Ross is chairman of Related Cos., a closely held New York real estate developer. The company, which is building Manhattan's Hudson Yards, has interests in more than 400 properties that have a total value of more than $40 billion as of October 2018. The billionaire is an investor in gym chain Equinox and owns 95% of the Miami Dolphins.
Stephen Ross's net worth of $9.80B 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 known interests in more than 400 properties with an estimated property value of $40 billion as of October 2018, according to data compiled by Real Capital Analytics.
The size of Ross's interest in these properties isn't disclosed. In Bloomberg's calculation the properties are assigned with $24 billion of debt per RCA's analysis, and Ross is credited with 50% ownership of the balance, based on discussions with analysts at CBRE and Cushman Wakefield.
Ross owns 95% of the Miami Dolphins professional football team, according to its website. The franchise is valued based on a Bloomberg analysis and discussions with sports valuation consultant Marc Ganis.
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. 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.
Related's debt is included as a liability, according to data compiled by Bloomberg and Moody's. The $1 billion cost of his purchase of the Miami Dolphins is also included as a liability.
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.
Ross and his wife live in New York and Palm Beach, and have four children.