Sam Zell, a real estate tycoon from Chicago who amassed a multibillion-dollar fortune and gained the moniker “the grave dancer” for his prowess in bringing life back to dead homes, passed away on Thursday. Read on to know more about Sam Zell death!
Equity Group Investments, where Mr. Zell served as chairman, reported that complications from a recent illness caused him to pass away at home. He was 81 years old.
Mr. Zell had a gruff voice, was direct, and had no tolerance for romanticism or cockeyed ideals.
He reveled in the fact that, even in these politically correct times, he was known for using coarse language.
And he became well-known on the speaking circuit as a result, where audiences eagerly listened for his business insights and any potential entertainment.
Here’s More on Sam Zell Death And Life In Retrospect-
In 2007, Zell sold Blackstone Group Equity Office, the office-tower business he had spent three decades establishing.
Sam Zell personally made $1 billion from the transaction, which was the largest private equity deal in history.
A month later, he entered into another agreement that ultimately damaged his reputation: the $13 billion purchase of the struggling Tribune Co. The following year, the major media company declared bankruptcy.
At the time, Zell told The Associated Press, “I’m a professional opportunist.” “I’m pretty sure we’re involved in whatever topic you choose, in some way or another.”
On September 28, 1941, four months after his immigrant parents’ entry into the country, Zell was born in Highland Park, Illinois. Before the Nazi onslaught, they escaped from Poland.
His father was a wholesale jeweler who made money on the stock market and invested in real estate. The young Zell sold the photos he took at his eighth-grade prom and then started buying Playboy magazines in downtown Chicago to distribute to his classmates at Hebrew school in the suburbs for a 200 percent markup.
Sam Zell Making History Many Times-
Over the course of a more than 60-year career, Mr. Zell accumulated one of the most significant fortunes in Chicago business circles. Although it had real estate as its focal point, it also covered a wide range of industries, including manufacturing, transportation, energy, and radio stations.
According to Forbes, Mr. Zell is worth $5.2 billion. He popularized the idea of real estate investment trusts (REITs), which let investors purchase shares in large property portfolios. Equity Residential, an owner of apartment buildings that Mr. Zell created while a student at the University of Michigan, was one of the businesses he founded.
He previously owned Equity Office Properties Trust, which he sold for $39 billion in 2007. It was the largest leveraged buyout in corporate history and was hailed as Zell’s career’s pinnacle deal. About $1.1 billion was approved by him personally.
Helen, Mr. Zell’s third wife, is left behind. The family foundation, which supports the arts and education, has her as its executive director. Three children, two sisters, and nine grandchildren round out the survivors.
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