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The estate of late Melbourne billionaire Nick Andrianakos is the subject of a bitter inheritance dispute between his four children, with his youngest son claiming the former property and petroleum tycoon had changed his will before his death in Greece last year.
Theo Andrianakos is listed as a plaintiff in the Supreme Court of Victoria case and has claimed the revised will, which was never signed, represents the lawful and legitimate plan for his father’s inheritance.
However, siblings Paul and Kristina Andrianakos and Vicky Papamarkou will rely on the original document that was signed by their father, who had an estimated fortune of $2 billion according to the Financial Review Rich List in 2025.
A source familiar with the probate feud, but not authorised to speak on behalf of the family, said it had become “Melbourne’s answer to Succession” – a reference to the HBO drama on the fictional family battle for the media empire of patriarch Logan Roy.
“It’s obviously very high stakes and there’s some heavy lawyers involved on both sides. None of them want this aired in public, but that’s where it’s heading,” the source said.
The case is expected to proceed to trial, after a mediation hearing held on March 30 failed to resolve the dispute.
Theo Andrianakos released a statement to this masthead regarding the legal stoush.
“This is a private family matter. I am focused on continuing my father’s legacy including ensuring that his final wishes are honoured,” he said.
Kristina Andrianakos and Vicky Papamarkou declined to comment on the matter, while Paul Andrianakos did not respond to several phone calls and SMS messages.
The legal case has been further complicated by the involvement of the partner of the late petroleum baron, who lives in Greece, but was represented at the mediation last week. A source familiar with the matter said the woman had been promised up to €5 million ($8 million) from the estate.
Peter Pagonis, a succession planner with Horizon Nexus Partners is also listed as a plaintiff in the case along with Theo Andrianakos, after providing financial advice to the billionaire.
A consultant to more than 450 ultra-high-net-worth families over the past 40 years, Pagonis has provided “strategic guidance on family dynamics, governance frameworks and succession planning,” according to his LinkedIn profile. Pagonis did not respond to several requests for comment.
The late Andrianakos estate holds at least five Victorian properties, most notably a sprawling Greenvale mansion and private penthouse at the Westin Hotel on Collins Street.
The billionaire also had significant property and business interests in Greece. At the time of his death, it was reported the 81-year-old was building a luxury hotel in Nafplio, the ancient former capital on the Peloponnese peninsula.
The company’s property portfolio spans Melbourne, Brisbane and Adelaide, acquiring its crown jewel in 2025 with a $385 million half-stake in Melbourne’s Northland shopping centre.
In 2022, an article published on the Andrianakos Property website noted that a succession plan was already in place and reflected the fact that “everyone in the family worked in the business”.
In the article, Andrianakos singled out his youngest son, Theo, as a driving force behind the petrol and property conglomerate.
“I work very closely with Theo in the business. Theo has been devoted to the business at a young age and I have had the opportunity over the years to teach him,” the late patriarch said.
Theo has been chief executive of Andrianakos Property Group, Nikos Property Group and Milemaker Petroleum since 2018, while his siblings hold director roles on several family companies.
The petroleum baron debuted on The Australian Financial Review Rich List in 2021, ranking as the 150th wealthiest Australian with an estimated fortune of $896 million. In 2025, the Andrianakos family reached a valuation of $2 billion – a 26 per cent surge from the previous year.
Andrianakos died unexpectedly in March last year while in Greece. Local media reported the octogenarian suffered a heart attack during a meeting in Argos, a city about 135 kilometres north-west of Athens.
Theo led the family’s response to his death, issuing a statement on behalf of the family and flying to Greece to accompany his father’s body back to Australia.
“It is with deep sadness that we share the passing of our father … He was an incredible man,” Theo told the AFR.
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Carla Jaeger is a journalist for The Age. Got a tip? Email carla.jaeger@theage.com.au or message carlajaeger.62 on Signal.Connect via X or email.From our partners
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