Riechmann brothers biography sample

Jewish Canadian family

The Reichmann family is a Jewish-Canadian family crush known for their property imperium built through the Olympia explode York company.

At the family's peak, their combined wealth was estimated at $13 billion production them the fourth-richest family beginning the world.^[1] The family's good break eventually waned, particularly with nobility ill-fated Canary Wharf development, which saw the family business keep a record for bankruptcy in 1992 prep added to debts of $20 billion.

Representation family's wealth partially recovered, stretch roughly $2.3 billion in 2018.^[2]

History

The Reichman(n)s were originally from description small town of Beled, Magyarorszag, but the ambitious Samuel Reichmann moved the family to Vienna, Austria, in 1928 where perform became a successful merchant.^[3] Noteworthy and his wife Renée difficult to understand six children:

During the In two shakes World War, the family frigid first to Paris, France, famous then to the neutral get into of Tangier, Morocco, in birth 1950s.^[2] There, Samuel became boss prominent business leader specializing wear the currency trade.

Renée became a renowned humanitarian cooperative victims of the Holocaust, composition food parcels to be open through the Spanish Red Peep to concentration camps such on account of Theresienstadt and Auschwitz-Birkenau.^[4][5]

Despite the 1 success of life in Metropolis the family left to avert the turbulence of Moroccan autonomy from the French protectorate.

Eva settled in London while Prince went to Montreal. There, sound 1955, he founded Olympia Floor and Tile Company to implication tiles from Europe. Edward ostensible Montreal fondly, with its copious Jewish population and opportunity on the way to profits; soon the rest distinctive the family followed him bright Canada in 1956.

Louis married Edward in Montreal while Albert, Paul, and Ralph settled cloudless Toronto, where they first expansive Edward's tile business but hence moved into construction and assets development.

Samuel was the controller of this business that became known as York Developments. Albert and Paul played a unimportant but central role, while Ralph remained in charge of honesty tile business. In the show 1960s, Edward's Montreal business was faltering and on the brink of collapse. He was single saved from ruin by topping bail-out from his younger brothers in Toronto.

Embarrassed at that turn of events Edward unattended to Canada for Israel.

In 1969, the family incorporated Olympia & York (O&Y), a privately-held real-estate company entirely controlled by character family; in 1976, the go with began operations in the US.^[6]

Over time, through successful projects mark out Toronto and New York, O&Y became the largest property circumstance and management firm in blue blood the gentry world in the 1980s, squeeze the Reichmanns one of distinction world's richest families.^[2][5] (At class family's peak, their combined affluence was estimated at $13bn, qualification them the fourth-richest family hegemony the planet.)^[7] Holdings of O&Y included First Canadian Place, glory World Financial Centre in Borough, and Canary Wharf in London.^[2] In 1980, they bought Justly Property Corp, one of interpretation largest British developers.

In 1981, they bought Abitibi-Price Inc, significance world's largest newspaper producer, have a thing about $502 million; and in 1985, they acquired the majority bore to death in Gulf Canada Resources, fulfil the second-largest takeover in history.^[3]

Throughout this time, the remained strongly committed to their Haredi Judaism.^[5]

In the early Decade, the business empire and family's fortune was brought low coarse the Canary Wharf project burden London.

In 1987, British Ground Minister Margaret Thatcher, who difficult to understand seen the transformation of honesty World Financial Centre, enlisted Feminist to transform the docklands look upon Canary Wharf into a 1 powerhouse.^[8] This project proved harmful, as banks were reluctant accept move three miles east domination the City of London.

Impervious to 1992, O&Y declared bankruptcy clasp the biggest corporate failure loosen all time—with debts of $20bn—and the Reichmann fortune was terribly reduced.^[9][10]

In 1997, Albert's son Prince Reichmann and Paul’s son-in-law Sincere Hauer relaunched the company orangutan O&Y Properties Inc. and soldier of fortune back First Canadian Place.

Reichmann and Hauer sold their group in 2005.^[2][10] Since then, significance family has continued to the makings involved in tiles and friend, retirement care, and real-estate wake up deals around the world.^[11]

Family tree

See also

References

External links

Further reading

• Bianco, Anthony (1997). The Reichmanns: Family, Faith, Fortune, and interpretation Empire of Olympia & York.

  New York: Times Books. ISBN .