Lessons from the Andrianakos Estate Dispute: Key Insights for Estate Planning Practitioners

The estate of Nick Andrianakos, a prominent property and petroleum tycoon with an estimated fortune of $2 billion as per the 2025 Financial Review Rich List, is at the centre of a contentious inheritance battle in the Supreme Court of Victoria. Andrianakos passed away unexpectedly in March 2025 while in Greece, reportedly from a heart attack during a meeting in Argos. His death has sparked a dispute among his four children: Theo Andrianakos, Paul Andrianakos, Kristina Andrianakos, and Vicky Papamarkou.

Theo, the youngest son and current CEO of the family businesses since 2018, is a plaintiff in the proceedings. He supports a revised will that was prepared but never signed, claiming it reflects his father's final intentions for the estate's distribution. In contrast, his siblings Paul, Kristina, and Vicky rely on the original signed will as the valid document governing the inheritance. The case, described by sources as "Melbourne's answer to Succession," underscores the high stakes involved, with heavy legal representation on both sides. A mediation hearing on 30 March 2026 failed to resolve the matter, and the dispute is now set to proceed to trial.

 Key Facts and Complicating Factors

Publicly available details reveal a family deeply intertwined with the business empire built by Andrianakos. In 2022, an article on the Andrianakos Property website outlined a succession plan, noting that all family members worked in the business. The late patriarch praised Theo's devotion, stating he had worked closely with his son and taught him the ropes over the years. Theo's siblings hold director roles in several family companies, including Andrianakos Property Group, Nikos Property Group, and Milemaker Petroleum. The family's wealth surged 26 per cent from 2024 to reach $2 billion by 2025, with Andrianakos first appearing on the Rich List in 2021 at $896 million.

The estate's assets are substantial and diverse. In Victoria, they include at least five properties, notably a sprawling mansion on acreage in Greenvale and a private penthouse at the Westin Hotel on Collins Street. The portfolio extends to Brisbane and Adelaide, with a crown jewel acquisition in 2025: a $385 million half-stake in Melbourne's Northland shopping centre. Additionally, Andrianakos held significant property and business interests in Greece, including an ongoing luxury hotel project in Nafplio on the Peloponnese peninsula at the time of his death.

 Complicating the legal proceedings is the involvement of third parties. The late tycoon's partner, who resides in Greece, was represented at the mediation and is said to have been promised up to €5 million ($8 million) from the estate. Furthermore, succession planner Peter Pagonis of Horizon Nexus Partners is listed as a co-plaintiff alongside Theo. Pagonis, with over 40 years of experience advising more than 450 ultra-high-net-worth families on governance and succession, provided financial advice to Andrianakos. Theo has described the matter as a private family issue, emphasising his focus on honouring his father's legacy, while the other siblings declined to comment.

 Lessons for Estate Planning Practitioners

This dispute offers valuable educational insights into the execution formalities required under Australian succession law, particularly in Victoria, where the Wills Act 1997 (Vic) governs the validity of testamentary instruments. Practitioners must prioritise the proper execution of wills, which typically requires the testator's signature in the presence of two witnesses who also sign. An unsigned or draft document, even if it captures recent intentions, generally lacks legal force unless it meets strict criteria for informal wills under section 9 of the Act, such as clear evidence of the testator's knowledge and approval. The Andrianakos case illustrates the risks of relying on unsigned revisions, potentially leading to costly litigation over the original signed will's precedence.

 Family business succession adds layers of complexity, especially when business roles foster expectations of inheritance shares. The 2022 published plan suggested equitable involvement, yet the current rift highlights how perceived contributions, such as Theo's CEO role, can fuel disputes. Estate planners should document family dynamics thoroughly, using tools like family constitutions or shareholder agreements to align business governance with personal estate intentions, mitigating risks under the Succession Act 2006 (NSW) or equivalent Victorian provisions for family provision claims.

 Regular will reviews are essential when circumstances evolve, such as health events, international assets, or changing family relationships. Andrianakos's death abroad, amid Greek business interests, raises issues of cross-jurisdictional probate under the Administration and Probate Act 1958 (Vic), emphasising the need for wills that address multi-jurisdictional assets explicitly. Practitioners should advise on codicils or full revocations to avoid ambiguity, ensuring testamentary capacity and intention are evidenced contemporaneously, perhaps through medical assessments or advisor notes.

 The involvement of third parties like succession planners and partners underscores the importance of clarity in representations. Promises, such as the €5 million to the partner, could invite claims for proprietary estoppel or constructive trusts if not formalised. Planners must ensure all advisory roles are documented to avoid co-plaintiff entanglements, and recommend binding financial agreements under the Family Law Act 1975 (Cth) for de facto partners.

Finally, in high-value estates, early mediation remains a prudent strategy. The failed 30 March 2026 hearing demonstrates how alternative dispute resolution under court rules can contain costs, but only if initiated promptly. Practitioners should incorporate mediation clauses in estate documents and educate clients on the emotional and financial toll of public trials.

Key Takeaways for Practitioners

The Andrianakos dispute reinforces foundational principles: execute wills impeccably, review them regularly, and address family business nuances head-on. By embedding these practices, estate planners can safeguard legacies, reduce litigation risks, and foster family harmony. At Inherit Australia, we advocate proactive strategies tailored to Australia's succession frameworks. Contact us to discuss how we can support your clients' planning needs.

At Inherit Australia, we specialise in helping advisers guide families through complex succession planning to ensure smooth transitions of wealth and legacy. Recent developments in the Supreme Court of Victoria highlight the critical importance of robust estate planning, particularly in high-value family businesses. The ongoing dispute over the estate of the late Melbourne billionaire Nick Andrianakos serves as a poignant reminder of how even well-established plans can unravel without meticulous execution. This article examines the publicly known facts of the case and draws professional lessons for estate planning practitioners, lawyers, and financial advisers.

This analysis is based solely on publicly reported facts and general Australian legal principles for educational purposes.