Heir Tackles Dad's Environmental Mess, Starts New Office

Felix Lee, 25, is forging his own path by establishing the Lee Family Office to manage his family's investments, estimated at $1.66 billion. This initiative coincides with his efforts to address environmental damage at the family's NSW Mid North Coast property, Fame Cove, and repair relations with neighbors and MidCoast Council. The property has a history of environmental breaches dating back to 2009, leading to significant fines and court orders for remediation.

To resolve the ongoing dispute, Lee has submitted a development application to subdivide the 400-hectare property into nine lots. He plans to engage in biodiversity stewardship agreements to ensure the land's ecological balance is protected in perpetuity. However, this proposal has met with objections from residents and Indigenous groups concerned about heritage loss and the scale of proposed roadworks. Efforts to designate the area as a national park have a long history, dating back to the 1990s.

Adding significant weight to the family office launch, former federal treasurer Joe Hockey has taken on the role of chairman. Hockey emphasized that the Lee Family Office is entirely Felix Lee's independent endeavor, with its own governance and operational boundaries. The family's assets, including their Point Piper home and rural holdings, were previously frozen over a $272 million tax debt, but this dispute was settled in 2022.