Reclusive Property Mogul Isaac Wakil Leaves Fortune to Nephew, Warns Relatives

The significant estate of Isaac Wakil, a reclusive magnate who, with his late wife Susan, built a $200 million fortune through acquiring and holding derelict Sydney buildings, will pass to his nephew, David Khedoori. Wakil's will includes a direct admonition to any relatives who might consider contesting the distribution.

Isaac and Susan Wakil, who were immigrants, became prominent figures in Sydney's social scene before largely withdrawing from public life in the 1990s. Their business acumen involved purchasing abandoned warehouses and older structures on the periphery of the city's central business district and inner suburbs, holding them vacant for decades. Among their notable holdings was the Terminus Hotel in Pyrmont, acquired in 1984. The couple was recognized for their contributions, both being made Officers of the Order of Australia in 2017.

IMAGE2: Isaac and Susan Wakil were once regular fixtures in the social pages of Sydney newspapers but largely disappeared from public view sometime in the 1990s. "Jewish immigrants Isaac and Susan Wakil (above) were once regular fixtures in the social pages of Sydney newspapers but largely disappeared from public view sometime in the 1990s"

IMAGE3: Isaac Wakil, a reclusive philanthropist once known with his late wife Susan for a $200million property empire of abandoned buildings they land banked for decades has left his estate to their nephew. The Wakils are pictured. "Isaac Wakil, a reclusive philanthropist once known with his late wife Susan for a $200million property empire of abandoned buildings they land banked for decades has left his estate to their nephew. The Wakils are pictured"

The couple, who had no children, shared a 65-year marriage until Susan's death in May 2018 at the age of 84. Isaac announced his wife's passing with a notice in The Sydney Morning Herald. Following Susan's death, Isaac continued to manage their substantial property portfolio, which included structures such as the Griffiths Tea building in Surry Hills and a multi-storey building at 426 Kent Street.

IMAGE7: The Wakils, who had no children, remained inseparable and devoted to each other throughout a 65-year marriage until Susan's death in May 2018, aged 84. "The Wakils, who had no children, remained inseparable and devoted to each other throughout a 65-year marriage until Susan's death in May 2018, aged 84"

IMAGE4: In May 2018, Isaac announced the death of his beloved wife with a notice on page six of The Sydney Morning Herald. "In May 2018, Isaac announced the death of his beloved wife with a notice on page six of The Sydney Morning Herald"

IMAGE5: The Wakils became the subject of renewed attention as the owners of some of the city's most recognisable structures including the Griffiths Tea building in Surry Hills (above). "The Wakils became the subject of renewed attention as the owners of some of the city's most recognisable structures including the Griffiths Tea building in Surry Hills (above)"

IMAGE12: The Wakils owned a multi-storey building at 426 Kent Street in the city (above), a vacant lot at 69a Harris Street, Pyrmont, and another warehouse at 12 Pyrmont Street in the same suburb. "The Wakils owned a multi-storey building at 426 Kent Street in the city (above), a vacant lot at 69a Harris Street, Pyrmont, and another warehouse at 12 Pyrmont Street in the same suburb"

IMAGE10: One of the couple's prominent properties was the Terminus Hotel at Pyrmont, which they bought for $250,000 in 1984 and remained closed until four years after they sold it in 2015. "One of the couple's prominent properties was the Terminus Hotel at Pyrmont, which they bought for $250,000 in 1984 and remained closed until four years after they sold it in 2015"

IMAGE9: The Wakils (above) built extensive holdings by purchasing abandoned old warehouses on the edge of the central business district and inner suburbs then leaving them empty. "The Wakils (above) built extensive holdings by purchasing abandoned old warehouses on the edge of the central business district and inner suburbs then leaving them empty"

IMAGE6: Isaac and Susan Wakil were both made Officers of the Order of Australia in 2017. Susan is wearing her award in this picture with her husband and federal Liberal MP Julian Leeser. "Isaac and Susan Wakil were both made Officers of the Order of Australia in 2017. Susan is wearing her award in this picture with her husband and federal Liberal MP Julian Leeser"

Beginning in 2014, the Wakils started divesting parts of their property holdings with the intention of establishing a charitable foundation. The final disposition of Isaac's estate, as detailed in his will, prioritizes his nephew, David Khedoori. IMAGE1 shows Isaac Wakil with Khedoori.

IMAGE1: Isaac Wakil's will bequeaths most of what was left of his vast wealth, after paying debts as well as funeral and legal expenses, to his nephew David Khedoori. Isaac is pictured with Khedoori. "Isaac Wakil's will bequeaths most of what was left of his vast wealth, after paying debts as well as funeral and legal expenses, to his nephew David Khedoori. Isaac is pictured with Khedoori."

IMAGE11: David Khedoori (far left) is pictured with L-R David Gonski, president of the Art Gallery of NSW Trust, Isaac Wakil and former NSW premier Gladys Berejiklian. "David Khedoori (far left) is pictured with L-R David Gonski, president of the Art Gallery of NSW Trust, Isaac Wakil and former NSW premier Gladys Berejiklian"

IMAGE8: The Wakils (above) began selling off their property portfolio in 2014, having made plans to establish a charitable foundation to which they would donate the proceeds. "The Wakils (above) began selling off their property portfolio in 2014, having made plans to establish a charitable foundation to which they would donate the proceeds"