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Despite his success, Paul
Reichmann lived relatively modestly, described as living in a comfortable home in Toronto, and driving an old Cadillac. He remained very private and unwilling to talk to the press. He retained his strong religious views, and used much of his fortune to support his religion.
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During 2004, a takeover battle began for the Canary Wharf Group in which
Reichmann eventually sided with Canadian developer Brascan to attempt a purchase of the company. During this process, he resigned his position on the Board. In March 2005, a consortium of investors led by Morgan Stanley under
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stated, Reichmann was hired because, he "...really came up with that whole concept and built it, and got overleveraged and lost it...he knew where every screw was, where every nail was, he knew and loved the operation better than anyone else..." Canary Wharf went public in 1999.
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the banner of
Songbird Estates purchased Canary Wharf Group, and Reichmann was therefore no longer involved with Canary Wharf on a day-to-day basis. Reichmann, at the time 75, announced that he intended to retire from business and sold many of his property holdings.
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Reichmann fell into property after building a new warehouse for the
Toronto tile company. He got the warehouse built for $ 70,000, selling a year later for a $ 34,000 profit. He co-founded Olympia & York with his brothers Albert and Ralph in 1958.
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which became the centre of a thriving
Orthodox community. Shunning most luxuries, his one personal indulgence was collecting rare and valuable Jewish texts. Pursuant to Jewish law, all of Olympia and York's construction projects halted on the Jewish
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In 1956, Reichmann followed his family to Canada, where three of his brothers — Edward, Louis and Ralph — had established the
Olympia Floor & Wall Tile Co, and his eldest brother, Albert, had launched York Factory Developments.
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Paul
Reichmann died at the age of 83 in Toronto on 25 October 2013. His funeral took place Saturday night, 26 October 2013, at the Bais Yaakov Elementary School (15 Saranac Boulevard), in Toronto. He was buried in Jerusalem, in
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In
September 2006, Reichmann announced that he was bored with retirement and that he would be setting up a new $ 4 billion fund, based in Toronto, with offices in Great Britain and the Netherlands.
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magazine also published a highly critical article on the
Reichmanns. The family took offence at allegations that Samuel Reichmann had aided the Nazis with illegal smuggling operations during the
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McNish, Jacquie (2 November 2013). "Driven by a sense of destiny: A soft-spoken Talmud scholar, he was an unlikely yet determined businessman-negotiator who built a real estate dynasty".
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The company ran into severe trouble in the early 1990s. It was due in part to a general decline in the world economy, but the company was truly brought low by the
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project. It was the world's largest property development, but remained half empty. Reichmann had taken the project as a major gamble. He had been impressed by
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and by the mid-1980s it was the largest developer in the world, and Forbes magazine ranked them the fourth richest family in the world in 1991, worth $ 12.8bn.
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Despite these setbacks, Reichmann successfully rebuilt a small portion of his empire. This included setting up a partnership with
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The firm was soon profitable, and expanded rapidly. It also accepted difficult projects, including the construction of
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In Canada, Reichmann's once sterling reputation also began to suffer. In 1985 the company had bought
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393:; 27 September 1930 – 25 October 2013) was a Canadian businessman and member of the
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in 1930 to Samuel Reichmann, a poultry farmer, and his wife Renée. His parents were
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Soon the company was building such facilities for others. In 1964,
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In 1992, as Olympia and York collapsed under some $ 20 billion in
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was founded as a separate building and property development firm.
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unintentionally. They had left the country on the day of
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723:. 27 October 2013 – via www.telegraph.co.uk.
984:Jewish emigrants from Austria after the Anschluss
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754:. Businessweek.com. 15 June 1997. Archived from
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338:Lea Feldman
325:Founder of
317:Businessman
943:Categories
884:26 October
834:. is/jYVuN
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620:cemetery.
540:tax breaks
504:synagogues
314:Occupation
269:1930-09-27
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459:first in
437:Anschluss
374:(brother)
368:(brother)
356:Relatives
88:verifying
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904:CBC News
828:Archived
810:24 April
624:See also
515:Troubles
451:city of
449:Moroccan
415:Orthodox
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854:120-121
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698:3 March
509:Sabbath
461:Britain
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