The 70-year-old millionaire was found guilty in April of the contract murder of Michael McGurk, who was shot dead outside his Sydney home in September 2009, and the intimidation of Kimberley McGurk almost a year later.

"Directing and financing the killing of another human being is a fundamentally abhorrent and heinous crime," said Justice Geoffrey Bellew in sentencing Medich in the NSW Supreme Court on Thursday.

He set a maximum of 39 years and a minimum of 30 years for both crimes.

Mr McGurk's relatives later released a statement saying: "The family are relieved and again wish to thank everyone involved in achieving this result".

The judge earlier expressed his deepest sympathy to them, saying they had gone through "the most severe emotional upheavals that could ever possibly be imagined".

The "violent, sudden and unexpected" death of Mr McGurk had a catastrophic effect on them, he said.

The jury accepted the evidence of Medich's former confidant, Lucky Gattellari, who said Medich masterminded and financed the shooting of the 45-year-old wheeler and dealer.

He was gunned down after he and Medich had become embroiled in ongoing and protracted legal battles involving millions of dollars.

The judge was satisfied that by the early part of 2009, the decline of the relationship led Medich "to form a deep-seated hatred for Mr McGurk and provided a motive for him to want to have Mr McGurk killed".

He was also satisfied Medich paid about $500,000 for the hit.

Gattellari testified that Medich said he had been made a "laughing stock in the eastern suburbs", that Mr McGurk was ruining his reputation, and he wanted Gattellari to find someone "to take care of this guy".

Gattellari said he asked Medich if he was sure about the murder, saying "there's no going back", and he replied: "I am sure. I want him done."

The star crown witness was sentenced to at least seven years and six months in jail after admitting organising the murder, receiving a 60 per cent discount for his guilty plea and helping authorities.

Four other men have also been sentenced for their roles relating to the murder.

The Crown had unsuccessfully urged Justice Bellew to impose a life sentence on Medich.

The judge said the evidence established that the criminality and moral culpability of Medich was substantially in excess of that displayed by both Gattellari and Haissam Safetli, the man the Crown said was most likely to have pulled the trigger.

But, given their considerably shorter sentences and their circumstances, he said the imposition of a life term on Medich would reflect a failure to have proper regard to the "parity principle" and leave Medich with a justifiable sense of grievance.

He will be eligible for parole on February 26, 2048.

Australian Associated Press