Sam Zell, a famous businessman and millionaire, dἰed on May 18, 2023. He was 81. His private investment firm also issued a statement indicating he had been ἰll for some months before his deἀth. Michael Millar, the principal and owner of Open Slate Communications, and J.B. Pritzker, the governor of Illinois, both paid respect to him. Everyone is also interested in knowing how much Sam Zell earned in his career as a businessman? Read our full post to know the details:
What was Sam Zell’s Net Worth?
Sam Zell built a prosperous fortune via years of hard work as a businessman. Zell had a net worth of $5.2 billion, as estimated. As the company’s founder and chairman, he has acquired a substantial fortune via Equity Group Investments, a private investment corporation.
In his early career, Sam worked in real estate and managed an apartment complex. After finishing law school in Michigan, he joined his brother Robert H. Lurie in managing around 4, 000 properties.
In 1968, Zell laid the groundwork for what would become Equity Group Investments. In 2006, the Blackstone Group paid $36 billion to acquire the Equity Office, after which most of its buildings were sold at varying prices. In 2008, Zell affiliates acquired a majority stake in the Tribune Company, among other businesses.
Sam has supported a wide range of Israeli organizations and policies with his charitable contributions. Some examples are the American Jewish Committee and the Israeli Center for Social and Economic Progress in Herzliya. Bernard Zell Anshe Emet Day School, Restore Our Future, and Rochelle Zell Jewish High School have all benefited from his generosity.
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When did Sam Zell Found Equity Group Investment?
With the founding of Equity Group Investments in 1968 by Zell and Lurie, Zell began his professional real estate investing career. To begin with, the company followed Zell’s “contrarian” investment approach of purchasing foreclosed properties. He looked for cheap real estate since he knew he could turn it into a lucrative business.
The global economy entered the Great Recession of 2008-2009 and the real estate market crashed within a year. If he had tried to sell the company a year later, he would have gotten a far lower price.
As you all know that Sam Zell is no more between us. He died on 18 May 2023. If you want to know more details about celebrities’ wealth then you can join us on our Twitter account.