The Memorial Wall

Toll Brothers, Inc., the nation's leading builder of luxury homes, today announced the passing of Robert I. Toll, the Company’s Co-Founder, and former Chairman and Chief Executive Officer. He passed peacefully surrounded by his family following a long battle with Parkinson’s disease. He was 81. Bob Toll was an iconic industry leader who leaves behind an incredible legacy as a founder of one of the nation’s largest home builders and most admired luxury brands.

"We are heartbroken by the passing of our founder, mentor, and dear friend,” said Douglas C. Yearley, Jr., Chairman and CEO of Toll Brothers. “All of us who were lucky enough to spend time with Bob have been forever impacted by his huge heart, unique sense of humor, zest for life, and profound intelligence. Bob was a brilliant strategist and an incredible teacher and advisor. His lessons have been indelibly etched over the past half century in the minds of the entire Toll Brothers team and many of the industry’s current and future leaders.”

Robert I. Toll was born in 1940 and raised in Elkins Park, a suburb of Philadelphia. After graduating from Cornell University and The University of Pennsylvania Law School, Bob practiced law for one year before founding Toll Brothers with his younger brother Bruce in 1967. Inspired by their father Albert, a home builder, the brothers built their first two colonial-style homes in suburban Philadelphia. "We built two homes. Instead of selling them, we used them as samples for the lots we owned down the street," recalled Bob. They became the Company’s first decorated luxury model homes, an innovative selling concept that is now a signature Toll Brothers strategy. With contracts in hand to build 20 more homes in the community, Toll Brothers was on its way. The company went public on the New York Stock Exchange in 1986, ultimately becoming a Fortune 500 company with $9 billion in annual home building revenues, and a presence that now spans over 60 markets in 24 states.

Bob served as Chairman and CEO of Toll Brothers from its founding until 2010 and remained on the Board of Directors thereafter until recently stepping back to Chairman Emeritus. Under Bob’s dynamic leadership and throughout its 55+ years in business, Toll Brothers has solidified its reputation as America’s Luxury Home Builder. Bob took pride in building communities on the best land in the most sought-after locations – “at the corner of Main & Main,” as Bob said, a phrase that is still widely used within the Company. Today over 150,000 families across the United States live in a Toll Brothers home.

During his illustrious career, Bob received numerous industry honors. He was named CEO of the Year by BUILDER magazine, Top CEO in the home building industry three times by Institutional Investor magazine and was twice named to Barron’s List of The World’s 30 Most Respected CEOs. In addition, the company he co-founded has been named the #1 World’s Most Admired Home Builder in FORTUNE magazine’s survey of the World’s Most Admired Companies® seven times, as well as Builder of the Year by BUILDER magazine and the first two-time recipient of Builder of the Year from Professional Builder magazine. In 2017, Bob and Bruce Toll were inducted into the BUILDER magazine Hall of Fame and together celebrated the 50th anniversary of the Company’s founding by ringing the bell at the New York Stock Exchange.

“One of the happiest days of my life was when Bob quit the practice of law and we joined together to start Toll Brothers, building what has become such a great company,” said Bruce. “While deeply saddened by his passing, I am forever grateful for our lives together as brothers and business partners.”  

Bob was known for the incredible passion, energy, and humor that he brought to every aspect of his life, whether he was pitching softball at the Company’s annual picnic, racing sailboats on Long Island Sound, skiing double black diamonds in Colorado, taunting his opponents on the tennis court or golf course, or jumping into a freezing cold lake with his family in Maine. He lived an incredibly full life, never putting off until tomorrow what he could do today.

Bob’s enthusiasm for the real estate business was surpassed only by his passion and love for his family. Bob is survived by his beloved wife, Jane, their five children, and 12 grandchildren. “Our hearts go out to his family, whom he loved in ways my words could never describe,” said Yearley.

