Learn how Ross, the billionaire owner of the Miami Dolphins in the National Football League (NHL), made his fortune and how he acquired his sports empire.
Stephen Ross, an American businessman and owner of a sports team, is the chairman and majority owner at The Related Companies. This global real estate development company is headquartered in New York.
Ross’ Related Businesses is well-known for its development of the Time Warner Center. Ross also lives and works there.
He moved to New York City a few years later and became an assistant vice president at Laird Inc’s real estate subsidiary. He was employed in Bear Stearns’ corporate finance department.
His time with the company ended in 1972 when he was fired after clashing with his superior.
After being laid off, his next move was to live on $10,000 that his mother had loaned him. He used his federal tax law knowledge to organize deals for wealthy investors.
They were able to shelter their income by receiving generous incentives from the federal government that allowed them to build affordable housing.
Ross found this new way of earning lucrative. Ross was able to earn $150,000 his first year, and then he moved on to more complex transactions.
He began to invest his earnings in the real estate industry. He was a strong believer in high-quality engineering and architecture.
He quickly established a solid reputation in American real estate.
Ross focused on the northeastern United States and Florida and built condominiums, condos, retail, office, and office parks as well as mixed-use developments.
1972 saw Ross start The Related Companies, a real-estate development company.
The company’s headquarters is in New York City. There are offices and real estate developments throughout Chicago, San Francisco, and South Florida.
Related employs over 2,000 people and has real estate assets valued at over $15 billion.
It is New York’s largest owner of luxury residential rentals and has over $1 billion in equity capital. This includes the benefits of sovereign wealth funds and public pension plans.
Acquisition of Miami Dolphins
Ross bought the first 50% of the Dolphin franchise in an effort to buy the Miami Dolphins franchise from the National Football League (NFL).
The Dolphin Stadium and the surrounding land were also sold to Wayne Huizenga, the former owner. This deal was completed in February 2008 for $550 million.
He bought an additional 45% of the franchise a year later to make the total amount for the deal $1.1 billion.
Ross was the NFL’s Miami Dolphins owner, and the stadium had a 95% stake.
His NFL franchise is estimated to be worth approximately $2.9 billion as of 2020.
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How much does Stephen Ross have in net worth?
Stephen Ross’ net worth was $8.3 billion as of 2024.
Although his main income source is his real estate company, he also makes significant earnings from his sports franchise.
Forbes lists Ross as the 74th American billionaire and the 185th richest person worldwide.
Stephen Ross’ Business Empire
Stephen Ross’s business stretches across real estate and sports enterprise.
Ross is the owner of The Related Companies, and holds a majority share in Miami Dolphins.
He is also the owner of RSE Ventures which is a private investment company for entertainment, media, marketing and food.
RSE Ventures also has subsidiaries, such as VaynerMedia, Relevant, and Drone Racing League.
He is also the co-owner of Kangaroo Media.
Stephen Ross’ net worth is a testament to his financial success and business ventures in the sport scene.
Ross has made a lot of progress from being a tax lawyer to becoming a billionaire real estate and sports investor.
Stephen Ross Profile
| Net Worth: | $8.3 Billion |
|---|---|
| Full Name: | Stephen M. Ross |
| Born: | May 10, 1940, Detroit, MI, U.S. |
| Age: | 84 years old |
| Nationality: | American |
| Wife: | Kara Ross |
| Children: | Avery Ross, Drew Ross, Kimberly Ross, Jennifer Ross |
| Education: | Bachelor of Arts/Science, University of Michigan; Doctor of Jurisprudence, Wayne State University; Master of Laws, New York University |
| Source of Wealth: | Real estate, sports franchise |
| Last Updated: | 2024 |
Stephen M. Ross Philanthropic and civic activities
Ross was the co-chair of University of Michigan’s May 2007 fundraising campaign.
Ross donated $100 million to the University of Michigan in 2004. This was his single-largest contribution to the university. In his honour, the University changed its name to Ross School of Business. It was announced that Ross had donated an additional $200 million to the University. This gift will be divided equally between the Ross School of Business (and the University’s Athletic department). This gift replaces Charlie Munger’s $115 million 2013 gift to the University. Ross donated $50 million more to the University of Michigan on September 20, 2017. The majority of the money would go towards career development programs for students, innovative learning experiences and resources for recruiting and developing junior faculty.
