Richard Bord/Getty Images, Airbnb, and iStock)
Airbnb sues booking guest over unauthorized house party
Airbnb sues booking guest over unauthorized house party
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...