The father of the multi-billionaire, who has a family office structure of his own, is in the business of developing it, the report said.

Mike Bezos, father of Amazon tycoon Jeff Bezos, is expanding his own family office to oversee a fortune estimated to be worth more than $40 billion, the Wall Street Journal reported last week, citing unnamed sources and a document it has seen.

The office has hired a chief executive, Valeria Alberola, to manage the entity from Miami. Alberola recently worked for Walmart heir Ben Walton and his wife, Lucy Ana Walton, in the Denver area overseeing their investment and philanthropic activities. The firm is also planning to hire a chief investment officer, the article is said. 

The name of the family office is Aurora Borealis; it was set up to run the wealth of Mike and Jacklyn Bezos, who died in August of Lewy body dementia. A job description from the search firm Russell Reynolds describes Aurora Borealis as a small family office set up in 2020 that is going through a significant expansion.

The WSJ said that neither Mike Bezos nor a representative for Aurora Borealis could be reached for comment. A spokesman for Jeff Bezos didn’t respond to requests for comment, it said. 

The plans for Aurora Borealis’s expansion had been in the works before Jacklyn Bezos’ death. The family office has discussed hiring an investment team that would continue to diversify Mike Bezos’ holdings beyond Amazon.com, the WSJ said. Filings from the Bezos Family Foundation show that he and Jacklyn Bezos made gifts in recent years of stock in a few companies besides Amazon, including Uber Technologies and the company then known as Facebook.