The curious and reclusive Wakil family – well, a couple in their 90s with no kids – also have humble beginnings yet accumulated a large fortune over time. Isaac and Susan came to Australia post-WWII from Iraq and Romania respectively. Both came from war-torn countries and great family tragedies, Isaac and Susan turned their lives around and made their fortune in the Australia garment industry.
They started buying up run-down commercial, mix-use and residential properties around the then undesirable and industrial areas of Pyrmont, CBD and Surrey Hills.
The couple have acquired more than 15 buildings over time.
Needless to say, the prices they paid for these buildings are a fraction of what they are worth today…..despite the ups and downs of the property market over the decades.
In recently recent decades, the Wakil couple have retired from public eyes in their retirement, now in their 90s.
While Sydney property market sky-rocketed over the recent years, many of the buildings in the Wakil’s portfolio remained unoccupied and dilapidated.
This drew some negative public opinion on the elderly Wakil couple – the argument surrounds private ownership vs social responsibility.