Healthcare and media entrepreneur Paul Ramsay died on Thursday night after a short illness, leaving a philanthropic bequest of more than $3 billion – one of the largest in Australian history – to his personal foundation that could distribute as much as $50 million a year.

The late chairman and founder of private hospital operator Ramsay Health Care is believed to have suffered a heart attack just over a week ago while on his private yacht Oscar 11. He was travelling in Europe with a close circle of friends including deputy chairman Michael Siddle. After being admitted to a hospital on the Spanish island of Ibiza, Mr Ramsay was flown to his home in Bowral in the NSW Southern Highlands, where he died.

The late Paul Ramsay, founder of Ramsay Health Care. Credit:Peter Braig

There had been speculation about the future of his $3.3 billion stake in Ramsay, with some confidantes suggesting funds could have gone to the Catholic Church or his alma mater, Saint Ignatius’ College, Riverview, the North Shore Jesuit school attended by Prime Minister Tony Abbott.

However, the details of the 78-year-old’s wishes, which related to his 36.2 per cent stake in Ramsay, were announced by the company on Friday.