Paul Ramsay leaves 'biggest charitable donation in history'

Paul Ramsay

Catholic Healthcare and media entrepreneur Paul Ramsay has left a philanthropic bequest of more than $3 billion to his personal foundation that could distribute as much as $50 million a year, reports The Sydney Morning Herald.

The late chairman and founder of private hospital operator Ramsay Health Care is believed to have suffered a heart attack just over a week ago while on his private yacht in Europe. Mr Ramsay was flown to his home in Bowral in the NSW Southern Highlands, where he died.

There had been speculation about the future of his $3.3 billion stake in Ramsay, with some confidantes suggesting funds could have gone to the Catholic Church or his alma mater, Saint Ignatius’ College, Riverview, the North Shore Jesuit school attended by Prime Minister Tony Abbott.

However, the details of the 78-year-old’s wishes, which related to his 36.2 per cent stake in Ramsay, were announced by the company on Friday.

The Paul Ramsay Foundation 'will receive the benefit of the vast majority of his controlling shareholding in Ramsay Health Care Limited, which will largely be retained on trust for the Foundation,' the company said.

The 'bulk' of Mr Ramsay’s wider estate, most recently estimated by Forbes to be worth $3.4 billion, will be transferred to the foundation also. Mr Ramsay, who was the 11th-richest Australian, never married and had no children. He is survived by two siblings, Peter and twin sister Ann.

Philanthropy Australia chief executive Louise Walsh described the bequest as the biggest single charitable donation in Australian history. 'Paul Ramsay’s decision is an incredible act of generosity,' she said.

FULL STORY Paul Ramsay's estate left to charity (The Sydney Morning Herald)

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