Sam Zell was an American entrepreneur who made his wealth by purchasing commercial buildings that were in difficulty and either retaining them or selling them when their prices had significantly increased. Equity Group Investments (EGI) was the name of his principal investing firm. For $39 billion, he sold Blackstone Group his office building company, Equity Office Properties Trust, in 2007.
Sam Zell Net Worth
Sam Zell Net Worth was $6 Billion when he d!ed recently. How did he amass such huge fortune? We will talk about that in the next heading.
Equity Group Investments Company By Sam Zell
The beginning of Zell’s official real estate investment career came with the founding of Equity Group Investments in 1968 by Zell and Lurie. In line with Zell’s “contrarian” investment philosophy, the company first concentrated on buying distressed real estate holdings. He looked for discounted buildings, sure he could turn them into successful businesses.
For $39 billion, Zell sold Equity Group Investments to Blackstone in 2007. His timing would turn out to be exceptional/lucky in both ways. The real estate market crashed within a year, ushering in the Great Recession of 2008–2009. A year later, he would have received a far lower price had he tried to sell the company.
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Under Zell’s direction, Equity Group Investments grew quickly and eventually became a gigantic empire of publicly traded businesses, including Equity Residential, the biggest apartment owner in the United States. He also broadened the scope of his investment interests, investing in the energy sector through Covanta Holding Corp., logistics through Prologis, and healthcare through CareTrust REIT.
By purchasing the Tribune Company, a media empire that included the Chicago Tribune, Los Angeles Times, and a number of television stations, in 2007, Zell entered the media business.
Even though the $8.2 billion acquisition appeared to be a good one at first, the business filed for bankruptcy a year later because of excessive debt and dwindling advertising revenues. Despite the bankruptcy, Zell maintained his reputation as a clever and adventurous investor and prospered in his other business endeavors. In the end, Zell lost more than $300 million on the transaction.
Sam Zell De@th
At the age of 81, Sam Zell p@ssed away on May 18, 2023. According to Equity Group Investments, Zell p@ssed away at home as a result of complications from a recent illness.
A tweet from Brad Thomas in tribute to Sam Zell:
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