Billionaire Sydney property developer Lang Walker AO passed away at the age of 78. His family described him as a “devoted and loving husband, father, and grandfather.”
Recognized as a visionary, Walker left a lasting impact on postwar Australia through his expansive building projects. The statement emphasized his love for creating remarkable living and working spaces, underscoring his boundless generosity and affection for his family.
“Our hearts are broken by the loss of a great man who changed the lives of so many people through his visionary projects and philanthropy. His zest for life and his relentless pursuit of perfection lives on within everyone in the Walker family.”
David Gallant, the Managing Director and CEO of the Walker Group, confirmed that Lang Walker had established a robust $36 billion project pipeline and implemented a comprehensive transition plan. These strategic measures were designed to ensure the long-term stability and success of the company.
“Lang’s vision will remain an enduring force through the Walker DNA and the Walker way which he actively passed on – it is embedded in our culture and our modus operandi,” Gallant said.
“The vital importance of business continuity and the need to maintain key relationships to retain our pre-eminent position has been instilled in all of us.”
In 1964, Lang Walker began his business journey as a partner in his father’s earth-moving venture, A&L Walker. Transitioning into property development in 1972, he established the Walker Group, focusing on redeveloping substantial city sites and spearheading billion-dollar projects.
His noteworthy developments include King Street Wharf, Finger Wharf, Parramatta Square, Collins Square in Melbourne, and Festival Tower in Adelaide. These endeavors not only shaped urban landscapes but also contributed significantly to Walker amassing a considerable personal fortune.
Lang Walker made his debut on the Australian Financial Review’s rich list in 1986 with an estimated net worth of $20 million, maintaining his presence ever since. Notably, he strategically sold the majority of his company twice—first in 1999 before the dot-com bubble burst and again in 2006 before the global financial crisis.
As of 2023, Walker secured the 16th position among Australia’s wealthiest individuals, boasting a personal fortune of $5.1 billion. This substantial wealth included ownership of a private island in Fiji and a luxurious superyacht, both bearing the name “Kokomo.” The choice of the pseudonym reflects Walker’s childhood connection to the music of a composer by the same name.
Lang Walker, renowned for his philanthropy, made substantial contributions through the Walker Family Foundation. Notable beneficiaries included the Powerhouse Museum, Campbelltown Hospital, and support for the bicentennial celebration of the NSW Parliament in 2024.
However, these generous donations faced scrutiny due to their perceived alignment with benefits for the New South Wales state government. Critics pointed to the timing, often coinciding with applications for new projects, raising questions about the interplay between philanthropy and project approvals.
Lang Walker, who was reported to have claimed he could “buy and sell” any Australian government, consistently drew criticism for his donations to both major political parties at state and federal levels over the past two decades. These concerns played a role in the implementation of a complete ban on political donations from property developers in New South Wales in 2010.
Lang Walker passed away peacefully on Saturday night in Woolloomooloo. He is survived by his wife, three adult children, and ten grandchildren.