Lorne Webster

Lorne Charles Webster (September 19, 1928 – December 15, 2004) was a Canadian financier, businessman and philanthropist. He was the chairman and founder of Prenor Group Limited, a conglomerate with over $500 million in assets that had investments in insurance, trust services, investment management and real estate in Canada, the United States and Europe.^[1] He was also the co-owner and co-founder of the Montreal Expos.^[3][1]

Early life and education

Webster was born in Montreal, Quebec, in 1928 and educated at Lower Canada College and McGill University.^[1] He started his career at his family's business, Canadian Import, a petroleum company.^[3]

Career

Webster was a director of Bank of Montreal, Domtar, Murphy Oil, Québecor and Dale-Ross Holdings.^[3]

Real Estate

Webster was a longtime business partner of real estate investor René G. Lépine.^[4] In 1969, Webster and Lépine purchased the 140-unit apartment building Tour Horizon at 1212 Pine Avenue in Montreal for $3 million.^[4] The same year, they purchased the 181-unit apartment building Le Cartier Tower at 1115 Sherbrooke Street in Montreal from the Montreal Trust Company out of receivership for $6 million.^[4] Both buildings had high vacancies and were renovated extensively.^[4] In 1971, Lépine and Webster wanted to purchase the Van Horne Mansion, adjacent to Le Cartier, and were planning a $7 million office building development.^[4] Lépine purchased the Webster family's shares of Le Cartier Tower in 2005.

Personal life

His paternal grandfather was Lorne Campbell Webster. His maternal grandfather was Charles Frosst, founder of the company that became Merck Frosst.

References