Stephen M. Ross was born on the 10th May 1940, in Detroit, Michigan USA, and he is a real estate agent, probably best known for being the chairman of The Related Companies, developer of the Time Warner Center and Hudson Yards Redevelopment Project. He is also recognized as the owner of the NFL’s Miami Dolphins and the team’s Sun Life Stadium. His career has been active since the 1960s.
Have you ever wondered how rich Stephen Ross is? According to the magazine “Forbes”, it has been estimated that Ross counts the total sum of his net worth at the impressive amount of $12 billion, as of early 2016. The main source of his fortune is coming from his successful involvement in real estate acquisition and development. Another source is coming from his ownership of one of the NFL teams and its stadium.
Stephen Ross Worth $12 Billion
Stephen Ross was brought up in a Jewish family in Detroit, where he attended Mumford High School, but later matriculated from Miami Beach Senior High School. He then enrolled at the University of Florida, but later transferred to the University of Michigan Business School, from which he graduated with a BA degree in Accounting in 1962. Subsequently, he earned an LLM degree in Taxation in 1966 from the New York University School of Law. His uncle, the businessman Max Fisher, helped him with funding to finish his education.
Stephen’s professional career began in the late 1960s, when he became a tax attorney for the Coopers & Lybrand law firm. Before he started his own real estate company The Related Companies, Stephen worked also for Lard Inc. and later for Bear Stearns in the finance department. In 1972, he quit his job, and lived on $10,000 which he borrowed from his mother; however, in his first independent year, he earned $150,000, as he became involved with wealthy investors, sheltering their money intended for construction of affordable housings, and other projects, in order to avoid high taxes. He then started a company on his own, focusing on high-quality architecture and engineering.
In no time, his company became one of the best in the USA, with offices and property in the cities of Boston, Los Angeles, Las Vegas, Chicago, New York, and in world cities such as Abu Dhabi, Sao Paulo, and others. The Related Company is the one responsible for construction of the Time Warner Centre, Hudson Yards, and CityPlace in West Palm Beach.
Since 2008, Stephen has also expanded his business kingdom into sports, buying 50% of the NFL team the Miami Dolphins, which cost him $550 million, however, the following year he bought another 45% of the team, and the Dolphin’s stadium.
His net worth also increased in 2012, when he co-founded RSE Ventures with Matt Higgins. The company own and builds new sports companies, such as Preplay Sports, Thuzio, and FanVision.
Speaking about his personal life, Stephen Ross has been married to jewelry designer Kara Gaffney, with whom he has four children. The couple’s current residence is in the Time Warner Center, New York. Ross is also recognized for being a huge philanthropist. He is one of the biggest donors to the University of Michigan, thus, in his honor its business school was named after him – Ross School of Business. Beside that, Ross works with organizations such as the Solomon R. Guggenheim Foundation, Urban Land Institute, Jackie Robinson Foundation and the World Resources Institute.
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