Ross is chairman of Related Cos., a closely held real estate developer. The New York-based company, which is building Manhattan's Hudson Yards, has interests in more than 400 properties. The billionaire is also an investor in gym chain Equinox and owns the Miami Dolphins, a team in the National Football League.
Stephen Ross's net worth of $8.39B can buy ...
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The majority of Ross's fortune is derived from his ownership of New York-based Related Cos., the closely held real estate business he founded in 1972. Related has a real estate portfolio valued at more than $60 billion, including luxury condominiums, affordable housing and bespoke company headquarters, according to its website.
The size of Ross's interest in these properties isn't disclosed. Bloomberg calculates the company's net value by subtracting debt from the sum of market value of its properties. Ross is credited with 50% ownership of the balance, based on discussions with analysts at CBRE and Cushman Wakefield.
Ross is assumed to own 95% of the Miami Dolphins professional football team, according to information that used to appear on its website. The franchise is valued based on a September 2021 report by valuation consultants Sportico.
Fitness chain Equinox has about 100 clubs, according to a Jan. 29, 2019 press release, and Related's stake is valued using the $18 million price-per-club paid by the chain for six clubs in 2014. A 25% discount was added in December 2020. Its 97% stake in SoulCycle is valued separately using the price paid for a 25% stake in the company in May 2015 and net of debt, according to SoulCycle's August 2015 prospectus.
A re-calculation of Related's debt on Sept. 15, 2021 led to a fall in the valuation of $1.2 billion.
Jon Weinstein, a spokesperson at Related Cos., declined to comment on the net worth calculation.
Stephen M. Ross was born in Detroit in 1940. After moving to Miami with his family, he attended the University of Florida, and then transferred to the University of Michigan, where he graduated with a bachelor's degree in business administration in 1962. He finished his studies with two law degrees: one from Wayne State University, another from New York University.
Ross began his professional career as a tax lawyer at Coopers & Lybrand in Detroit. He moved back to New York in 1968 and took several jobs, including in the corporate finance department of Bear Stearns. He founded real estate development business Related Cos. in 1972 with a $10,000 loan from his mother.
The billionaire expanded his real estate holdings to include 120 apartment buildings, about 35 office and retail buildings and four hotels across the U.S. His largest project under development is the 26-acre Hudson Yards on Manhattan's West side. He bought 50 percent of the Miami Dolphins professional football team for $550 million in 2008, purchasing an additional 45 percent of the team for $450 million the following year. The acquisition included Miami's Sun Life Stadium.