Years ago I was told that Mr. Weeks's wealth is due to a successful business of his own. Just recently I encountered a claim that his wealth is inherited. Which one is true? Perhaps both are true?
The Weeks Royalty refers to a 2.5% overriding royalty relating to all hydrocarbons produced by BHP Billiton Limited (formerly known as The Broken Hill Proprietary Company Limited) (BHP) from designated areas in the Bass Strait, Australia, granted by BHP. Production is currently undertaken in those designated areas by BHP and Esso Australia Resources Pty Ltd (Esso).
Kermit doesn't have ownership of the entire 2.5%, as the rights to some of it has been sold. However, I would imagine he still has a significant portion of it. I believe Kermit's dad was L.G. Weeks' only child, so it didn't get divided up too much among family members.