Billionaire Alex Waislitz has reached a major settlement with his ex-wife, Australian heiress Heloise Pratt, bringing an end to their contentious dispute over hidden wealth, opulent properties, and his pop star girlfriend.

The high-stakes agreement concludes a legal battle with Heloise Pratt, the daughter of the late packaging magnate Richard Pratt. The conflict, which involved Waislitz’s much younger fiancée, Rebekah Behbahani, will no longer proceed to a Supreme Court showdown.

This settlement comes after a year of intense legal negotiations with Waislitz, whose tech investment firm boasts over $1.3 billion in net assets.

Allegations had surfaced against the 67-year-old Waislitz, accusing him of financing the music career and lavish lifestyle of Behbahani, 35, who shares a daughter, Storm Behbahani-Waislitz, with him.

Waislitz refuted accusations that he secretly borrowed from a joint trust or that he used funds from their company, Tiga Trading, and its subsidiaries to the tune of $1.23 million to acquire two townhouses in Melbourne without Pratt’s consent.

Additionally, reports indicated that Rebekah Behbahani and her sister, Venus Behbahani-Clark, a former Real Housewives of Melbourne star, had been residing rent-free in Toorak, one of Australia’s most affluent neighborhoods.

The Persian-born sisters were embroiled in their own court battle two years ago when Behbahani-Clark took a civil action in the Supreme Court of Victoria, claiming she was given one of the townhouses during a short separation between her sister and Waislitz.

Behbahani-Clark claimed she moved into the home with partner James Clark and their children in 2019, and had been given the home via a ‘deed of gift’ from her sister.

Billionaire Alex Waislitz and his fiancée and baby mother Rebekah Behbahani (above) were the centre of acrimonious allegations by his ex-wife, packaging heiress Heloise Pratt, but the matter has now been dropped in a multimillion-dollar settlement   

Packaging heiress Heloise Pratt and her now ex-husband, investment billionaire Alex Waislitz, pictured together in 2010, separated in 2015

Mr Waislitz’s fiancée Rebekah Behbahani (left) and her sister Venus (right) fell out briefly fell out over a dispute about living in luxury Toorak properties rent-free

Mr Waislitz’s Thorney Investment Group then launched a counterclaim seeking to evict the family from the house.

Over the last year, Mr Waislitz and Ms Pratt have been embroiled in a struggle for control of Thorney. 

The company was founded in 1991 after Visy packaging mogul Richard Pratt gave his future son-in-law shares worth $1.2million in global paper manufacturing giant Amcor. 

Within a decade, Mr Waislitz had grown the portfolio to an estimated $300million, now believed to be worth up to $1.5billion. 

Mr Pratt, who died in 2009, had three children, Heloise, Fiona Geminder and Anthony Pratt, who took over as chairman of Pratt Industries and Visy, the world’s largest privately-owned packaging and paper company.  

In March this year, Ms Pratt accused her ex-husband of authorising $20million in transfers to purchase a lavish St Kilda penthouse in Melbourne.

She also alleged he had improperly loaned money to back the music career of his fiancée, who performs as Behani.

The allegations were made in an updated statement of claim submitted to the Victorian Supreme Court.

The Behbahani sisters, Rebekah, second left with daughter Storm, Venus right, and their partners, James Clark, left, with son Izak, and Alex Waislitz, second right

Heloise Pratt with her partner, former Noiseworks frontman Jon Stevens

Rebekah and sister Venus Behbahani-Clark (above) were embroiled in their own court battle when the former Real Housewives of Melbourne star took a civil action in the Supreme Court of Victoria over Toorak townhouses 

Waislitz denied the claims and told the Daily Mail that: ‘I am confident the legal system will confirm that I have done nothing improper in relation to my corporate or private financial dealings. 

‘We have requested the court hears this matter at the earliest opportunity. 

‘All intercompany loans have been properly accounted for and I repeat my assertion that Heloise left the running of Thorney to me.’

On Monday, the 2025 Thorney Investment Group Australia’s newly lodged financial accounts revealed he had made several payments to the Pratt family this year, The Australian reported.

This included a $214million payment in September, and $330m in repayments and dividends.

Mr Waislitz and Ms Pratt, who separated in 2015 after 21 years of marriage, have three children who will receive $825m in cash and assets as part of the deal, with Ms Pratt to receive $325m.

She dropped allegations of wrongdoing in the Supreme Court against Mr Waislitz. He has denied the claims.