These are 10 most successful real estate billionaires in America and Donald Trump isn’t among them.
Many of these real estate billionaires and moguls are self made and have started with nothing. Of course, some have everything handed to them on a silver platter, either in a form of a “small loan of one million dollars” or through inheritance, which some of them managed to diminish considerably through their sheer incompetence. Some of their stories are classic American Dream come true, with the children of poor immigrants reaching for the stars and succeeding. Unlike the Most Successful Private Equity Firms in The World, where usually partners shared the burden, these men have mostly accomplished their success on their own.
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American real estate moguls aren’t that well positioned in the world. In fact, the richest real estate billionaire from America is only fourth in the world, behind two Chinese and a German. In fact, out of top 20 real estate billionaires, only five are from America. The title of the richest real estate broker in the world goes to Wang Jianlin, although considering the rate of his US holdings and investments, he very well may be considered an American billionaire soon enough. Asians, in general, dominate the list, with 10 people claiming the spots.
The place among most successful real estate billionaires in America is a highly contested one. According to Forbes 400 list of richest people in America, which we used as our source, 44 own their wealth at least partially to their real estate businesses. Most of them can (and have) write a book on how to become a real estate tycoon, due to their extensive knowledge of the trade. If you are interested in real estate business, reading some of them could prove beneficial, but bear in mind that, although real estate billionaires share some common traits, their paths to wealth differ vastly.
Oh, and if you are looking from Donald Trump on our list of most successful real estate billionaires in America, don’t bother, he isn’t there. The President has taken quite a tumble on the list of the world’s richest people and doesn’t qualify for top ten real estate barons in America, let alone the world.
10. Sheldon Solow
Net Worth: $4.4 billion
Forbes 400 position: 128
Sheldon Solow is a son of a bricklayer from Brooklyn. A New York University dropout, Solow’s biggest success was the construction of the Solow Building on Fifth Avenue in the 1970s, still regarded as one of the most desirable office spaces in the city. Among the tenants are KKR, Apollo Global Management, and Chanel. Sheldon Solow is renowned for his love of art and his collection of modern and Renaissance paintings and sculptures.
9. Sam Zell
Net Worth: $4.7 billion
Forbes 400 position: 117
A son of the Jewish jewelers who emigrated from Poland in the eve of the German invasion in 1939 via Tokyo, Sam Zell got his start in real estate while attending University of Michigan. In return for free boarding, he was managing an apartment building with 15 units. The owner was so impressed with Zell that he hired him to manage his other properties as well. By the time he got his degree, he and his partner Robert H. Lurie were managing some 4,000 apartments in Ann Arbor. Between 100 and 200 units of those were owned by their company. He then moved to Chicago and founded Equity Group, which grew to be the largest apartment owner and the largest office owner in the United States.
8. Edward Roski
Net Worth: $4.9 billion
Forbes 400 position: 110
A son of a poor Polish immigrant, Edward Roski, next on the list of most successful real estate billionaires in America served four years in Vietnam with the US Marine Corps and was awarded two Purple Hearts. After his return, he got involved with the family company, Majestic Realty Co, which was founded by his father. According to Forbes, he owns more than 76 million square feet of commercial real estate in various parts of the country, mostly in California, Colorado, Nevada, and Georgia. Like many other real estate moguls, he owns shares in various sports organizations, like Los Angeles Lakers and like Los Angeles Kings. He was involved in the development of the new Lakers’ home, the Staples Center.
7. Ted Lerner
Net Worth: $5.3 billion
Forbes 400 position: 90
We are continuing our list of most successful real estate billionaires in America with Ted Lerner that is the largest landlord in Washington DC and the richest person in Maryland. Considering that his company, Lerner Enterprises, was started with a $250 loan from his wife, Annette M. Lerner, Lerner has done quite well. A World War 2 veteran, he has attended George Washington University after finishing his stint with the US Army. At first, Lerner was focused on flipping properties and later on in his career, he decided that he wants to build them as well. In 2006, he became the owner of theWashington Nationals. He also has stakes in NHL Washington Capitals, WNBA Washington Mystics, and NBA Washington Wizards.
6. John A. Sobrato
Net Worth: $5.9 billion
Forbes 400 position: 83
With more than more than 110 commercial buildings and more than 30 apartment complexes under his hat, John Sobrato owns a large chunk of Silicon Valley. His mother, who immigrated to the United States without even knowing the language, has started investing in real estate after she sold the family restaurant. By focusing on Silicon Valley, she has set a foundation for Sobrato family wealth, which John expanded on.
5. Richard LeFrak
Net Worth: $6.7 billion
Forbes 400 position: 73
Richard LeFrak has been born to a family that has been involved in real estate since 1883. Under his management, the LeFrak family company has been elevated to the new heights and he personally has become one of the largest landlords in the tristate area. One of his biggest achievements is the development of Newport, which he started with his father in 1986. Although he had a better head start than most of the other people on our list, LeFrak is deservedly considered one of the most successful real estate billionaires in America.
4. Stephen Ross
Net Worth: $7.4 billion
Forbes 400 position: 58
The owner of Miami Dolphins that ranked 4th on the list of most successful real estate billionaires in America started his real estate career by working as a tax lawyer and designing affordable housing deals for the wealthy looking to benefit from tax exemptions offered by the federal government. Later on, he started investing on his own. While affordable housing remains a big part of his company’s portfolio, he has since expanded his business and got involved with more upscale projects. In 2008 he bought Miami Dolphins but has since failed to secure taxpayer funds to build a new stadium, which has led to rumors that he is planning to relocate the team.
3. Stanley Kroenke
Net Worth: $7.4 billion
Forbes 400 position: 58
Stan Kroenke, next on the list of most successful real estate billionaires in America, grew up in a small town in Missouri, helping his father with his lumber company. His critics claim that his wealth is largely due to his marriage to Ann Walton, the Wal-Mart heiress, but the truth is Kroenke was rich before he met her. The marriage didn’t hurt, though, since he got to develop the land near Wal-Mart centers around the country. He also owns several major sports franchises, including Los Angeles Rams, Denver Nuggets, Colorado Avalanche, Colorado Rapids and UK Premier League football club Arsenal.
2. Andrew Beal
Net Worth: $8.9 billion
Forbes 400 position: 49
Andrew Beal started early in the real estate business. At the age of 19, he bought his first house which he rented out. He then started buying old buildings, renovated and sold them, making a tidy profit in the process. In 1981, Beal and partners bought Brick Towers, a run-down project building in Newark for $25,000. They sold them a few years later for more than $3 million. In 1988, Beal got into banking. The Beal Bank usually outperforms the competition, with high ROI. Beal also dabbles in mathematics and is an author of Beal’s conjecture.
1. Donald Bren
Net Worth: $15.2 billion
Forbes 400 position: 27
It has been said many times that Orange County’s appearances today are mostly due to one man: Donald Bren. Bren’s first experience with real estate was back when he was in high school and spending his summers working for his father in construction, together with his brothers. After finishing the stint with US Marine Corps, he went into business by himself, by securing a loan and getting into soaring Orange County real estate market. His biggest success is the development of the city of Irvine. That alone would be enough to place him on top of the list of most successful real estate billionaires in America.
