Stephen Ross Net Worth 2024: Stephen Ross is a prominent American real estate developer and sports team owner with an estimated net worth of $10-11 billion in 2024, known for founding The Related Companies and owning the NFL’s Miami Dolphins.
Key Takeaways
- Stephen Ross has an estimated net worth of $10-11 billion as of 2024.
- He founded The Related Companies in 1972, now a global real estate development firm.
- Ross owns the NFL’s Miami Dolphins and Hard Rock Stadium.
- He’s donated over $500 million to the University of Michigan, his alma mater.
- Recent controversies include NFL fines and a failed attempt to sell a stake in the Dolphins.
Stephen Ross: Real Estate Mogul and NFL Owner
Net Worth and Business Empire
Stephen Ross, the real estate developer and sports team owner, has amassed a fortune estimated between $10-11 billion. His primary source of wealth stems from The Related Companies, a global real estate development firm he founded in 1972.
Starting with a $10,000 loan from his mother, Ross built Related into a powerhouse that now manages over $60 billion in assets. The company is known for developing high-profile projects like New York’s Hudson Yards and the Deutsche Bank Center.
Ross expanded his business interests beyond real estate. He co-founded RSE Ventures, a private investment firm focusing on sports, entertainment, media, and technology. Through various ventures, Ross has stakes in companies like Equinox Fitness, SoulCycle, &pizza, and the Drone Racing League.
Early Life and Education
Born in 1940 in Detroit, Michigan, Ross came from a Jewish family. He attended Mumford High School before moving to Florida, where he graduated from Miami Beach Senior High School.
Ross’s higher education journey took him to several institutions:
• University of Florida (2 years)
• University of Michigan (BBA, 1962)
• Wayne State University (JD, 1965)
• New York University School of Law (LLM in Taxation, 1966)
His uncle, businessman Max Fisher, provided a loan to finance his graduate studies – an early example of the family support that would prove crucial to Ross’s success.
Career Trajectory
Ross began his professional life as a tax attorney at Coopers & Lybrand in Detroit. In 1968, he moved to New York City, working briefly for Laird Inc. and Bear Stearns. After being fired from Bear Stearns in 1972, Ross took a pivotal risk by starting his own business.
The Related Companies initially focused on affordable housing development, leveraging federal tax incentives. As the company grew, Ross shifted towards more upscale and mixed-use projects. Notable developments include:
• CityPlace in West Palm Beach
• The Grand in Los Angeles (designed by Frank Gehry)
• Time Warner Center (now Deutsche Bank Center) in New York
• Hudson Yards, a massive 28-acre project in Manhattan
Sports Ownership and Investments
In 2008, Ross entered the world of professional sports by purchasing a 50% stake in the Miami Dolphins NFL franchise and their stadium. By 2009, he increased his ownership to 95%, becoming the team’s principal owner.
Ross has made significant investments in the team and its facilities:
• Rebranded the stadium as Hard Rock Stadium in 2016
• Spent $500 million on stadium renovations
• Brought in celebrity minority owners like Gloria Estefan and Venus and Serena Williams
Beyond the Dolphins, Ross’s sports interests include:
• Owning the Miami International Autodrome, which hosts Formula 1’s Miami Grand Prix
• Investing in the International Champions Cup soccer tournament through RSE Ventures
Philanthropy and Education
Ross is a major benefactor to his alma mater, the University of Michigan. His contributions include:
• $100 million donation in 2004, leading to the business school being renamed the Ross School of Business
• $200 million gift in 2013, split between the business school and athletic department
• Additional donations bringing his total giving to over $500 million
He’s also involved with other charitable causes:
• Founded RISE (Ross Initiative in Sports for Equality) to promote social justice in sports
• Serves on boards for organizations like the World Resources Institute and the Jackie Robinson Foundation
Recent Developments and Controversies
In 2022, Ross faced NFL sanctions related to violations of the league’s anti-tampering policy. The Dolphins were stripped of draft picks, and Ross was fined $1.5 million and suspended for part of the 2022 season.
More recently, reports surfaced that Ross attempted to sell a stake in the Dolphins to Citadel CEO Ken Griffin, but the deal fell through. As of 2024, Ross is reportedly in talks with private equity firms about potentially selling a portion of his ownership in the team.
In July 2024, Ross announced he would step down as chairman of Related Companies to focus on a new Florida-based real estate venture, Related Ross. At 84 years old, this move signals a new chapter in his long and successful career.
Latest News
As of September 2024, Stephen Ross is making headlines in the sports business world. According to recent reports from Sports Business Journal and The New York Times, Ross has renewed his efforts to sell a stake in the Miami Dolphins.
