Billionaire’s Former Bermuda House On Market

April 13, 2017 | 0 Comments

The former home of Canadian billionaire K.C. Irving — who is said to have moved to Bermuda in the 1970s to avoid death taxes – is up for sale, with an asking price of $1.9 million.

At the time of his death, in 1992, the New York Times reported that the Canadian billionaire had a “vast oil and timber empire that shaped the economy of New Brunswick.”

“The Irving family’s industrial group is one of the largest privately owned conglomerates in North America, and Mr. Irving was one of Canada’s richest men. Forbes magazine estimated the family fortune in 1990 at $5 billion, which would have been the world’s 16th-largest at the time,” the Times said.

In relation to the house being for sale, a CBC story said “It’s a house that many New Brunswickers have heard of, imagined, and talked about, but have never seen — and now it’s for sale.

“K.C. Irving’s former home in Bermuda, a property that was once a vital legal link to his offshore tax status, is on the market for $1.9 million.

“The house, called “Skyline Cottage,” is modest by Bermuda standards, with three bedrooms and two-and-a-half bathrooms. It sits on two-thirds of a hectare of land.

KC Irving's former home Bermuda April 2017

“Irving moved to Bermuda in 1971 to avoid death taxes, and his Bermuda residence was key to the structure of Irving’s offshore trust after he died in 1991.

“Irving’s widow, Winnifred, continued to live in the house for years after her husband’s death. She was one of the three trustees of a Bermuda-based trust established by his will, which required the trustees to live outside Canada. Analysts said this was to avoid taxation.

“The trust, which controlled several Bermuda-based Irving holding companies, was dissolved after Irving’s three sons decided about a decade ago to divide up the family conglomerate.

“It’s not known if the house was owned by the trust or by an Irving family member. It’s also not clear when Winnifred Irving moved out or whether it was sold to someone else before this sale. Smith said the current owner is Canadian.”

Click here banner of real estate 3

Share via email

Read More About

Category: All, Business

Leave a Reply

Sign Up For Our Free Email Newsletters

email-banners-good-news-370

Latest Podcasts

Podcast: World Champion Triathlete Flora Duffy

Podcast: World Champion Triathlete Flora Duffy

In the latest Bernews podcast, one of Bermuda’s greatest athletes of all time, Flora Duffy, says being a world champion is something she has dreamed of since she was eight-years-old. Ms Duffy was back in Bermuda taking a short break after a grueling year which has seen her achieve outstanding success. “When I started racing, I […]

Share via email
November 14, 2016 | 0 Comments
Podcast: Dr Fleming On Issues Affecting Seniors

Podcast: Dr Fleming On Issues Affecting Seniors

In the latest Bernews Podcast, we talk to Dr Claudette Fleming, the Executive Director of Age Concern, about issues affecting senior citizens in Bermuda. Dr Fleming talks about research she has done in Bermuda as well as the effects of the recession on Age Concern’s members. She also addresses the issue of income disparity and […]

Share via email
October 17, 2016 | 2 Comments
Podcast: Martha Dismont On Child Neglect/Abuse

Podcast: Martha Dismont On Child Neglect/Abuse

In the latest Bernews podcast, we sit down with Martha Dismont, the Executive Director of the Family Centre, which has recently launched a campaign called ‘Neglect Is Abuse, See It, Stop It’ to try and stem a significant rise in cases of child neglect. Ms Dismont links the rise in neglect cases directly “to the […]

Share via email
September 23, 2016 | 2 Comments
Podcast: Baron On Crime, Road Safety & More

Podcast: Baron On Crime, Road Safety & More

In this latest Bernews podcast, we speak to the Minister of National Security Jeff Baron who revealed than gang membership has dropped by more than 150 people. Yet, he says, gangs are still changing and recruiting – sometimes even from schools. The Minister talks about his plans for restorative justice – which focuses on both the needs […]

Share via email
August 30, 2016 | 8 Comments
Podcast: Governor On Airport, Commission, More

Podcast: Governor On Airport, Commission, More

In this latest Bernews podcast, we interview George Fergusson who will soon be stepping down as Governor. He touches on a wide range of issues such as turning down a request to hold a Commission of Inquiry into the Tucker’s Point land matter, the airport redevelopment, the effect on Bermuda of Brexit, the British Government’s […]

Share via email
July 25, 2016 | 9 Comments
="banner728-container bottom clearfix">