The 87-year-old who was behind the Mount Murray development and Celtic Bank died at his home in Wilmslow, Cheshire.
A statement released today said: ‘It is with the greatest sadness that we have to announce the death of our founder Albert Gubay on January 5.
‘He had been ill for some time but happily his close family were with him at the end. All our thoughts are with his wife Carmel, his children and grandchildren.’
The statement went on to say more news would be released in due course about the future of Mr Gubay’s various business interests.
Mr Gubay began his career aged 21 when he left the Royal Navy and made a business out of selling camoflage jackets. Initially he made his fortune by founding the Kwik Save chain of supermarkets, which he sold in the 1980s.
More recently he established the Total Fitness gym chain. In 2006 he moved to the island permanently, living at Santon, where he also built the Mount Murray Hotel complex.
His links with the Isle of Man began in 1973 and he owned property at Greeba for a time.
He has been a supporter of Manx sport with his Sports Aid Foundation, and education, donating substantial sums of money to these causes as well as supporting the Catholic church.
Source: IOM Today