Ross served on the NYC2012 executive committee. This was New York’s attempt to bring the 2012 summer Olympic Games to New York City. It failed after London won. Ross is the chairman of Equinox Holdings and the chairperson emeritus of REBNY, the largest real estate trade association in New York. Ross is a member on the Solomon R. Guggenheim Foundation’s board of trustees. He was instrumental in the design of major renovations to the Frank Lloyd Wright building as well as other museums. He is a trustee of New York Presbyterian Hospital and the Urban Land Institute. He also directs the Jackie Robinson Foundation as well as the World Resources Institute. He is also a trustee of Lincoln Center and serves on its Executive Committee.
Ross is a member of the Cornell Tech Campus Board, a $2B redevelopment of Roosevelt Island that includes the Joan & Irwin Jacobs Technion – Cornell Institute. This partnership between Cornell University (and the Technion – Israel Institute of Technology) will provide housing for several thousand post-graduate students and hundreds of faculty as well as a high-tech incubator.
Ross was a partner in RERI, which was donated to the University of Michigan by Ross in 2003. RERI received its own appraisal for the donation of $32.935million. In December 2005, the university sold the Ross-donated remaining interest for $1.94million, less than the appraised value of $6.5 million. In July 2017, the IRS denied the $33 million tax deduction, and imposed a multimillion-dollar penalty. The partnership was made possible by Ross’s long-time accountant Alan Katz, and Harold Levine, a business associate. The tax plan is currently under criminal investigation.
FAQs for Stephen Ross: Biography and Net Worth
These FAQs offer a comprehensive overview of Stephen Ross’s life, career, and net worth, highlighting his influence in real estate, sports, and philanthropy.
1. Who is Stephen Ross?
Stephen Ross is an American real estate developer, philanthropist, and sports team owner. He is the chairman and founder of Related Companies, a global real estate development firm best known for its development of the Hudson Yards project in New York City. Ross is also the majority owner of the Miami Dolphins, an NFL team.
2. What is Stephen Ross’s background and early life?
Stephen Ross was born on May 10, 1940, in Detroit, Michigan. He grew up in a Jewish family and attended the University of Michigan, where he earned a degree in accounting. He later received a law degree from Wayne State University and an LL.M. in Taxation from New York University School of Law.
3. How did Stephen Ross start his career in real estate?
Stephen Ross began his career in tax law before transitioning into real estate. He founded Related Companies in 1972 with a focus on affordable housing. Over the years, the company expanded into luxury residential, commercial, and mixed-use developments, becoming one of the most prominent real estate firms in the world.
4. What is Stephen Ross’s net worth?
As of 2024, Stephen Ross’s net worth is estimated to be approximately $10 billion. His wealth primarily comes from his ownership of Related Companies, which has developed some of the most valuable real estate projects in the United States, including Hudson Yards.
5. What are some of Stephen Ross’s most notable real estate projects?
Stephen Ross is best known for the development of Hudson Yards in New York City, the largest private real estate development in U.S. history. Other notable projects by Related Companies include the Time Warner Center in Manhattan and large-scale developments in cities like Los Angeles, San Francisco, and Abu Dhabi.
6. How did Stephen Ross become the owner of the Miami Dolphins?
Stephen Ross became the majority owner of the Miami Dolphins in 2008 when he purchased a 50% stake in the team from Wayne Huizenga. He later acquired an additional stake, making him the full owner. Ross has since invested significantly in the team and its stadium.
7. What philanthropic efforts is Stephen Ross known for?
Stephen Ross is a prominent philanthropist, having donated hundreds of millions of dollars to educational, health, and cultural institutions. His largest donation was a $200 million gift to the University of Michigan, where he established the Stephen M. Ross School of Business. He also supports numerous other causes, including the arts, sports, and social justice initiatives.
8. How has Stephen Ross influenced the real estate industry?
Stephen Ross has had a profound impact on the real estate industry, particularly through his innovative mixed-use developments that combine residential, commercial, and public spaces. His approach to urban development, exemplified by Hudson Yards, has set new standards for large-scale real estate projects worldwide.
9. What controversies has Stephen Ross been involved in?
Stephen Ross has faced criticism for his political donations, particularly his support for certain candidates and causes that have been controversial among some segments of the public. This has led to public protests and boycotts, particularly of brands associated with his Equinox and SoulCycle fitness chains.
