As we wrap up our four-part series featuring the unique qualities of Commercial Real Estate Billionaires, we remember the vision it takes to build super communities and super wealth, the courage it takes to remember your vision and believe in your own capability, the action it takes to move your beliefs forward, and finally, we summarize with the basic nature of a Commercial Real Estate Billionaire.
Super wealth isn’t for everyone. It’s possible you’re born into the mentality. It’s possible we’re all capable, but very few of us access the right character qualities to achieve ten-digit dollar status.
If we’re to trust Richard LeFrak, our final Commercial Real Estate Billionaire, a man with a “mini-city” to his name, $4.3B to his wallet, and the 62nd richest American to his wealth status, we must assume it takes more than a late night cash-prayer to achieve unimaginable wealth. (more…)
A personal favorite and a slight diversion from the series, the third installment of How to Spot 4 Commercial Real Estate Billionaires features Sam Zell, the 60th richest person in America, weighing in at $4.4B.
Rather than underwrite Sam myself, I’ll let him tell the story in the following interview transcript on Jan. 27 2011, Sam Zell’s “Advice to Entrepreneurs”:
“I’ll tell you a story that I think is probably the most significant advice that I give young entrepreneurs. It’s the story about a Jewish man who lived in New York who started an appliance store in Brooklyn. [He was] very successful, very observant. He went to the synagogue every week, and life went on.
And then one day he went to the synagogue and after he finished his regular praying, he reached out to God and said ‘God, I’ve never asked you for anything, I’ve always been traditional, I’ve always been observant, but I’ve really got a problem. And the problem is that the neighborhood is changing, the business is tanking, and God, I need to win the lottery.’
The next morning he gets up, checks the newspaper and he didn’t win. So the following Saturday he gets up, goes to the synagogue again and now business is worse. And he’s really getting worried again. He finishes regular prayers, reaches out to God again and says the whole bit: ‘Business is worse, the creditors are calling every hour instead of once a week … I need to win the lottery, please. I’ve never asked you for anything.’ (more…)
photo credit: designldg
The second installment of Commercial Real Estate Billionaires features the 90th Richest American and the 5th Richest Real Estate Billionaire, a man who runs headstrong against the supposition that Real Estate Billionaires ‘cherish privacy’, and who also ran for presidency (twice), at $3.4B, Henry Ross Perot Sr. has accumulated plenty of wealth and public advice on Real Estate and Life.
Despite his lack of success in two presidential runs (though the most successful third-party presidential candidate in terms of the popular vote since Theodore Roosevelt), you can hardly consider Ross Perot a failure. In fact, I’d be hard pressed to find anyone that does. (more…)
Photo Credit: Pelican Hill
Of Forbes 100 Richest People in America, we spotted six commercial real estate tycoons, and rich means billions. So what do we know about a Commercial Real Estate Billionaire?
When the first Commercial Real Estate Billionaire rounds out his wealth at $12B and lives openly in Newport Beach, he’s likely easy to spot. Heck, if you live in Orange County, there’s a decent chance he built your home. Following on the wealth-heels of Bill Gates , Warren Buffett, the Walmart Heirs, Bloomberg, and the Google Founders (to name a few), the 21st Richest Person in America is Real Estate Developer Donald Bren.
And yes, he’s had some publicity. As the Los Angeles Times put it, “Billionaire Donald L. Bren might have lost some privacy, but he won’t be losing any more of his fortune.” It’s an astonishing consistency apparent in the research of Real Estate Billionaires, they cherish privacy.
So it was unusual that nearly six months ago a verdict was reached concerning a lawsuit brought against Donald Bren by his two adult children. (more…)