A pioneer in speculative property investment and one of Bermuda's richest men, Freddie Yearwood, has died aged 96.

Mr. Yearwood left the Island two years ago and passed away in Trinidad on September 8 and will be buried this Sunday. He built his multi-million dollar fortune through real estate deals and owned property across the Island, including several buildings in Hamilton.

Originally from St. Kitts he moved to Bermuda in the 1930s and worked as a beach boy at the Elbow Beach Hotel. He went on to become maitre d' at the former Belmont Hotel. During his time in the hospitality field he took on extra shifts whenever co-workers called in sick or went on vacation.

Over time he saved his money and started buying small residential units. These investments grew and he then became involved in commercial real estate. He was also the first black chairman of the Bermuda Monetary Authority from 1979 to 1982.

Sir John Swan, another property magnate on the Island and good friend of Mr. Yearwood, said he was saddened to hear of his passing.

He spoke of his friend's determination and dedication to improving his economic position.

"He went from being a bus boy to a significant real estate developer," Sir John said. "It says a lot about him but also for Bermuda, where these type of opportunities were available and still are available.

"He is an example to others that if you are determined to do something and put your mind to it, even at a time when it was difficult, you could succeed."

"He leaves a legacy of encouragement, of being able to quietly advise people who showed an interest in the things he knew something about."

Premier Ewart Brown said: "Freddie Yearwood was a friend of my family for many years. He and my father worked together in the hotel industry.

"Over the years I sought his advice on numerous issues and he was always willing to offer his guidance.

"Bermuda has lost an icon who stood for economic empowerment long before the term became politically correct. We will miss him and wish to convey to his family our sincere condolences."

Speaking on behalf of Mr. Yearwood's relatives Senator Bob Richards, whose parents were good friends with Mr. Yearwood, said he was a pioneer in real estate development.

"He saw the need for large business buildings in Hamilton during the 1970s before anybody else did," Sen. Richards said. "He was one of the black trail blazers and young people need to know about the achievements of the former generation.

"He was a giant in real estate development but he was almost invisible. He did things without fanfare, that was one of his secrets. People often underestimated him and his financial worth because he was so quiet.

"He was an extrodinarily low key man, despite his fortune he remained humble and lived a frugal life."

Among the buildings that Mr. Yearwood owned was the Imperial Hotel, the largest hotel for black people during segregation.

Mathew Elderfield, Chief Executive Officer at the Bermuda Monetary Authority, expressed his condolences on behalf of the BMA. He added: In his capacity as Chairman of the BMA board he also contributed to the on going development of the Authority in its evolving role as the regulator of Bermuda's financial services sector.

"We join the people of Bermuda in expressing our lasting appreciation of his contributions and leadership as the Chairman of the Authority. We also extend our sincere condolences to Mr. Yearwood's family and loved ones."

Former Mayor of Hamilton Lawson Mapp, a close friend of Freddie Yearwood, said: "He was short in stature but a giant in his philanthropic ways.

"He made a great contribution to Bermuda and will be sadly missed."