Bob and Jane also made philanthropy and social justice an integral part of their lives. In addition to their avid support of nonprofit organizations including the American Red Cross and the American Cancer Society, they were hands-on leaders and supporters of numerous causes.

They were major benefactors of Seeds of Peace, an organization that brings together youth and educators from areas of conflict in the world to its camp in Maine. In addition to providing the land for the Seeds of Peace camp on the site of the former Camp Powhatan, which he attended as a young boy, Bob’s involvement in the program over the years ranged from serving on the Board of Directors to teaching boating skills to the campers. “Seeds of Peace is one of the few organizations that will actually make a difference, not just in the Middle East and South Asia, but to the whole world that is impacted by their conflicts,” said Bob of the organization. “If you can get a significant number of intelligent young adults to leave their environment, to bunk together, eat together, and go to conflict resolution sessions to discuss face-to-face their anger with their enemy, you have a tremendous opportunity to end the conflict. Those who have graduated from the program are today active within their communities, influencing politics at a high level and making a difference.”

In 1990, Bob and Jane worked with the Say Yes to Education Foundation to sponsor 58 third graders from William F. Harrity Elementary, an inner-city school in West Philadelphia. In addition to pledging to pay for their college or vocational school expenses, the Tolls sponsored various educational enrichment and mentoring programs for the kids throughout their school years and have continued to stay connected with many of them. “I hope I'm helping the city and the children, especially, and hope in 30 or 40 years they will be back here helping someone else,” Bob said at the time of the pledge. That hope has certainly come to fruition, as most of the students went on to higher education.

Bob was also dedicated to giving back to the educational institutions he attended by serving on the Boards of the University of Pennsylvania, the University of Pennsylvania Law School, and the Cornell Real Estate Council. Along with supporting numerous other educational programs over the years, The Robert and Jane Toll Foundation recently pledged over $50 million to Penn Law to expand the Toll Public Interest Scholars and Fellows Program that supports students who are pursuing careers in public service and social justice. At the time of the announcement, Bob said: “Our goal is to greatly increase the number of students entering careers in public service. It’s my hope that this opportunity leads to even more tangible, positive change from future Law School graduates.”

Bob’s love of opera led to his decades-long support of The Metropolitan Opera, where he also served as a Board member. In November 2020, he was honored by the organization for his many corporate and philanthropic achievements, especially his dedication to sponsoring the Toll Brothers-Metropolitan Opera International Radio Network which brings opera to millions of people around the world. The tribute included many of the Opera’s greatest international stars performing from their homes during the pandemic.

“Bob had such a profound impact on so many of us in so many unique ways,” said Yearley. “He lived an incredible life and leaves behind a tremendous legacy in his family, business, and philanthropy.”

The family plans to hold a private service to honor Bob’s life. In addition, Toll Brothers and his family will host a celebration of Bob’s life on a future date at the Company’s headquarters in Fort Washington, Pennsylvania.

Country singer Jody Miller has died aged 80 due to complications from Parkinson’s disease. Miller was most famous for her 1965 hit ‘Queen of The House’, and had countless hits and six Top Ten entries in the US Billboard Country Chart.

In a statement, Miller’s representative Jennifer McMullen said: “Jody Miller’s talent cannot be overstated.

“She had this innate, God-given ability to interpret and communicate with the most beautiful tones and inflection. She made it look and sound so easy that it sometimes takes a moment to realise the greatness of what you are hearing. But she was just as authentic and exceptional in her own life as she was on stage and on record.”

Born in Oklahoma, Miller signed to Capitol Records in 1962 and released debut album ‘Wednesday’s Child Is Full Of Woe’ the following year.

For ‘Queen Of The House’ – a response to Roger Miller’s ‘King Of The Road’ track – she won the Grammy for Best Country & Western Vocal Performance.

Posting on their Facebook page, Middle-Sister Music – the band of Miller’s daughter Robin Brook – wrote: “Middle Sister is sorry to announce the passing of Jody Miller this morning, music icon and mother of Robin Brooks. “Please remember the family as they deal with this great loss.”