Key points from this latest development:
• Ross is in talks with private equity firms, including Arctos Partners, about selling a portion of his ownership in the NFL franchise.
• This move comes months after a previous attempt to sell a stake to Citadel founder and CEO Ken Griffin fell through.
• The renewed interest in selling coincides with recent changes to NFL rules regarding what types of investors can buy into the league.
• While the exact percentage of ownership Ross is looking to sell is not specified, it’s clear he’s exploring options to bring in new investors.
• This development is significant given Ross’s long-standing majority ownership of the Dolphins and could potentially reshape the team’s financial structure.
• The talks are still in early stages, and no deal has been finalized as of the latest reports.
This latest news underscores Ross’s continued strategic approach to his investments, even as he approaches his mid-80s. It also highlights the evolving landscape of sports team ownership, with private equity firms playing an increasingly prominent role in professional sports franchises.
The outcome of these discussions could have significant implications not only for the Miami Dolphins but also for the broader trend of institutional investment in major sports leagues. As always, Ross appears to be at the forefront of these business trends in both the real estate and sports worlds.
Stephen Ross’s journey from tax attorney to billionaire real estate mogul and NFL owner showcases the impact of strategic investments, calculated risk-taking, and leveraging market opportunities. While not without controversy, his business acumen and philanthropic efforts have left an indelible mark on the worlds of real estate, sports, and higher education.
FAQs
Who Is Stephen Ross?
Stephen Ross is a billionaire real estate developer and owner of the NFL’s Miami Dolphins, known for founding The Related Companies and major philanthropic contributions.
What Happened to Stephen Ross?
Stephen Ross recently stepped down as chairman of Related Companies to focus on a new Florida-based real estate venture called Related Ross.
What Is The Net Worth Of Stephen Ross In 2024?
Stephen Ross’s net worth in 2024 is estimated at $10-11 billion, primarily from his real estate developments and sports investments.
How Did Stephen Ross Make His Money?
Stephen Ross made his money by founding and growing The Related Companies, a global real estate development firm, and through strategic investments in sports and other businesses.
How Much Did Stephen Ross Buy The Dolphins For?
Stephen Ross bought a 50% stake in the Miami Dolphins for $550 million in 2008, later increasing his ownership to 95% in 2009 for a total of $1.1 billion.
Where Does Stephen Ross Live Now?
Stephen Ross currently lives in New York City, residing in the Deutsche Bank Center that his company developed.
What Is The Net Worth Of Ross?
The net worth of Stephen Ross is estimated to be between $10-11 billion as of 2024.
Who Owns The Miami Dolphins Now?
Stephen Ross is the majority owner of the Miami Dolphins, holding a 95% stake in the NFL franchise.
What Companies Does Stephen M. Ross Own?
Stephen M. Ross owns The Related Companies, RSE Ventures, the Miami Dolphins, and has stakes in Equinox Fitness, SoulCycle, and various other businesses.
How Much Did Stephen Ross Donate?
Stephen Ross has donated over $500 million to the University of Michigan, his alma mater, among other philanthropic contributions.
How Much Is The Owner Of The Miami Dolphins Worth?
The owner of the Miami Dolphins, Stephen Ross, is worth an estimated $10-11 billion as of 2024.
Stephen Ross Yacht?
There is no publicly available information about Stephen Ross owning a yacht.
Stephen Ross House?
Stephen Ross owns an 11,000-square-foot oceanfront mansion in Palm Beach, Florida, named “The Reef.”
Stephen Ross Age?
Stephen Ross is 84 years old as of 2024, born on May 10, 1940.
Stephen Ross First Wife?
Nancy Ross, mother of his two daughters, though little public information is available about their marriage or divorce.
Stephen Ross Daughter Wedding?
No public records of a wedding for Stephen Ross’s daughters Jennifer or Kara have been reported in major media outlets as of 2024.
Stephen Ross Companies List?
Stephen Ross’s companies include The Related Companies, RSE Ventures, Miami Dolphins, and stakes in Equinox, SoulCycle, and various other businesses.
Stephen Ross’ Son?
Information about Stephen Ross having a son is not publicly available.
Stephen Ross Family?
Stephen Ross’s family includes two children from his first marriage and two stepchildren from his second marriage to Kara Gaffney, which ended in 2021.
Stephen Ross Birthdate?
Stephen Ross was born on May 10, 1940.
Stephen Ross Birthplace?
Stephen Ross was born in Detroit, Michigan.
Stephen Ross Profession?
Stephen Ross’s profession is real estate developer, businessman, and sports team owner.
Stephen Ross Nationality?
Stephen Ross’s nationality is American.
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