Sol's $17m fortune

TELSTRA boss Sol Trujillo has amassed a $17.8 million fortune in the US.

Investigations by the Herald Sun have revealed Mr Trujillo owns real estate worth an estimated $11.2 million and a massive share portfolio valued at $6.6 million.

Among the telco chief's assets is a $5.6 million luxury home in a gated community in the hills outside San Diego, and another $5.6 million waterfront property in a gated estate in the millionaire's playground of Dana Point.

Mr Trujillo's double-storey mansion in the Ritz Cove gated community at Dana Point has breathtaking views of the Pacific Ocean.

The home, in the middle of the area known as the Californian Riviera, is about 100km south of LA.

The 730sq m house has five bedrooms, seven bathrooms, a spa and a pool.

Mr Trujillo's second home is even larger, some 760sq m in size, and is nestled among rolling hills inside the exclusive Del Mar Country Club in the Rancho Santa Fe valley, north of San Diego.

That home is also hidden inside a gated community that is fenced off from the public and guarded 24 hours a day.

The Del Mar home fea-

tures five bedrooms, 6 1/2 bathrooms and a pool.

The house has views of the club's own golf course and is one of only 96 homes on the estate.

When home, Mr Trujillo and his wife, Corine, are able to enjoy use of the estate's six tennis courts, fitness centre and a massive golf clubhouse that, according to advertisements, can cater to parties of up to 500 people.

Mr Trujillo's US wealth also includes an extensive share portfolio worth at least $6.6 million.

Examination of US Securities and Exchange Commission records reveals Mr Trujillo, who has no shares in Telstra, has significant holdings in several US companies where he has worked.

But it is likely he has other share holdings, as he is only required to disclose shares in companies where he worked in a management position.

Among Mr Trujillo's major holdings is some 25,684 shares in retailing giant Target, worth an estimated $1.88 million.

He has been a director for Target since 1994.

Mr Trujillo's largest publicly disclosed holding was with softdrink company Pepsico, where he worked as a director from 2000 until his resignation in July last year, before he joined Telstra.

The last public document from March last year showed he held 41,762 shares, worth $3.66 million.

SEC records also show Mr Trujillo owns 12,255 shares in media company Gannett, worth $926,840.

He has worked as a director of Gannett since May 2002, but in March this year Gannett notified the SEC Mr Trujillo would not seek re-election to the board of the company.

Mr Trujillo's portfolio also includes 4600 shares in technology company Electronic Data Systems, valued at about $150,000.

He was a director with EDS from January to October 2005.

Telstra caused a stir this week when it announced Mr Trujillo would receive nearly $9 million for his first year in the job, which includes a $2.6 million incentive payment, despite the company's plummeting share price.

Prime Minister John Howard and Treasurer Peter Costello have asked questions about the salary package, suggesting the board needs to be able to justify it to shareholders.

Mr Howard yesterday urged shareholders to quiz the company about the multi-million-dollar salary at Telstra's annual meeting in November.

"I would hope that there are questions asked about it at the annual meeting," he said.~ with AAP

Nick Papps, Sydney Herald Sun September 30, 2006