The Academy Of Country Music Awards also paid tribute to Miller, writing: “The Academy is mourning the loss of two-time ACM Award nominee Jody Miller, perhaps best known for her 1965 Grammy-winning crossover hit ‘Queen Of The House’.

“Please join us in sending condolences to her family, friends, and countless fans.”

Veronica (Ronee) Harris, 77, passed away on Monday, October 3, 2022, at her home in Gilford after a courageous battle with Parkinson’s Disease.

Ronee was born in Buffalo, NY, to James and Clara Lovas on June 24, 1945.

She was raised in Buffalo, NY and graduated from the State University of New York at Buffalo.  Ronee moved to Rhode Island and started her family with her then-husband, Ronald Ridolfi, whom she met in college.  Ronee spent several years as a librarian at Jenks Junior High School in Pawtucket, RI. 

Always a lifelong learner, Ronee fulfilled her dream of becoming a lawyer in 1983, graduating from Suffolk Law School in Boston, MA.  Ronee then began working as an attorney for the Rhode Island Department of Transportation, culminating her career as the Department’s Chief Legal Counsel.

After retiring, Ronee moved to Gilford, NH, with her husband Townes (Tim) Harris, where she enjoyed many happy years.  She spent winters in her home in Savanah, GA, enjoying the warm weather and the ability to pursue her hobbies.

Family was the most important thing to Ronee.  She was a wonderful mother to her daughters, Lisa (Ridolfi) Noe and Kristen (Ridolfi) Visnick.  Ronee was particularly close with her grandchildren, Jacob Noe, Zachary Noe, and Abigail Visnick, where she was known as their adventurous and fun-loving grandma She was loved so much and will be greatly missed.

Ronee is survived by her husband Tim, her daughters Lisa (Keith) Noe and Kristen (David) Visnick, her grandsons Jake and Zack, and her granddaughter Abby.  Ronee is further survived by Tim’s daughter Heather (Costante) Mancini and son James “Jamie” (Trisha) Harris, and Heather’s children Olivia and Giacomo and Jamie’s son Obi.  ln addition to her parents, Ronee is predeceased by her faithful companion Lance.

The man who spearheaded development of one of Darwin’s most successful commercial properties is remembered for his innovation and foresight. Kerry George Manolas died at the age of 84 after a long battle with Parkinson's disease. 

Adored father and father-in-law of Geordie and Debbie, Anellie and Sachin, Elecia and Adam, beloved former husband of Patricia, cherished grandfather of Kary, Lucia, Luca, Niyati, Apollo, Darshan and Thorsten. Devoted brother to Pawleen and Theo. Greatly missed by his many nephews, nieces, relatives and friends.

Venetia Stevenson, a model, actress and daughter of Hollywood luminaries who appeared in films including Darby’s Rangers, Island of Lost Women and Horror Hotel after being labeled “the most photogenic girl in the world,” has died. She was 84.

Stevenson died Monday at a health care facility in Atlanta after a battle with Parkinson’s disease, her brother, actor and photographer Jeffrey Byron, told The Hollywood Reporter.

Stevenson’s parents were Robert Stevenson, the Oscar-nominated director of Mary Poppins who earlier helmed King Solomon’s Mines and Jane Eyre, and Anna Lee, who starred in How Green Was My Valley and portrayed the matriarch Lila Quartermaine for a quarter-century on General Hospital.

The screen siren was married to actor Russ Tamblyn from Valentine’s Day 1956 until their divorce in April 1957 and to Don Everly of The Everly Brothers from 1962-70 and was romantically linked to Elvis Presley, Audie Murphy — her co-star in 1960’s Seven Ways From Sundown — Tab Hunter and Anthony Perkins.

She also was Axl Rose’s mother-in-law for about a year; her daughter, Erin Everly, was married to the Guns N’ Roses frontman from April 1990 until their marriage was annulled in January 1991.

