Larry Kestelman

Valarie "Larry" Kestelman
Born	1966 Odesa, Ukraine
Occupation(s)	Entrepreneur, property developer
Known for	Co-founder of Dodo; principal shareholder of the National Basketball League (NBL)

Valarie "Larry" Kestelman (born 1966) is a prominent Australian billionaire entrepreneur and property developer. He co-established the internet service provider Dodo in 2001, which was sold in 2013, and manages a wide range of ventures through his holding entity, LK Group. Kestelman is also recognized as the principal shareholder of the National Basketball League (NBL) since 2015.

Early life

Kestelman was born in 1966 in Odesa, Ukraine. His family relocated to Australia when he was 11 years old, following a short period residing in Italy. His father worked as an electrical engineer, while his mother practiced as a gynaecologist. Upon settling in Melbourne, his father took a position as a draftsman at Holden, and his mother found employment as a laboratory assistant. Kestelman attended Murrumbeena High School before pursuing accounting studies at Victoria College located in Prahran. His initial employment was in accounts payable at a tyre manufacturing company.

Basketball

Kestelman's passion for basketball emerged during the 1990s. In the early 2000s, he became a sponsor of the Melbourne Tigers NBL team and went on to purchase the club in 2012, promptly replacing head coach Trevor Gleeson. The team was rebranded as Melbourne United in 2014.

In 2015, Kestelman purchased a controlling interest of 51% in the financially troubled NBL for A$7 million. He negotiated a new television rights agreement, reinstated the Brisbane Bullets, and overhauled the league’s branding and online presence. Subsequently, he expanded his ownership stake to 94%.

Property development

Kestelman initiated his property investments at an early stage, beginning with land acquisitions in Caulfield South. His real estate ventures evolved from subdividing residential parcels to constructing townhouses, eventually advancing to large-scale apartment developments in Footscray and Southbank. In 2015, he unveiled Capitol Grand, a 50-storey residential skyscraper located in South Yarra, which is considered the tallest structure in Melbourne outside the central business district. He retained ownership of the penthouse unit for personal use.

Telecommunications

In September 2001, Kestelman co-established the internet service provider Dodo Services alongside his cousin Michael Slepoy and Igor Gilenko, holding a 49% ownership share. The company experienced swift growth by offering simplified billing through fixed-rate plans and unlimited data downloads. In 2003, after an investigation by the ACCC regarding misleading advertising practices, Kestelman and director Mark Baranov were found to have engaged in deceptive conduct; as a result, Dodo was mandated to compensate affected customers and adopt a compliance program, though no fines were imposed. By 2005, Dodo reported revenues of A$80 million and declined a takeover bid from Telstra. Eventually, it was acquired by M2 Group for A$204 million in 2014.

Other interests

The LK Group serves as Kestelman's principal holding company. As of 2017, its assets encompassed the Philippines-based call centre Acquire BPO, recruitment firm First Avenue, investment company Oxygen Ventures, digital media enterprise Newsmodo, HR consultancy Wall Street, customer loyalty provider Infinite Rewards, and software businesses eCal, eTaskr, and Saisei. In 2020, LK Group's private equity division Queens Lane Capital purchased womenswear retailer PAS Group (including brands Review, Black Pepper, and Yarra Trail). The following year saw the acquisition of footwear and fashion retailer Brand Collective, which includes Volley, Shoes & Sox, and Shoe Warehouse. In April 2023, Queens Lane Capital added bed and mattress retailer Snooze to its portfolio after purchasing it from Greenlit Brands.

Net worth

Kestelman first appeared on the BRW Young Rich List in 2005 together with Dodo co-founder Igor Gilenko, with a combined estimated net worth of 87 million. He made his initial appearance on the Financial Review 2017 Rich List with an estimated net worth of 749 million. By May 2025, Kestelman's wealth was valued at 1.36 billion according to the 2025 Rich List.

Year	Financial Review Rich List		Forbes Australia's 50 Richest
Rank	Net worth (A$)	Rank	Net worth (US$)
2017	$749 million Template:Up
2018	Template:Nts Template:Up	$784 million Template:Gain
2019	Template:Nts	$722 million
2020	Template:Nts	$760 million Template:Up
2021	Template:Nts	$785 million Template:Up
2022	Template:Nts Template:Up	$1.10 billion Template:Up
2023	Template:Nts Template:Up	$1.27 billion Template:Up
2024		$1.30 billion Template:Up
2025		$1.36 billion Template:Up

Legend
Icon	Description
	Unchanged from prior year
	Increased from prior year
Template:Loss	Decreased from prior year