The Duke of Westminster, the patriarch of one of the United Kingdom’s wealthiest family businesses, has died of a heart attack.
The Duke, Gerald Cavendish Grosvenor, died yesterday afternoon at Preston Royal Infirmary. He was aged 64.
He was taken there from the Abbeystead Estate in Lancashire where he had suddenly taken ill, the property group Grosvenor announced.
“His family are all aware and they ask for privacy and understanding at this very difficult time, the statement said.
The sixth duke was Britain’s third richest man, worth an estimated £9 billion ($11.7 billion). Forbes ranked him as the 114th wealthiest person in the world.
He headed a portfolio which managed some of London’s most exclusive properties since 1677, including Mayfair, Belgravia and part of Oxford St. The portfolio expanded overseas from 1953 and now includes real estate in more than 70 cities, including Lyon, Stockholm, Washington DC, San Francisco, Vancouver, Hong Kong and Shanghai
Indirect investment helped deliver group revenue of £83.3 million ($108 million) in 2015, up from £80.1 million ($104 million) in 2014.
However, the Grosvenor Estate has diversified from its traditional field and formed two corporate operating businesses - Grosvenor Group and Wheatsheaf Group.
Wheatsheaf was launched in 2012 to focus on progressive and sustainable developments in food, energy and water.
The married father-of-four and friend of the royal family reportedly leaves his estate to 25-year-old son Hugh Grosvenor, who is Prince George's youngest godfather.