In Warner Bros.’ Darby’s Rangers (1958), directed by William Wellman and starring James Garner, Stevenson portrayed Peggy McTavish, one of the Scottish women who wind up being paired with American soldiers (in her case, Peter Brown‘s Rollo Burns) during a World War II training mission.

She, Diane Jergens and June Blair played daughters of a nuclear scientist (Alan Napier) in Island of Lost Women (1959), and in Horror Hotel (1960), starring Christopher Lee, she was a student who heads to a spooky town to do research for a school paper about witchcraft.

Joanna Venetia Invicta Stevenson was born in London on March 10, 1938. Soon after, her dad signed a contract with producer David O. Selznick, and the family was off to Hollywood. 

When she was 14, Stevenson was spotted on a beach in Malibu by photographer Peter Gowland, who was famous for his pin-up pictures. She posed for Gowland and his wife and wound up on lots of magazine covers, including one for Esquire.

“I started getting recognized after my pictures started coming out in magazines,” she said in a 2016 interview. “It was a strange feeling. Somebody would run up to you and say, ‘Can I have your autograph?’ I’d want to say, ‘Why would you want my autograph? I haven’t done anything.'”

An agent at Famous Artists agency signed her, leading to a contract at RKO Radio Pictures in 1956 as she and Ursula Andress took tap-dancing and fencing lessons together.

Represented by powerful agent Dick Clayton, Stevenson signed next at Warner Bros. and would appear for the studio on episodes of Cheyenne, Colt .45, 77 Sunset Strip, Sugarfoot and Lawman.

Nineteen months after marrying Tamblyn at the Wayfarers Chapel in Palos Verdes — she was 17, he was 21 — Popular Photography magazine named her “the most photogenic girl in the world” out of 4,000 contestants in its September 1957 issue.

Stevenson accepted her award on CBS’ The Ed Sullivan Show, where the newly divorced model first met Everly, who was there to perform with his brother, Phil. The next year, when Darby’s Rangers hit theaters, her face appeared on cans and bottles of Sweetheart Stout, made in Scotland.

(Stevenson also was discovered on the cover of Oh LàLà magazine by Marty McFly in 1989’s Back to the Future Part II.)

Her big-screen résumé also included two films with her mom, Jet Over the Atlantic (1959) and The Big Night (1960); Day of the Outlaw (1959), starring Robert Ryan and Tina Louise; Studs Lonigan (1960), featuring Jack Nicholson; and The Sergeant Was a Lady (1961). She quit acting after marrying Everly.

Later, Stevenson served as a script reader for Burt Reynolds’ production company (they appeared together on a 1960 episode of Alfred Hitchcock Presents); as a vice president at the production company Cinema Group; and as a manager who represented the likes of director Renny Harlan.

In the 2015 documentary Tab Hunter Confidential, Stevenson said that she served as “a beard” when she was photographed around town with Hunter and Perkins.

“She lived a glamourous and busy life,” her brother said.

In addition to Byron and her daughter — Erin was the inspiration for the Guns N’ Roses song “Sweet Child o’ Mine” — survivors include another daughter, Stacy, and a son, Edan; her sister, Caroline; brother Steve; and four grandchildren.

“I’ve never really known anything but Hollywood,” she once said. “I don’t think I could relate to a physician or an accountant. What would we talk about? I guess, when I really stop and think about it, I have lived a very narrow existence, because movies are all I know.”

Lawrence William “Bill” Dennis, aka Captain Jack, took his last flight on September 21, 2022. He died of advanced Parkinson’s Disease, after an illness of eight years.

Bill was born January 4, 1942, during a record-breaking snowstorm. His 80 years were no less exciting. His parents who preceded him in death were Lawrence Emil “Lorney” Dennis and Lucile Jeffers Dennis. Bill graduated from the “old” Dowling High School in 1960 and from Creighton University in 1965 with a degree in radio and TV broadcasting.

