The real estate market has produced both multimillionaires and billionaires throughout the years. An investment in real estate can help them grow their wealth. Long term, it has the potential to appreciate. A brief overview of the top real estate billionaires follows.
Donald Bren: $15.5 billion (Net worth):
Don Bren is the top-ranked real estate agent in America. With Irvine Company, he became the world’s richest real estate owner. A large piece of Irvine Ranch, which controls 93,000 acres in Southern California. In 1996, Irvine became the sole property of the real estate tycoon. The company also owns ranch lands and a portfolio of nearly 115 million square feet of commercial real estate, mainly in Southern California, and a coastline resort, several hotels, golf courses, and marinas.
Sam Zell: $4.8 billion (Net worth):
Founder of Equity Group Investments, Sam Zell has invested in a variety of industries, including real estate. One of his founding activities was as a real estate investment trust (REITs). A former Chairman of five public companies, he is currently on the Boards of many REITs, including Equity Residential (NYSE: EQR), one of the nation’s largest residential REITs. This deal, worth $39 billion, was the largest in real estate history.
Leonard Stern: $4.5 billion (Net worth):
His father’s pet supply company became his first venture into real estate after he purchased a warehouse in New Jersey in 1959. Hartz Mountain Industries now owns more than 260 properties across the Tri-State Area, from residential to office to hotel to industrial, mostly in New York and Northern New Jersey.
John A. Sobrato & Family: $4.3 billion (Net worth):
As a college student, John Sobrato sold houses in California. In 1979, he established his real estate company, the Sobrato Organization, to develop industrial properties. In addition to the company’s offices in Silicon Valley, California, and around 6,700 apartments, it owns over 7 million square feet of real estate.
Sheldon Solow: $4.2 billion (Net worth):
A New York City developer designated the building of 9 West 57th Street as the best of his entire net worth in 1972. Building’s value has increased since 2016 from $3.4 billion to $6 billion. Solow operates several other offices on 57th Street, as well as residential properties along the East River.
Sun Hongbin: $9.2 billion (Net worth):
An American citizen and a resident of China, the sources of his wealth are entirely outside the US. His company, Sunac China Holdings, is one of China’s largest property developers, concentrating on large-scale, luxury residential properties. A $9.3 billion deal with Wanda Group diversified and expanded Sunac’s real estate empire – making it the second-largest real estate deal in China’s history.
Stephen Ross: $7.6 billion. (Net worth):
He founded and chairs the Related Companies. The first project he undertook was to build affordable housing. While he is an experienced investor in real estate, he has expanded his portfolio with other projects, such as the Hudson Yards Redevelopment Project in NYC. He has been a part of Forbes Richest men too.
Real estate business growth is driven by technological innovation and sustainability. In the Asia Pacific, Europe, Africa, and the United States, it has created enormous business opportunities in the property sector. An entrepreneur must decide on the location, experience, and budget that will be necessary. Property ownership has many benefits. A specialization in property-related services implies that the client’s brand is known and the client can be easily attracted, which is a talent and therefore leads to success.