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Albert Gubay, an 82-year-old British retail entrepreneur, made a “deal†with God several decades ago when he barely had enough capital to get his business ideas off the ground to share half his fortune with the Almighty in return for some divine help with his finances. To make good on his deal, Albert just transfered his wealth to a charitable trust.
Albert Gubay started building his fortune in the 1960s when he established the Kwik Save discount supermarket chain in the United Kingdom. He sold the business in 1973 for $28 million.
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He then replicated the Kwik Save business model in New Zealand, Ireland and the United States, investing profits from those businesses in real estate in the United Kingdom. The move proved savvy: U.K property prices had been on a steep upward trajectory until about two years ago.
Gubay then moved into leisure. In 1995, while recovering from a bad back, he established the Total Fitness gym chain. Less than 10 years later, Gubay sold the chain to the British venture capital firm L&G for $154 million.
See full story at Forbes Money.