The word entrepreneur defined his adult life. After producing and directing television programs for KDPS (now KDIN), he became a teacher of radio and TV production at Tech High School. From then on, he formed many small businesses, some short in duration, others lasting several years. His mind was always moving, always looking ahead.

He became known as Captain Jack on WHO radio flying his Cessna airplanes over Des Moines to report on traffic morning and afternoon. He capitalized on his name and conceived of Captain Jack’s Christmas Tree Farm and Captain Jack Communications among many other businesses.

In 1963 he married Cicily Haller Dennis. Their son David Lawrence was born in 1966. They divorced in 2000. He married Rhonda in 2002. In 2007 after the death of his parents, the tree farm stopped its sales, and Bill and Rhonda permanently moved to a favorite location in Kissimmee FL despite hurricanes, heat and humidity. They moved back to Iowa in October 2021 as his health deteriorated to be near family. And indeed, they enjoyed the fun and laughter of family gatherings at all key events including his 80th birthday.

He had the opportunity to attend grandson Jason’s concerts and enjoyed playing monopoly with him. He was a faithful Hawkeye follower (with competition for time with Rhonda’s Cyclones). His move to Iowa gave him nearly a year to enjoy all of the other precious memories that families build.

Left to grieve him are Rhonda, sisters-law-Marie (Bob) Sander, Jeff (Tonya) Wheeler, Nedra Wheeler, and Tami Wheeler; his first wife Cicily, son Dr. David Dennis, grandson Jason Dennis, daughter-in-law Angela Rubino, 1st cousin Ray (Kathy) Dennis (they grew up nearly as brothers), Cicily’s five sisters Linda, Mary, Beth, Lisa (Bob), and Sybil and many nieces, nephews, and cousins. Those preceding him in death include his parents, his brothers-in-law Bill Haller and Mack Gettler, nephews Alex and Andy Gettler, parents-in-law Ray Haller and Eleanor Butts.

The Otton family is devastated to announce the passing of Sally Waterstradt Otton, who died at her home in Tumwater, Washington, on September 20, 2022.

On January 4, 1972, Sally Boettger Waterstradt was born to William Gary and Charlotte Ryan in Ogden, Utah. From that moment forward, Sally brightened up every room she entered-even in her infancy, her mother Charlotte noted that she could charm everyone she met with her smile. The youngest of three daughters, Sally spent her youth in Ogden, playing volleyball and swimming competitively throughout her time in school. After graduating from Ogden High School, she attended Dixie College, Weber State University, and the University of Utah, where she graduated with her degree in Exercise and Sports Science.

During her tenure at Weber State, Sally met Tim Otton, who was instantly enamored with her beauty and vibrant personality. After two years of courtship, they married on July 30, 1994, and they soon relocated to Tumwater, Washington, where Sally took a job as a physical education teacher.

Sally was a lifelong athlete; she loved movement and competed in triathlons and half-marathons even while pregnant with her children. Her infectious enthusiasm and passion for exercise never failed to inspire her students, friends, and family. Following her diagnosis of early onset Parkinson's disease, Sally stayed active to the best of her abilities and remained closely involved with her children's sporting and school ventures.

Frankly, it is impossible to condense Sally's existence into just a few paragraphs, and those who were fortunate enough to know her are painfully aware of this. She loved the sun and the ocean. She always sought after a project, whether it was doing hours of yard work, completing a puzzle, or redecorating around the house. She was devoted to her family. Her outgoing and friendly nature earned her friends wherever she went. She was kind, funny, endlessly encouraging, and smarter than she ever gave herself credit for. She was so, so loved.
Sally was predeceased by her parents. She is survived by her husband, Tim; children, Kylie, Cade (Sierra), and Ryan; and countless other family and friends, all of whom will love and miss her for the rest of their lives.

Nicolas Belfrage MW, known as a pioneering Italian wine specialist, died on Saturday night at the age of 82 following a period of illness with Parkinson’s.

