Jamaican-Canadian billionaire and philanthropist Michael Lee-Chin, one of the world’s prized Black billionaires, has experienced a significant decline in his fortune this year, with his net worth decreasing by $100 million since the start of the year.Â
According to Forbes, his net worth now stands at $1.4 billion, compared to $1.5 billion when the year began. Despite the decline, Lee-Chin, who is the president and chairman of Ontario-based investment firm Portland Holdings, remains one of the world’s richest Black billionaires.
Earlier this year, his company signed a memorandum of understanding with UAE-based investment firm MBM Holding, aiming to foster co-investments and partnerships in various industries, particularly healthcare and sustainable energy sources.
The agreement seeks to drive investments in crucial areas like renewable energy, nuclear medicine, and targeted radionuclide therapy.
In an effort to unlock the value of his assets, Lee-Chin has recently sold his extravagant megayacht, AHPO, to billionaire businessman Patrick Dovigi, a former professional hockey player, for an astounding $362 million.
The sale of the 378-feet Lurssen superyacht, created as a replacement for the Quattroelle, resulted in a gross profit of $62 million for Lee-Chin, excluding the costs incurred during his ownership.
Moreover, Lee-Chin has put his luxurious Coconut Walk Private Estate on the market for $35 million.
The breathtaking property, occupying nearly 75,000 square feet of prime beachfront real estate, promises a handsome return on investment.
Michael Lee-Chin initially purchased the estate in 2018 for $12.5 million, and if sold at the current asking price, he stands to make a profit of approximately $22.5 million.
Lee-Chin’s strategic moves to dispose of his assets demonstrate his business acumen and willingness to adapt to changing market conditions.
As a successful investor and philanthropist, his actions reflect a desire to focus on new investment opportunities while ensuring his financial position remains strong.
