Tycoons Still In Charge: 6 Octogenarians Running The Show
Moguls in their 70s like Sam Zell and Stephen Ross seem to be all over the real estate game. But they say 80 is the new 70 (they say that, right?)—so who are some 80-somethings still out there dominating their markets?
Here's our list of five (well, actually six) octogenarians still taking the reins of the commercial real estate game.
Net Worth: $3.5B
Company: Silverstein Properties
Larry Silverstein started Silverstein Properties with his father and brother-in-law, going on to buy and develop properties all over Manhattan and DC. As the owner of the World Trade Center complex, Larry proved he's calling the shots by not letting 9/11 hold back America's greatest city, calling in architects just two weeks after the tragedy to get to work on new plans. Though NYC Mayor Rudy Giuliani wanted the space to remain undeveloped, Larry told him, “as New Yorkers you have to do what's good for New York.”
Net Worth: $15.1B
The US' richest real estate developer, according to Forbes, Donald Bren built his first house in Newport Beach in 1958. Bren started his first company that same year, with the goal of building homes in Orange County. He eventually teamed up with a group of investors to buy out Irving Co, a century-old real estate developer, that he bought sole ownership of in 1996.
David and Frederick Barclay
Net Worth: $5B
Age: 81 (both)
The intensely private identical twins own a swath of hotel landmarks like the Ritz, Claridges and the Berkeley. The (borderline Siamese) duo started in GE's accounts department, moved to flipping houses and then bought their first hotel in 1975. They've now branched out from real estate, owning the Telegraph newspaper and online UK retailer Shop Direct.
Net Worth: $3.9B
Company: Solow Residential
Sheldon Solow (right) was born in Brooklyn to a bricklayer, and was a builder himself when he put it all on the line to build a single high-rise in 1972—which is now famous for its unobstructed view of Central Park. The billionaire's fortune skyrocketed hand-in-hand with the NYC real estate market. The tower is now home to private equity giants like KKR and Apollo Global Management.
Net Worth: $3.4B
Company: Gandel Group
This Aussie took control of his parents' women's clothing business in the '50s, building it out to 200 stores before he went into real estate, buying into Australia's biggest shopping mall in 1983. He has since expanded, with a major stake in 98 mall properties. Gandel also runs one of the country's biggest charities, which focuses on Judaism, education and the arts.
Net Worth: $3.1B
Company: Sterling Family Trust
Before the controversial Donald Sterling was kicked out of the NBA, the former LA Clippers owner was born Donald Tokowitz in Chicago to Jewish immigrants. Sterling built his fortune buying out run-down LA apartments and flipping them, but his portfolio now includes the Beverly Hills Plaza Hotel and Beverly Hills office space.