Born in Los Angeles in the US in 1940 to British parents, Belfrage moved to the UK aged 14. After working as a buyer for Europa Foods and Bretzel Foods in the late 1970s, he became a Master of Wine in 1980.

During the next decade he would make his name as an Italian wine specialist. As well as contributing to Hugh Johnson’s Pocket Wine Book and other publications, he wrote several books that changed perceptions of Italian wine, including Life Beyond Lambrusco and The Finest Wines of Tuscany and Central Italy.

In 1994 he sold his specialist Italian wine importer Winecellars. Two years later he founded Vinexus from his new home in Tuscany, and, from 2006, partnered with Nick Bielak MW. Belfrage described the company’s purpose as: “…to deliver on real Italian character, traceability and authenticity that are right for the tastes of export markets”. Earlier this year Bielak died after a short illness.

A statement released by The Institute of Masters of Wine about Belfrage’s death said: “Despite his battle with Parkinson’s disease, he had always remained in good spirits and had enjoyed a wonderful lunch with fellow MWs David Gleave and Sebastian Payne MW as recently as last month.”

Kalani David, a Hawaiian surfboarder and skater died at the age of 24 in Costa Rica on September 17. He will be remembered and missed by everyone.

The reason for Kalani David's death:

Kalani David had a condition known as Wolff-Parkinson-White (WPW) syndrome. In this condition, an extra electrical pathway in the heart results in rapid heart rate and heartbeat. This syndrome is quite rare in individuals, and most of its symptoms are usually not life-threatening. Although, occasionally it leads to sudden heart problems and cardiac arrest.

In August 2016, he had a seizure while surfing in California. Things got worse after that.

During Christmas in 2016, he had a seizure of more than six hours that nearly took his life. He was at home in Oahu. He was in a coma for two days after this incident and underwent surgery in 2017. They removed extra muscle from his heart that was causing the seizures.

What did Kalani David's friends say about his untimely demise?
Peter King, who was a close friend and photographer of Kalani David, said that he loves his friend. Only God can understand the timing of this. He continued that life has never been easy; people always fight and learn. It is heartbreaking news. King also said Kalani David had a seizure in Costa Rica while surfing. David had met his family there and was happy. Reminiscing, Peter King also said that he will never forget David's stroke when they shot for skate 'n surf and how much hope he had for his future. His prayers are with David's family and extended family, who were always there for him

Kelly Slater wrote that Kalani David was one of the best skateboarders they had ever known. David was constantly testing boundaries and pushing his limits. They offer their condolences to all their family and friends across the globe.

Brian Sherman, who died this week, was one of the “Equitilink twins”, a funds management duo who democratised sharemarket investing while riding the 1980s bull market unleashed by Paul Keating’s deregulation of the financial system. He was 79 years old.

This week, Sherman, who died after a decade of fighting Parkinson’s disease, won plaudits for his contribution to the arts, his philanthropy, his work on the Sydney Olympic Committee and for using all his energy and drive to transform the Australian Museum between 2001 and 2009.

But his mighty contribution to financial services, including helping build the first significant Australian funds management business in North America with $3 billion in funds under management, has not been examined in detail.

Sherman’s death has left a gaping hole in the life of the other Equitilink twin, Laurence Freedman, who, for the first time, shares his memories of a business partnership that lasted 20 years.

Sherman and Freedman’s first connection was a familial one and happened in their country of birth, South Africa.

Sherman, who was from the small town of Brakpan, married Freedman’s cousin Gene, who later went on to become one of the towering figures of the Australian art world.

Sherman was convinced to migrate to Australia by Freedman, who had already made the leap to Sydney, where he worked as a junior at global gold miner Gold Fields.

Soon after, Sherman arrived in Australia with his wife and two kids, and $5000 in his bank. He quickly got a job with the Bank of NSW, the country’s oldest bank, now known as Westpac. He worked in the fixed interest department, which soon became aware of his talent for investing.

