?10m a year Gubay legacy

Up to £10 million a year will be distributed to charitable causes following the death of Island entrepreneur and philanthropist Albert Gubay.

Mr Gubay, who passed away last month at the age of 87, set up The Albert Gubay Charitable Foundation.

Today (Friday) trustees have revealed initial plans for where some of his fortune will be directed.

The Derwent Group, a group of property companies now owned by the charity, is estimated to be worth about £700 million.

It’s been revealed while it will reinvest at least half of its annual profits, the rest will be distributed to charitable causes.

It’s estimated annual distributions of up to £10 million will rise in the next five years to at least £20 million a year, marking what they call ‘the incredible story of his life and works’.

They say Mr Gubay dedicated his working life to the creation of charitable arrangements, including separate half a million pound donations locally to the Manx Sports Aid Foundation, the Department of Education and Breakthrough Breast Cancer in the UK for a new cancer research unit at the Christie Hospital in Manchester.

He also gave £20,000 to help the Island stage the 2011 Commonwealth Youth Games.

Mr Gubay is reported to have left half of his business estate to the Catholic Church, something which led to him being honoured with a Papal Knighthood in 2011.