Local businessman tells court he's worth $1.5 billion

Residences Soleil founder Eddy Savoie told a courtroom Monday that his personal worth is $1.5 billion. (Image: residencessoleil.ca)

Some jaws dropped Monday when local seniors’ residence owner Eddy Savoie told a Longueuil courtroom that his personal wealth is an estimated $1.5 billion.

Savoie, who founded the Residences Soleil seniors home chain, had asked the court to keep the figures confidential but his request was declined.

Savoie is embroiled in a legal dispute with Pierette Theriault-Martel, one of a group of children of clients who have sought compensation for what they claim was poor service to family members. The group was suing for $150,000 in damages but raised the total to $500,000.

Justice Gary Morrison agreed to the amendment. Savoie is counter-suing for $400,000 for defamation.

According to his court testimony, most of Savoie’s wealth comes in the form of real estate but he also holds $40 million in Quebec investments and $360 million in short term foreign investments.

Savoie - according to the bio on his company’s website – went into the business of seniors’ residences in 1988 after he was unable to find a suitable place for wife’s parents.

Savoie had not previously been on the radar in discussions about the wealthiest people in Quebec.

One unofficial list of Quebec's wealthiest people suggests that Quebec is home to under a dozen billionaires, although several of them have not lived in the province for some time.

Those billionaires are: Lino Saputo $5.24 billion, Paul Desmarais $4.93 billion, Jeffrey Skoll $4.92 billion (Skoll left the province at a young age), David Azrieli $3.54 billion, Joseph-Armand Bombardier and family $2.80 billion, Charles Bronfman $2.46 billion, Jean Coutu $2.33 billion, Guy Laliberte $2.16 billion, Gene Kruger and family $2.10 billion, Robert Miller $1.94 billion and Alain Bouchard $1.54 billion.