“Brian revolutionised the way that they functioned,” Freedman says. “The portfolio had about 20 different government authority stocks and they had one common feature, which nobody had focused on.

“They were all guaranteed by the federal government. He basically sold everything and put it into one investment with superior yield and the same level of security.”

Freedman, who did an accountancy degree while studying at night, switched from Gold Fields to the Bankers Trust funds management arm, Pendal, which was a hotbed of financial entrepreneurs.

Freedman and Sherman joined forces in 1981 with the formation of Equitilink, the first funds management company specifically aimed at offering retail investors the kind of sophisticated products sold to institutions.

For the next 20 years, they shared the same office, overheard each other’s conversations and brainstormed ideas about opportunities in funds management.

What distinguished Sherman and Freedman from their competitors was the lack of silos in the Equitilink business. They managed the money, developed the marketing strategy and went out on the road to sell the products.

There is no doubt their business rode high on the surge in the value of the Australian sharemarket, which rose from $53 billion in 1983 to $225 billion in 1987.

Much of that was thanks to Keating’s reforms, particularly the introduction of dividend imputation which ended the double taxation of company distributions.

The 1980s was a fortuitous time to launch retail unit trusts because former nascent financial planning firms such as Monitor Money were open to the receipt of healthy upfront commissions.

The Equitilink domestic retail funds paid an upfront fee to the planner of 8 per cent while Sherman and Freedman earned a management fee set at 1.5 per cent of the funds under management.

But generous commissions would have been all for nought if Equitilink had not delivered market-leading returns, which it did until the 1987 sharemarket crash. Its losses were only about 9 per cent, a relatively modest fall compared with the 50 per cent fall in the ASX.

During one of the Sherman/Freedman brainstorming sessions, which were held either on long walks around the harbour or in a Japanese basement restaurant on Macquarie St, the two agreed that Equitilink should take on the US market.

They hired top-line US brokers to help sell closed-end, listed investment companies, which have the advantage of having permanent capital under management.

Freedman says these were right in the sweet spot of the pair’s philosophy, which was “risk averse, but adventurous”.

“We were, on the one hand, risk-takers, but we took the lowest possible risk with the highest potential reward,” he says. “As a result, we never borrowed money and we funded expansion from our own cash flow.”

Freedman gives a nod to Keating for the success of their first American fund, which raised about $US90 million.

“Thanks to Paul Keating and others, interest rates were about 18 per cent in Australia and about 8 per cent in the States and the Americans loved it,” he says.

The second fund, which was invested in Australian equities, was a blockbuster. The two divided up 92 cities between them and then worked for six weeks selling the idea of Australia as the centre of the Asia-Pacific region. They raised $US1 billion.

When Equitilink was sold to Aberdeen Asset Management in 2000 for $153 million, it had $5.5 billion under management, with 55 per cent of that in the US.

Freedman says his relationship with Sherman was unusual because they were both partners and rivals.

“We always had this need to compete with whoever we were up against whether it was each other or competitors,” he says.

As the Equitilink business grew, Sherman and Freedman turned their entrepreneurial talent to corporate situations using their own private funds as well as the Equitilink “treasury” funds.

Their most famous corporate play was Telecasters North Queensland, which had a major shareholding in Channel Ten.

The Equitilink twins joined forces with American media guru Izzy Asper to gain control of Ten. Others in the ownership consortium were Jack Cowin of Hungry Jacks, John Singleton, Isi Leibler, Robert Whyte, AMP and Steven Skala.

Under Asper’s leadership and Ten managing director John McAlpine, the station owned the 16-to-39 year age group with programs such as The Simpsons and Big Brother. The consortium bought Ten from Westpac in 1992 for $230 million and within five years it was worth $650 million.

Sherman’s fight against Parkinson’s disease was described sensitively by Jill Margo in a lunch with The Australian Financial Review earlier this year.