Sheldon Solow Net WorthReal Name: Sheldon Solow
Date of Birth: 1929
Place of Birth: Brooklyn, New York
2017 Net Worth: $3.6 Billion
Profession: Property Developer
Sheldon Solow Biography
Sheldon Solow was born in 1929 in Brooklyn, New York. He attended New York University, but dropped out in the 1950. He has often stated that he started off with nothing but determination to be successful. He decided real estate was the way to go and by the late 1960’s, he was already building luxury buildings such as the 22-story white brick tower near Gracie Mansion in New York, “Rivers Bend.” He was already a well-known bachelor by then, driving his Rolls-Royce around town.
In the 1970’s he took a huge gamble by spending almost all his cash to buy parcel after parcel on 57th street, near Fifth Avenue. Eventually, those parcels became today the tower at 9 W. 57th St, famous for its unobstructed view of Central Park. This building earns top dollar in rental space, some of it as much as $200 per square foot. He built his own restaurant, Brasserie 8 ½, in the underground retail space, which he decorated with pieces from his own private art collection.
Solow has had a run of bad luck lately with property he purchased, along with the Fisher family, along First Avenue, between 35th and 41st streets. He paid $680 million but after a falling out with the Fishers, he agreed to buy them out for $227 million. The Fisher’s later sued him stating that he never paid the last $111 million. In 2008, Citigroup seized municipal bonds for $500 million that were used to buy the land. Solow recently lost his court battle against Citigroup and must pay an additional $85.7 million.
This land rich billionaire is a well-known art collector with pieces ranging from Botticelli’s “Young Man Holding a Medallion” to famous paintings by Matisse, Kline, and Balthus, and sculptures by Giacometti. Solow sold a portrait by Modigliani in 2013 for $42 million. At 86 years of age, it is unknown if this recent court loss will force the billionaire to sell some of his property or works of art to pay the judgement against him. His current net worth is $3.6 billion.