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Infinity Media
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Stephen Ross: Biography, Net Worth, Business Achievements, And Children
Stephen M. Ross, a billionaire real estate developer and influential businessman, has built a legacy in real estate, sports, and philanthropy. Best known as the founder and chairman of Related Companies, Ross has created some of the most iconic real estate projects in the United States, including Hudson Yards in New York City. In addition to his achievements in real estate, Ross is the owner of the NFL’s Miami Dolphins, which has further elevated his public profile. This post explores Stephen Ross's biography, his impressive net worth, major business accomplishments, and provides insight into his family.
Early Life and Background
Stephen Michael Ross was born on May 10, 1940, in Detroit, Michigan. Raised in a Jewish family, Ross attended high school in Southfield, Michigan. He later attended the University of Michigan, where he graduated with a Bachelor’s degree in accounting in 1962. The university would later play a significant role in his life, as he has become one of its most prominent benefactors.
After college, Ross initially worked as a tax attorney, a role that exposed him to the financial world and sparked his interest in real estate. He eventually pursued higher education at Wayne State University Law School, where he earned a law degree, and later attended New York University School of Law to gain specialized knowledge in tax law.
Ross worked as a tax attorney at Coopers & Lybrand in New York City, but he quickly realized that his passion lay in business and real estate. This realization led him to take the bold step of venturing into the real estate industry, despite lacking significant experience or capital at the time.
Founding of Related Companies
In 1972, Ross founded Related Companies with a small $10,000 loan from his mother. Initially, Related focused on affordable housing projects, which allowed Ross to develop his business expertise while keeping costs manageable. His strategy of targeting government-backed affordable housing programs helped Related gain a foothold in the real estate market. This approach aligned with his understanding of tax law and finance, allowing him to find innovative ways to fund his projects.
As Related Companies grew, Ross expanded its focus beyond affordable housing and ventured into luxury residential, mixed-use, and commercial developments. Over the next several decades, Related became one of the largest and most respected real estate firms in the United States. Under Ross's leadership, the company became known for its forward-thinking designs and large-scale developments that reshape cityscapes.
Hudson Yards: Transforming New York City
One of Stephen Ross’s most ambitious projects is Hudson Yards, a massive development on Manhattan’s West Side. Often referred to as the largest private real estate development in U.S. history, Hudson Yards spans 28 acres and features residential, commercial, and public spaces. The project, valued at $25 billion, has been transformative for New York City, creating a new urban center that attracts businesses, tourists, and residents alike.
Hudson Yards includes office towers that house major corporations like Facebook, luxury residential buildings, a shopping mall with high-end retail stores, and an arts center called The Shed. The development also features the Vessel, a striking honeycomb-like structure that serves as a public art installation and observation point.
Ross’s vision for Hudson Yards goes beyond real estate; he aimed to create a space that integrates work, living, and leisure in a sustainable, interconnected environment. The project has garnered global attention and reinforced Ross’s reputation as a visionary in urban development.
Miami Dolphins and Sports Investments
In addition to his real estate endeavors, Stephen Ross is a major player in the sports industry. In 2008, he acquired a 50% stake in the Miami Dolphins, the NFL franchise based in Miami, Florida. A year later, he bought an additional stake to take full ownership of the team. Under Ross’s ownership, the Miami Dolphins have seen various changes, including stadium renovations and efforts to improve the team’s competitiveness.
Ross invested over $500 million in privately funded renovations to Hard Rock Stadium, turning it into a state-of-the-art facility capable of hosting major events, including the Super Bowl and international soccer matches. His ownership of the Dolphins and investments in Hard Rock Stadium have significantly boosted the team’s value and contributed to the revitalization of Miami’s sports scene.
Beyond the Dolphins, Ross has expressed an interest in advancing sports through his business acumen and support for emerging sports-related ventures. In 2015, he co-founded RSE Ventures with Matt Higgins, a venture capital firm that invests in sports, entertainment, and technology startups. Through RSE Ventures, Ross has expanded his influence into new areas, focusing on companies that innovate within sports and media.
Net Worth and Wealth
As of 2023, Stephen Ross’s net worth is estimated at approximately $10 billion. His wealth primarily stems from his stake in Related Companies, which has assets worth billions, and his ownership of the Miami Dolphins, valued at around $4 billion. Ross’s real estate empire includes properties across the United States and abroad, making him one of the wealthiest and most influential figures in the real estate sector.
His investments through RSE Ventures have also contributed to his fortune. RSE Ventures has invested in various successful companies, including hospitality brand Milk Bar and media company VaynerMedia. These investments reflect Ross’s keen eye for emerging trends and his ability to diversify his business portfolio.
Ross's philanthropic contributions, particularly to the University of Michigan, have also highlighted his commitment to giving back. He has donated over $400 million to the university, funding scholarships, facilities, and research programs. His donations make him one of the largest donors to a single educational institution in the U.S., reinforcing his legacy beyond business.
Family and Children
Stephen Ross has been married twice and has two daughters from his first marriage. Despite his immense wealth and influence, Ross has maintained a relatively private family life. His children have largely stayed out of the public eye and have not been as directly involved in his businesses as other billionaire families might be. However, his family remains a significant part of his life, and he has expressed his commitment to their well-being and future.
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Jennifer Ross: Jennifer, one of Stephen Ross’s daughters, is known for her philanthropic work and support of various causes. She has not pursued a high-profile role in Related Companies or his other business ventures, choosing instead to engage in her own philanthropic and personal endeavors.
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Kimberly Ross: Kimberly, another of Ross's daughters, has similarly kept a low profile and does not hold any executive role within her father’s businesses. Like her sister, Kimberly focuses on her own interests and keeps her private life away from media attention.
Ross's family values and his commitment to education and philanthropy reflect a legacy that he hopes will continue to positively impact future generations. His substantial donations to the University of Michigan and support for educational causes align with these values, providing resources that will benefit countless students and future leaders.
Philanthropy and Legacy
Stephen Ross’s philanthropy is a significant part of his legacy, with a particular focus on education, health, and the arts. In addition to his contributions to the University of Michigan, Ross has supported various causes through his charitable foundation. He has donated to health and wellness initiatives, social justice programs, and urban development projects, demonstrating his commitment to creating a positive impact beyond his business ventures.
One of his notable philanthropic endeavors is the establishment of the Ross Initiative in Sports for Equality (RISE), an organization that promotes racial equality and social justice in sports. RISE aims to harness the unifying power of sports to inspire change, offering programs and partnerships that address social issues. Ross’s investment in RISE highlights his belief in the potential of sports to create positive societal change.
Conclusion
Stephen Ross’s journey from a young tax attorney to a billionaire real estate developer and sports mogul is a testament to his vision, resilience, and ambition. Through Related Companies, Ross has reshaped urban landscapes and contributed to the growth of major cities, most notably New York with Hudson Yards. His ownership of the Miami Dolphins and investments through RSE Ventures further showcase his business acumen and influence across industries.
Beyond business, Ross’s philanthropic efforts and commitment to social issues demonstrate a desire to create lasting positive change. His significant contributions to education, social justice, and health reflect a legacy that transcends wealth, aiming to leave a meaningful impact on society.
With an estimated net worth of $16.9 billion, Stephen Ross remains one of the most powerful figures in real estate and sports. His family, though largely private, benefits from the legacy he has built, and his commitment to philanthropy ensures that his influence will be felt for generations. Whether through urban development, sports, or charitable initiatives, Ross’s story exemplifies the power of vision, dedication, and giving back.
