Robert Kraft was born June 5, 1941 in Brookline, Massachusetts, and today boasts an estimated net worth of approximately $11 billion. Contrary to popular belief, his wealth does not primarily come from Kraft Foods but rather through The Kraft Group business ventures such as paper manufacturing and real estate development. Of his many titles and achievements, Kraft is most famously associated with owning the New England Patriots, New England Revolution, and Gillette Stadium as his properties.
How did Robert Kraft make his fortune?
Robert Kraft’s journey to wealth started with the paper industry. His professional experience began at the Rand-Whitney Group, a packaging company led by his father-in-law. By 1968, Kraft initiated a leveraged buyout to control the company, and he remains its chairman. In 1972, he established International Forest Products, trading in physical paper commodities. Today, both these paper and packaging firms rank among the largest privately held entities in their sector in the U.S. Besides the paper industry, Kraft’s investments have spanned television and radio, with a notable sale of his shares in New England Television Corp. for $25 million in 1991.
What’s the story behind Kraft’s acquisition of the New England Patriots?
A die-hard Patriots fan since their inception in the American Football League, Kraft’s ambition to own the team started with purchasing land adjacent to the Patriots’ Stadium in 1985. By 1988, he bought the then-bankrupt stadium and its lease to the Patriots. Though the team was rumored to move to St. Louis, the lease agreement’s conditions made it challenging. In 1994, Kraft made a bold and historic bid of $175 million to purchase the Patriots and prevent their move out. Subsequently, six Super Bowl wins later and their valuation stands at an incredible $4.1 billion, it stands as testament to his investment strategy.
Who are the people in Robert Kraft’s life?
Robert Kraft’s personal life has been equally eventful. He met Myra Hiatt in a Boston deli in 1962, and the two got married the following year. They had four sons: Jonathan, Daniel, Joshua, and David. The couple remained devoted members of Temple Emanuel in Newton, Massachusetts, until Myra’s unfortunate demise due to ovarian cancer in 2011. Kraft later dated actress Ricki Noel Lander, with whom he had a brief relationship.
What controversies surrounded Robert Kraft?
In 2019, a significant controversy enveloped Kraft when he was charged with misdemeanor charges for alleged involvement in illegal activities at the Orchids of Asia Day Spa in Florida. However, by September 2020, all charges against him were dropped due to insufficient evidence and concerns over constitutional rights violations.
Where does Robert Kraft live?
Real estate is another sphere where Kraft’s influence can be seen. In 2010, he sold his Cape Cod home to his son Jonathan for $3.8 million; his primary residence now being an expansive estate in Chestnut Hill near Boston that spans nearly six acres. Furthermore, in May 2021 he invested $43 million into an oceanfront mansion in Hamptons; thus cementing his presence in one of America’s most exclusive neighborhoods.
Each of these facets paints a portrait of a man who has not just built immense wealth but has also significantly impacted the world of sports and beyond. Robert Kraft’s story serves as a testament to ambition, smart investments, and an undying love for football.