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Stephen Ross Net Worth

What is Stephen Ross’s Net Worth In 2024?

With a $10 billion net worth, Stephen Ross is a philanthropist, sports club owner, and real estate developer. The Related Companies, which developed Hudson Yards and the Deutsche Bank Center, are led by their chairman, Stephen Ross. In addition to his numerous business endeavours, Ross is a significant donor to the University of Michigan, his alma mater, and the owner of the NFL’s Miami Dolphins and Hard Rock Stadium.

In 1972, Stephen took out a $10,000 loan from his mother to launch a real estate advisory business and leave his job.

He successfully provided affluent investors with income shelter through the development of federally subsidized inexpensive homes. He founded The Related Companies in the same year to put his money into real estate. The corporation oversees over $15 billion in real estate assets and has offices worldwide. The Related Co. is the largest owner of luxury rentals in New York City, with 5,000 rental apartments. Equinox Fitness, a high-end fitness facility, has been a division of The Related Companies since 2006.

Stephen Ross is a member of the Equinox board. Ross co-founded RSE Ventures, a sports and entertainment-focused private equity firm 2012. Currently, RSE owns shares in the Drone Racing League and Vayner Media. He owns shares in several companies through his business endeavours, including the Miami Open, Soul Cycle, Bluestone Lane coffee &pizza, Momofuku, Milk Bar, Blink Fitness, Pure Yoga, and more.

Early Life and Education Of Stephen Ross

On May 10, 1940, Stephen Ross was born into a Jewish household in Detroit, Michigan. Before relocating to Florida, he attended Mumford High School in Detroit and later graduated from Miami Beach Senior High School. After that, Ross attended the University of Florida for two years before moving back to his state of Michigan to attend the University of Michigan. In 1962, he graduated with a BBA from Michigan. After graduating with a JD from Wayne State University in 1965, Ross moved on to the New York University School of Law in 1966. A loan from his businessman and philanthropist uncle, Max Fisher, helped him pay for his graduate studies.

Career Of Stephen Ross

Stephen Ross began his legal career in Detroit with Coopers & Lybrand as a tax attorney. He relocated to New York City in 1968 and was an assistant vice president for Laird’s real estate division. Following that, Ross was employed by Bear Stearns in the corporate finance division. But he was let go in 1972 following a falling out with a supervisor. Ross was living off the money his mother had lent him because he was unemployed. He started arranging transactions for affluent investors utilizing his understanding of federal tax law, and he was so adept at it that he made around $150,000 in his first year of doing this.

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Related Companies Of Stephen Ross

Stephen Ross established Related Companies, a real estate development company in 1972. The company first focused on housing, constructing thousands of subsidized low- and moderate-income flats nationwide. By the 1980s, Ross had grown the business to concentrate on more well-known projects.

He commissioned Robert A. M. Stern, an architect, to create the Chatham on the intersection of Third Avenue and 65th Street in New York during the 1990s. Related quickly began working on projects, including the New York Coliseum, a conference centre in Manhattan, and Willets Point, an industrial yard close to Citi Field in Queens. The Deutsche Bank Center, a mixed-use structure on Columbus Circle in Manhattan that opened in 2004, and Hudson Yards, a 28-acre development that started construction in 2012.

Career Of Stephen Ross

Over the years, Related has its headquarters in New York City and has grown to include offices and real estate projects in other US cities like Boston, Washington, DC, Chicago, Dallas, and Los Angeles. Additionally, it owns properties and offices abroad in London and Abu Dhabi. Related employs about 4,000 people, is the nation’s largest owner of upscale residential rental buildings, and has a real estate portfolio worth over $60 billion. 2012 saw Jeff Blau take over as CEO of the business, while Ross was named chairman. A few years later, Related finished building the Emerson, an inexpensive senior housing community, and the Abington House, a rental apartment building on Manhattan’s High Line. The business completed the 690-unit Brickell Heights condominium complex in Miami, Florida, in 2017. Subsequently, in 2023, Related launched Chicago’s Row Fulton Market, a 294-unit premium rental condominium complex.

Miami Dolphins

Wayne Huizenga, the team’s owner, sold 50% of the Miami Dolphins to Stephen Ross at the beginning of 2008. Stephen Ross also acquired Dolphin Stadium and the surrounding property. He completed the acquisition of an extra 45% of the team early in the next season, gaining majority control over the Dolphins squad and the stadium. Celebrities Marc Anthony, Gloria Estefan, Tony Chesta, Venus, and Serena Williams have all become minority owners of the Dolphins since Ross acquired them. Hard Rock purchased the naming rights to the Dolphins’ home stadium, which led to a name change to Hard Rock Stadium in the summer of 2016.

Former Dolphins head coach Brian Flores filed a federal class-action lawsuit in early 2022, citing Ross and the Dolphins. Flores claimed that Stephen Ross had promised him a $100,000 incentive for each Dolphins game he lost in 2019. After a six-month independent inquiry, the NFL discovered a different violation, discovering that the Dolphins had previously broken the anti-tampering regulation three times by forbidding talks between quarterback Tom Brady and New Orleans Saints coach Sean Payton. Ross also received a $1.5 million fine, an October 2022 suspension, and an indefinite ban from all league committees.

Other Holdings

Stephen Ross owns the Miami International Autodrome, a temporary circuit centred around Hard Rock Stadium, among other properties. The Miami Grand Prix will only be held on this circuit through the 2032 season. In another instance, Ross and Matt Higgins co-founded the private investment company RSE Ventures. The company develops, owns, and runs several businesses, such as Thuzio and Relevant, which are involved in sports media and events.

Philanthropy And Politics

Stephen Ross has significantly contributed to the University of Michigan, his alma mater. He gave the university a $100 million donation in 2004 and a $200 million donation in 2013 to be split between the Michigan athletic department and the Ross School of Business. Over the years, he has made significant donations to the university. In addition, Stephen Ross serves on the boards of trustees for the Urban Land Institute, New York Presbyterian Hospital, and the Solomon R. Guggenheim Foundation. In addition, he is a director of the World Resources Institute and the Jackie Robinson Foundation. Ross contributed significantly to Republican Mitt Romney’s 2012 presidential campaign. Later on, he backed Donald Trump’s campaign.

Personal Life Of Stephen Ross

Stephen Ross has two kids from his prior marriage. After 18 years of marriage, he divorced Kara Gaffney in 2021, leaving her with two stepchildren.

Ross lives at the Manhattan residence, the Deutsche Bank Center, built by his business. He also has an 11,000-square-foot mansion in Palm Beach, Florida, next to the ocean.

Conclusion

In conclusion, unravelling the layers of Stephen Ross’s net worth provides financial insights and a comprehensive understanding of a man whose influence transcends industries. From real estate magnate to philanthropist, Ross’s journey inspires, emphasizing the importance of perseverance, innovation, and giving back.

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