10. What other businesses does Stephen Ross own or have investments in?
In addition to Related Companies and the Miami Dolphins, Stephen Ross has investments in various other businesses, including fitness brands like Equinox, SoulCycle, and Blink Fitness. He is also involved in venture capital through RSE Ventures, a private investment firm he co-founded.
11. What educational background does Stephen Ross have?
Stephen Ross holds a Bachelor of Business Administration degree in accounting from the University of Michigan. He also earned a Juris Doctor (J.D.) degree from Wayne State University and a Master of Laws (LL.M.) degree in Taxation from New York University School of Law.
12. What is the significance of Hudson Yards in Stephen Ross’s career?
Hudson Yards is one of Stephen Ross’s most ambitious projects and is considered the largest private real estate development in U.S. history. The project has transformed a large area of Manhattan’s West Side, featuring luxury residences, office spaces, retail shops, cultural venues, and public spaces. It’s a testament to Ross’s vision and has solidified his reputation as one of the most influential real estate developers in the world.
13. How does Stephen Ross manage his wealth?
Stephen Ross manages his wealth through a combination of real estate investments, sports ownership, and strategic business ventures. His primary asset is Related Companies, but he also has diversified interests in fitness brands, venture capital, and other investments. His wealth management strategy includes philanthropy, where he has pledged to give away a significant portion of his fortune.
14. Has Stephen Ross written any books or published works?
While Stephen Ross is primarily known for his business and philanthropic activities, he has not authored any books. However, his career and projects, such as Hudson Yards, have been featured in various industry publications, and he is often invited to speak at industry conferences and business schools.
15. What is Stephen Ross’s involvement in sports beyond owning the Miami Dolphins?
Beyond owning the Miami Dolphins, Stephen Ross has a significant interest in sports and entertainment. Through RSE Ventures, he has invested in sports-related businesses and events, including the International Champions Cup, a global soccer tournament. His investments reflect his passion for sports and his vision for expanding the intersection of sports, media, and entertainment.
16. What impact has Stephen Ross had on the Miami Dolphins?
Under Stephen Ross’s ownership, the Miami Dolphins have undergone significant changes, including renovations to Hard Rock Stadium and increased focus on community engagement and fan experience. Ross has also invested in the team’s performance and infrastructure, aiming to build a competitive franchise in the NFL.
17. What is the Stephen M. Ross School of Business?
The Stephen M. Ross School of Business is the business school of the University of Michigan, named in honor of Stephen Ross after his $100 million donation in 2004 and an additional $200 million donation in 2013. These gifts are among the largest ever made to a business school and have helped to enhance the school’s programs, facilities, and global reputation.
18. What is RSE Ventures, and how is Stephen Ross involved?
RSE Ventures is a private investment firm co-founded by Stephen Ross in 2012. The firm focuses on companies in sports, entertainment, media, technology, and lifestyle sectors. RSE Ventures has invested in various successful ventures, including the food and beverage industry, and has played a key role in expanding Ross’s investment portfolio beyond real estate.
Stephen Ross has been involved in various social justice initiatives, particularly through his foundation, the Ross Initiative in Sports for Equality (RISE). RISE is a nonprofit organization that uses sports as a platform to promote understanding, respect, and equality. Ross’s commitment to social justice has been a significant part of his philanthropic efforts.
20. What are Stephen Ross’s future plans for his business and philanthropy?
Stephen Ross continues to focus on expanding Related Companies’ portfolio, particularly in innovative urban developments. On the philanthropic front, he remains committed to supporting education, health, social justice, and the arts. He has expressed a desire to continue using his resources to create positive societal impacts, both through his business endeavors and charitable activities.
How much did Stephen Ross buy the Dolphins for?
Ross also owns the NFL football team Miami Dolphins. He bought it for more than $1billion. According to Sports Illustrated, Ross bought 50% of the team in 2008, which included the stadium and land surrounding it, for $550million. He purchased an additional 45% for $450 million the following year.
Stephen M. Ross, the Chairman and Founder at Related Companies, is a dedicated philanthropist. Related was founded by Stephen in 1972. Today, the company employs approximately 4,000 people.
How old is Ross?
He is 84 years Old (10 May 1940)
Reference: Stephen_M._Ross
