The corridors of power …

Peltz, a 61-year-old father of eight, is tipped to succeed Conrad Black as owner of The Daily Telegraph via a stake in Hollinger, its parent company.

Although not quite a billionaire – he is worth a mere $950m, according to Forbes magazine – Peltz is more than equipped for the role of media baron.

His 13-acre Montsorrell estate in Palm Beach, Florida includes an ice rink, two swimming pools, tennis court and cinema. It went on the market with a $75m price tag – Peltz hardly uses the place – but there were no takers.

His main home is High Winds, a 130-acre property in Westchester, New York, bought in 1998 from Mariah Carey, the singer, for $20m. Like Robert Maxwell, he was inclined to commute to his Manhattan office by helicopter.

The neighbours complained, and Peltz can no longer use his private helipad, poor chap. He and his family use corporate jets for longer trips ‘for security reasons’.

Peltz began his career with the family food business in the sixties after dropping out from Wharton business school. With long-term associate Peter May, he built Triangle, a canning and packaging company since sold to Pechiney of France. These days, he is chairman and CEO of Triarc, owner of the Arby’s fast-food chain.

His big break came in the late nineties when he sold Snapple juices and teas to Cadbury Schweppes for $1.5bn.

Peltz is a former associate of Michael Milken and built Triangle on junk bond financing. We could be hearing a lot more about him.

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