First chief’s £1m Florida pad
THE boss of First Group – the firm that runs Great Western Railway – may have missed out on his bonus but at least he spent Christmas in the Florida sunshine.
Meanwhile, back in wintry Britain, his customers will face a hike in ticket prices.
Tim O’Toole was told in June that he would not be receiving the £723,415 bonus after the Croydon tram crash – on a service run by his firm – left seven people dead and 62 injured.
As the average ticket price goes up by 3.4 per cent, thousands of passengers who buy season tickets will be left nearly £150 a year worse off.
But their problems are a world away for Mr O’Toole who joined First Group as a non-executive director in May 2009. Records in the US reveal he owns two mansions in exclusive neighbourhoods worth a combined £2.1million.
Mr O’Toole’s first property is a £1.1million colonial style home with six bedrooms in a wealthy suburb outside Philadelphia.
He also owns a £1million three-bedroom waterfront mansion with a pool on the back terrace in Estero, Florida, where he was this week believed to be spending the Christmas holiday.
While his Pennsylvania home is larger, Mr O’Toole, 62, enjoys far more comfort in Florida. His home is in a gated community near three golf courses and a country club.
At Christmas, temperatures in Estero were a balmy 82F (28C) with clear blue skies and five beaches just a short drive away.
He also owns an apartment in Aberdeen, near First Group’s headquarters.