OSLO, Norway (AP) — Olav Thon, a billionaire entrepreneur famously recognized for his bright red cap, passed away at the age of 101, as confirmed by his company on Saturday. Thon was known for transforming his humble beginnings, where he sold leather and fox hides in his youth, into one of Norway’s largest real estate empires.
In a statement, Olav Thon Gruppen expressed their sorrow: “It is with great sadness that we have today received the news that Olav Thon has passed away.” The specific cause of his death has not been disclosed yet.
Born on June 29, 1923, in the village of Ål in the Hallingdal Valley, northwest of Oslo, Thon initially aspired to pursue a career in medicine. However, the outbreak of World War II thwarted those ambitions, leading him instead to breed animals for their fur on his family farm, according to the Norwegian news agency NTB.
Thon’s journey into the business world began in 1950 when he transitioned from selling leather into real estate by acquiring his first apartment building. This marked the beginning of a remarkable career that saw him amass a portfolio that now includes over 80 shopping centers across Norway and Sweden, in addition to around 90 hotels located in those two countries as well as in Belgium, Denmark, and the Netherlands, providing thousands of jobs to the workforce.
Most notably, in 2013, Thon transferred the majority of his company’s assets to the Olav Thon Foundation, which he established to further philanthropic efforts and community support.
In his personal life, after the passing of his beloved wife Inge-Johanne Thon in 2018, he remarried the following year at the age of 95 to Sissel Berdal Haga at the historic Hotel Bristol in Oslo, the first hotel he purchased in 1974. His legacy is characterized not just by his business acumen but also by his commitment to philanthropy and community enhancement.
