OSLO, Norway — Olav Thon, a well-known billionaire entrepreneur who became a notable figure in Norway’s real estate industry, has passed away at the age of 101, as confirmed by his company on Saturday. Thon was often recognized by his signature bright red cap, and he developed a vast real estate empire that began with humble beginnings of selling leather and fox hides in his youth.

In a statement, the Olav Thon Gruppen expressed their sorrow over his death but did not disclose the specific cause.

Born on June 29, 1923, in the village of Ål, situated in the Hallingdal Valley northwest of Oslo, Thon initially aspired to pursue a career in medicine. However, the outbreak of World War II sidetracked those ambitions, prompting him to breed fur-bearing animals on his home farm as a means to support himself during the tumultuous period, according to reports from Norwegian news agency NTB.

Thon’s journey into real estate began when he acquired his first apartment building in 1950, transitioning from the leather trade to property investment. Over the years, his business expanded significantly, ultimately employing thousands of people and owning over 80 shopping centers across Norway and Sweden. Additionally, his company manages around 90 hotels in those countries, as well as in Belgium, Denmark, and the Netherlands.

In 2013, he established the Olav Thon Foundation and transferred most of the company’s assets to it. Thon was also an avid outdoorsman and made contributions to promote tourism and hiking in Norway. His philanthropic efforts extended to supporting medical research, particularly in the field of muscular-skeletal disorders.

After the passing of his beloved wife, Inge-Johanne Thon, in 2018, Thon remarried at the age of 95 in 2019. His second marriage was to Sissel Berdal Haga, and the ceremony took place at the historic Hotel Bristol in Oslo—the very first hotel he acquired back in 1974.