National Post (National Edition)
‘A VERY SAD DAY’
THE DEATHS OF BILLIONAIRE BARRY SHERMAN & HIS WIFE, HONEY, ARE BOTH SHOCKING & SAD, SAID ONTARIO’S HEALTH MINISTER. POLICE ARE CALLING THE DEATHS ‘SUSPICIOUS’.
One of Canada’s most prominent billionaires and community philanthropists was found dead alongside his wife inside their north Toronto mansion Friday, sending shock waves through the city’s upper echelon.
Police would not release the identities of the victims but an outpouring of griefstricken friends and colleagues confirmed it was Bernard Sherman, known as Barry, founder and chairman of the Apotex generic drug empire, and his wife, Honey.
The bodies were found in the house by a real estate agent showing the house for prospective clients, the National Post understands. Officials would not confirm details of the discovery.
Police declined to describe the deaths as a homicide, instead calling them “suspicious.”
Barry Sherman, who would have turned 76 next month, was a successful businessman who turned an upstart drug company into a Canadian pharmaceutical giant and, along with his wife, became renowned for their generosity.
“He liked to make money because he loved giving money away — and he did, he gave away very generously,” said Senator Linda Frum, a family friend.
“The Jewish community and the broader community in Toronto are going to be devastated by this loss because they were among the most active and generous philanthropists. For them, community involvement wasn’t just about giving their money, they took a profound and deep interest in almost every institution and organization they supported,” said Frum, who two weeks ago presented Honey Sherman with a Senate medal for the couple’s philanthropy.
“I am beyond words right now. My dear friends, Barry and Honey Sherman, have been found dead. Wonderful human beings, incredible philanthropists, great leaders in health care,” said Dr. Eric Hoskins, Ontario’s minister of health and long-term care. “A very, very sad day.”
Despite their enormous wealth, the Shermans lived modestly, by the standard of the city’s elite.
Barry would boast of driving a beat-up old car rather than brag of a flashy new sedan and shook his head at friends flying business class, deeming it a waste of money, those close to him said.
While Honey Sherman was known for her warm personality, her husband was famous for being cantankerous.
“She was a very outgoing, charming, bombastic lady and he was introverted, quiet, an unbelievably hardworking guy. That’s why, together as a couple, they worked so well together,” said Paul Godfrey, a friend of the Shermans and the chief executive officer of Postmedia, which owns this newspaper.
“They were always wanting to help the community,” Godfrey said. “They’ve given millions and millions away to charity.”
“Barry was a man of profound human kindness with a very crusty exterior, there’s no question he was cantankerous,” said Frum.
Company officials at Apotex were stunned by the news.
“At this point in time, we believe it is them,” Apotex president and CEO Jeremy Desai said Friday afternoon. He declined to answer further questions out of respect for the family’s privacy.
“He was a phenomenal man,” said Jack Kay, Apotex vice-chairman, his voice shaking. “I can’t talk now. Sorry.”
A medical emergency call was received at 11:44 a.m. and firefighters, ambulance and police all responded.
“Two persons were found within,” said Capt. David Eckerman of Toronto Fire Services.
Police said the investigation at Sherman’s sprawling estate on Old Colony Road in North York is ongoing.
“Every avenue will be explored by our investigators,” Const. David Hopkinson said outside the house.
The house is listed for sale with an asking price of $6.9 million. It features six bedrooms and nine bathrooms, an indoor and outdoor pool, underground parking for six cars with heated ramp. It has been on the market for 18 days.
The couple bought the house in 1985 for $390,000, property records show. It was being sold under a numbered Ontario corporation with Barry Sherman listed as the sole director.
Friends say the couple were having a new home built closer to downtown Toronto.
Asked why the couple chose to list in winter — considered to be a poor time to enter the real estate market — the Sherman’s real estate agent Judi Gottlieb declined to comment.
“The Shermans were very dear friends of mine for many, many years and we’re all in shock,” she wrote in an email. “More than this, I’m not prepared to talk about.”
Sherman’s career in the pharmaceutical industry started as a young man working with his uncle, Louis Winter, who owned Empire Laboratories.
Sherman took over the company when his uncle died in 1965, before branching out to found Apotex in the mid’70s and building it into a major player.
The transition would eventually cause problems between Sherman and his cousins, who launched a legal action against Sherman that spanned more than a decade. The cousins claimed they were entitled to 20 per cent of Apotex, arguing Sherman owed them a “fiduciary duty” as the children of Louis Winter.
An Ontario Superior Court justice in September disagreed. At the time of the judgment the cousins’ lawyer told the Toronto Star they planned to appeal.
Accolades for the Shermans flowed quickly on social media as news spread Friday afternoon.
“Deeply shocked to learn of the deaths of Honey and Barry Sherman, such remarkable people,” said former Ontario premier Bob Rae. “Grappling with this terrible news.”
Frum said their loss will be felt by thousands.
“What hall would be big enough to hold all the people who were touched by Honey and Barry and whose lives where improved by Honey and Barry who just enjoyed the pleasure of knowing them.”
THE CIRCUMSTANCES OF THEIR DEATH APPEAR SUSPICIOUS AND WE ARE TREATING IT THAT WAY. OUR INVESTIGATORS ARE INSIDE INVESTIGATING AND TAKING APART THE SCENE. — CONST. DAVID HOPKINSON