The Fabulous Real Estate Of Spanish Billionaire Magnate Amancio Ortega
Amancio Ortega is the second-richest man in the world (surpassed only by Bill Gates) with a personal net worth of $79.5B. From humble beginnings in 1963 as a small family textile manufacturer, Ortega's company Zara has exploded over the last decade, pushing its parent company Inditex to a $103B market cap.
Over the years, Ortega has amassed a global real estate portfolio worth over $8B through his property company Pontegadea Inmobiliaria. Here are some of his most impressive properties.
The tallest building in Madrid from 1988 until 2007, Ortega grabbed this 43-floor building in 2011 as his first major real estate purchase. The 1.3M SF tower cost Ortega over $500M.
Just in case Spain isn't warm enough, Ortega picked up an entire block of Miami Beach's Lincoln Road last year for $370M. The deal ranks as one of the largest real estate deals in Miami-Dade history, with the properties totaling around 48k SF of land and 75k SF of space.
M Plaza Myeongdong
Ortega made his first move into Asia with his $370M purchase of M Plaza in one of Seoul's main shopping areas. The 22-floor building contains over 290k SF and counts Zara, Forever 21 and a hotel among its tenants.
32 Gran Via
Ortega is fond of Madrid—this property is on the city's main upscale shopping drag and dates from 1922. But today, the building houses the largest Primark store in Spain, one of Zara's archrivals and a signature move of Ortega, who not only rents out his properties to Inditex stores but also to his competitors.
E.V. Haughwout Building
The site of the world's first successful passenger elevator, and also considered by some to be the first skyscraper, this NYC cast-iron building cost Ortega $145M. The 42k SF structure was completed in 1857, and Ortega picked it up in December 2015.