After a successful six-decade long career, Aussie showbiz legend Bert Newton has amassed a rumoured $15 million fortune, alongside his equally famous wife, Patti.
But New Idea has learned there are growing questions around who stands to inherit the hefty family fortune, especially given the current situation with their estranged son, Matthew.
WATCH: Bert Newton talks about his relationship with Patti
A well-placed insider insists 75-year-old Patti has been planning to make changes to her and Bert’s wills, following the birth of their daughter Lauren’s sixth child, Alby, last year.
“Patti has become accustomed to watching their finances like a hawk,” explains the insider. “She has become quite the financial planner over the years.”
The source notes that Patti “takes no chances” when it comes to money, which is understandable given Bert’s gambling almost forced the pair into bankruptcy in 1993.
“After the terrible time they had in the ’90s, finding themselves a million dollars in debt, Patti is very focused on updating her and Bert’s wills.”
Other things driving the update are Bert’s recent health scares, as well as the fact that Lauren and her husband, swimmer Matt Welsh, have had a couple more kids since the last time the wills were examined.
As Bert and Patti – who made a name for themselves performing on Australia’s biggest variety TV shows in the ’70s – work through their finances, the source reveals one point of conversation has been their property portfolio.
The lovebirds, who married in 1974, currently reside in Melbourne’s affluent Hawthorn neighbourhood. They also own a lavish holiday home in the sought-after Mornington Peninsula.
“They’re in the process of hashing out every detail, including who gets their Melbourne house and the holiday home … some conversations have proven emotional!” says the source.
The insider believes Bert, 82, is growing concerned about how to best split the assets between their children – who lead very different lives!
“He just wants do the right thing. Ideally, he would leave the bulk to Lauren – she has been an angel to her parents and supports them every single day.”
Lauren, 40, lives around the corner and “is a constant in their lives, not to mention her six children bring so much light and joy. Bert wants to make sure they are well looked after,” says the source, who maintains Patti is conflicted over the issue.
“Patti, as always, is worried about their son, Matthew. Given his past, she worries he’ll always struggle to make money off his film talents in America, and she wants to make sure he’s supported.”
Matthew, 43, who is married to New Yorker Catherine Schneiderman, has struggled to find work in America following allegations involving domestic violence and assault against two former romantic partners.
“Patti is anxious. She certainly doesn’t want Matt feeling abandoned once they’re gone. Bert argues otherwise, which hurts Patti’s feelings and has caused a bit of friction,” the insider says, who notes the couple’s one wish would be that Matthew return to Australia as soon as it’s safe to, so they could discuss the sensitive issue.
“It would make the entire process a lot easier and more personable.”
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