Empire built

What is now happening to Richard Lugner’s fortune

Richard Lugner in his Lugner City: But what happens to the society builder's fortune after his death?

(Bild: picturedesk.com/Andreas Tischler)

He was not only Austria's opera ball zampano, he was above all a successful entrepreneur. After his death, Richard Lugner leaves behind not only an empire, but also an impressive fortune.

Richard Lugner's total fortune is estimated at around 250 million euros, the majority of which is held in a private foundation. As reported by the "Bild" newspaper, this is managed by his sons and is a complicated construct of companies, real estate, money and investments.

Lugner's children as main heirs
At the same time, the society builder recently explained that he also has debts of 40 million euros. These stem from loans that are tied up in current investments.

Jacqueline Lugner is one of the main heirs.

(Bild: Andreas Tischler / picturedesk.com)

In any case, his "baby" and one of the foundation's main sources of income was Lugner City, where Richard Lugner not only went in and out until the end, but also managed the business until his death. Daughter Jacqueline supported Mörtel and was part of the management team. Like her brothers Alexander and Andreas Lugner, she is considered one of the main heirs.

However, Lugner's illegitimate daughter Nadin Jeannine Cutter, who lives in the USA and whom the Opera Ball zampano visited one last time in April, is also entitled to inherit. 

Mörtel changed his will for Simone
Just like Simone Lugner, who said yes to Mörtel on June 1. According to "Bild", she is to receive a widow's pension estimated at around 5000 euros a month. According to Austrian law, she is also entitled to a compulsory share of the inheritance.

Richard Lugner married his Simone in June. Mörtel only recently changed his will for her.

(Bild: APA/FLORIAN WIESER)

It was very important to Lugner that Simone was protected after his death, as he revealed to the German newspaper after the engagement. "That's why I'm going to revise my will. Because whoever lives with me when I die should inherit accordingly."

In July, shortly before his heart surgery, Lugner therefore also made a handwritten will, as he revealed to "Krone". "Because mine was totally outdated. After all, I'm a married man now." 

Simone was also recently involved in the work at Lugner City. She only moved into an office there at the beginning of August. "I'm the boss and you're the boss now," Mörtel said to her at the time, explained the 42-year-old. And Lugner added: "At some point, when I'm no longer around, she will be the sole boss."

Successful master builder and entrepreneur
Richard Lugner was born in Vienna on October 11, 1932. After graduating from high school in 1953, he soon entered the construction industry - and quickly proved his great cunning. Because while the big companies were fighting each other for large contracts during the construction boom of the 1960s, the young Lugner specialized in small construction sites.

Lugner City, where he welcomed his Opera Ball star guest every year, is one of the most successful shopping centers in the country.

(Bild: APA/EVA MANHART)

The master builder landed his first major coup in 1975 when he was commissioned by the then Saudi Arabian King Faisal ibn al-Aziz to build the Vienna Mosque in Floridsdorf, the first such building in the whole of Austria.

In 1988, Richard Lugner bought a plot of land directly on Vienna's Gürtel not far from the Stadthalle in Rudolfsheim-Fünfhaus for 14 million schillings. His plan: to build his own shopping center, Lugner City. Today, Lugner City is one of the most successful shopping centers in the country.