Stephen Ross Net WorthReal Name: Stephen Ross
Date of Birth: 05/10/1940
Place of Birth: Detroit, Michigan
2017 Net Worth: $6.5 Billion
Profession: CEO of the Related Companies (real estate), 95 percent owner of the Miami Dolphins (football)
Stephen Ross Biography
Stephen Ross was born in Detroit, Michigan, in May of 1940. The family later moved to Florida where Ross graduated from Miami Beach High School. He began college at the University of Florida, but later transferred to the University of Michigan Business School, where he graduated with a bachelor’s degree in accounting in 1962. Ross then attended the Wayne State School of Law, where he received a juris Doctor, and later an LL.M. degree from the New York University School of Law in 1966, with a degree in Taxation.
In 1968, Ross worked as a tax attorney in Detroit for Coopers and Lybrand. Later he moved to New York City and worked as the assistant vice president in the real estate division of Laird Inc. In 1972, Ross borrowed $10,000 from his parents to support himself while he organized deals for rich investors who were looking to shelter their income from federal taxes. Using his knowledge of tax laws, Ross knew that the US government was offering generous incentives to encourage the construction of government subsidized affordable housing. By using other people’s money, Ross earned more than $150,000 in his first year. Using his earnings, Ross began to develop real estate properties on his own, earning a reputation for quality work.
Ross truly cemented his status as a leader in real estate with his development of the Time Warner Center and the Hudson Yards Redevelopment project, which has a current estimated value of $15 billion. Even now, Ross is working on the Related Companies worldwide expansion with plans to invest about $1 billion in Brazil, as well as team up with Gulf Capital on 2 dual-use developments on the Sowwah Island in Abu Dhabi.
In 2008, Ross purchased 50 percent of the Miami Dolphin football team and the Dolphin Stadium, including the surrounding land for about $550 million. In 2009, Ross bought the remaining 45 percent of the team, making the final deal worth a grand total of $1.1 billion. Ross has a net worth of $6.5 billion and there is talk he may move the Miami Dolphins to Palm Beach.