NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business

Father and son in $1.7m inheritance fight

Hamish Fletcher
By Hamish Fletcher
Managing Editor - Planned Journalism·NZ Herald·
27 May, 2018 06:45 AM4 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

96-year-old Auckland father has lost a lawsuit against his son. Photo / NZPA

96-year-old Auckland father has lost a lawsuit against his son. Photo / NZPA

A 96-year-old Auckland man has lost a lawsuit against his son over $1.7 million poured into the share market.

A judge, in dismissing the claim, determined the father had gifted the funds to his son.

The falling out between the pair follows the death of their wife and mother, Esme Reid.

Esme passed away in 2008 and her son, Barry Castleton-Reid, was main beneficiary of her will.

Her assets included a classic Rolls Royce and the family home in the Auckland suburb of Birkdale — a medieval-style building known as "the Castle" complete with a moat and turrets.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

Ross Reid built the property single-handedly in the 1950s and '60s and invited his son and daughter-in-law to live there with him when Esme died.

He says that in March 2009 he proposed to buy $1.7m of shares and put them in Castleton-Reid's name so his son could sign share transfers while he was away on long trips to Australia.

Castleton-Reid was to hold the shares and any profits on his father's behalf, Reid argued in a hearing before Justice Christine Gordon last year.

Advertisement
Advertise with NZME.

In return, Reid said he promised that his son would get the funds on his death because there "were no pockets in a shroud".

Castleton-Reid described this turn of events very differently.

He told the court that in March 2009 his father called him into his bedroom and told him he had an "inheritance".

Reid, according to his son, indicated it was a large amount of money and that he would like to put it into shares and manage it on his son's behalf.

Discover more

New Zealand

Man jailed for brutal murder over $800 car

28 May 06:23 PM

Castleton-Reid said that he spoke to his wife immediately afterwards who asked why the two of them would put all their money into shares.

"Mr Castleton-Reid told her that he thought his father was bored and it would give him something to get involved in. He said that neither he nor his wife had any need for the money at the time, and they both just accepted the situation," Justice Gordon said in her decision.

The share trading account was opened, $1.7m transferred into it, and Reid began trading.

Numerous deposits and withdrawals were made before Castleton-Reid sold the shares in 2010 and stopped his father from accessing the account.

"Mr Castleton-Reid said that he and his wife decided that they needed to take charge of his financial situation and revoke his father's authority to manage his shareholding account, as he said his father's recent activities were becoming increasingly suspect," the judge said.

"Mr Castleton-Reid said his father had been dealing with Mr Castleton-Reid 's inherited property as if it was his own, paying himself more than Mr Castleton-Reid had agreed to out of dividends earned on the shareholding account and using the Castle as security for his debts when he was only registered in his capacity as an executor [of Esme's estate]. He informed his father that he was taking control of his inheritance as he was alarmed at the potential implications of his father's management," Justice Gordon said.

Advertisement
Advertise with NZME.

When the pair could not resolve the dispute, Reid issued High Court action against his son.

But in her decision, the judge was not satisfied that Reid had proven his case and ruled that his claim had failed.

"Having determined that there was no arrangement as asserted by Mr Reid, the court is then left with the evidence of Mr Castleton-Reid. I find no reason to reject his evidence that Mr Reid represented to him that he was giving him the money…I am further satisfied that Mr Reid intended to gift the money to Mr Castleton-Reid," Justice Gordon said.

Save

    Share this article

Latest from Business

Retail

'Challenging conditions': Luxury retail giant DFS closing Kiwi stores

11 Jul 07:43 AM
Premium
Shares

Market close: 'Green shoots' for Ryman – positive reaction to earnings outlook

11 Jul 06:25 AM
Premium
Retail

Push Gummies halts sales amid creatine content controversy

11 Jul 06:20 AM

Audi offers a sporty spin on city driving with the A3 Sportback and S3 Sportback

sponsored
Advertisement
Advertise with NZME.

Latest from Business

'Challenging conditions': Luxury retail giant DFS closing Kiwi stores

'Challenging conditions': Luxury retail giant DFS closing Kiwi stores

11 Jul 07:43 AM

Duty Free Shoppers is exiting the Oceania market after 30 years.

Premium
Market close: 'Green shoots' for Ryman – positive reaction to earnings outlook

Market close: 'Green shoots' for Ryman – positive reaction to earnings outlook

11 Jul 06:25 AM
Premium
Push Gummies halts sales amid creatine content controversy

Push Gummies halts sales amid creatine content controversy

11 Jul 06:20 AM
Watch: 'My raging backyard river' - North Shore homeowner fears stormwater torrent

Watch: 'My raging backyard river' - North Shore homeowner fears stormwater torrent

11 Jul 06:00 AM
Gold demand soars amid global turmoil
sponsored

Gold demand soars amid global turmoil

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP