Michael Wright (Australian businessman)
Michael Wright | |
|---|---|
| Born | 1937 Western Australia |
| Died | 2012 |
| Occupation | Businessman |
| Known for | Wright Prospecting, Voyager Estate winery |
Michael Wright (1937–2012) was an Australian businessman and heir. Mainly engaged in grazing, he inherited a significant interest in Wright Prospecting from his father, which controlled valuable iron ore leases in Western Australia. Additionally, Wright invested in the wine industry through ownership of the Voyager Estate winery.
Early life
His grandfather, Canon McClemans, was the founder of Christ Church Grammar School. His father, Peter Wright, co-established both Hancock Prospecting and Wright Prospecting alongside the late Lang Hancock. Wright’s older adopted sister is Angela Bennett, and his younger brother is Julian Wright. He was born in Western Australia and received his education at Christ Church Grammar School.
Career
Wright commenced his professional journey within the family enterprise, Wright Prospecting. In 1991, despite abstaining from alcohol, he purchased the Voyager Estate winery located in Margaret River, Western Australia. He also held a position on the Board of Governors at the University of Notre Dame Australia in Fremantle.
Following the unexpected passing of his father in 1985, Wright and his sister inherited a fortune valued at $900 million jointly. Disputes arose with his brother Julian over financial arrangements connected to Wright Prospecting, leading to estrangement and unsuccessful litigation initiated by Julian against his siblings.
After enduring a legal struggle spanning twelve years, Wright and Bennett secured a $1 billion settlement from Gina Rinehart in 2010 when she surrendered a 25% stake in the Rhodes Ridges iron ore project near Newman in the Pilbara region. Upon Wright’s death in 2012, his daughters Leonie Baldock and Alexandra Burt divested their entire 25% share in Rhodes Ridges, netting $3.4 billion by 2025. Meanwhile, Bennett sold a 15% portion to Mitsui & Co for $2 billion but maintained a remaining 10% interest; production at Rhodes Ridges is projected to commence after 2030.
Prior to his passing, Wright and Bennett collectively owned 15% of Hamersley Iron shares from the Rio Tinto Group, with Rinehart controlling the other 50%. Wright’s holdings were inherited by his daughters.
In September 2012, Bennett along with Wright’s daughters initiated legal proceedings against Rinehart seeking recovery of half ownership of tenements 4, 5, and 6 at the Hope Downs mine, named after Rinehart’s mother, Hope Hancock. The initial hearing occurred in 2023.
Personal life
Wright’s second marriage was to Jennifer Turner, mother to Alexandra Burt, Leonie Baldock, and Myles Wright. The couple later divorced; Turner passed away in 2017. He fathered a daughter, Olivia Jacqueline, with Elizabeth Mead; while he contributed some child support, Mead and her partner primarily raised Olivia. His fourth relationship was with Mary Ann Wright; they married and divorced without children.
In his testament, Wright allocated the majority of his estimated $1.2–$1.5 billion estate equally between Burt and Baldock, with additional provisions for Mary Ann Wright, Olivia Mead, and Myles Wright—who received $20 million. Mary Ann Wright filed a lawsuit against Burt, Baldock, and the estate executor; this dispute was ultimately resolved through an out-of-court settlement. Olivia Mead was initially left $3 million under stringent conditions limiting her access; she challenged this arrangement legally claiming entitlement to a larger portion. She was awarded a landmark inheritance of $25 million in Australia, later reduced on appeal to $6.1 million. Mead received $3 million in 2015 while the remainder remains held in trust until she reaches age 30.
Before his death, Wright’s wealth was combined with that of his sister. The Australian Financial Review Rich List for 2025 estimated the joint net worth of Burt and Baldock at AUD 7.18 billion.