Ted Lerner, a self-made billionaire real estate magnate and owner of the Washington Nationals, passed away at the age of 97 on 12th February at his home in Chevy Chase, Maryland.
Ted Lerner was a 96-year-old real estate tycoon, with a net worth of $6.6 billion making him the 378th richest person in the world, according to Forbes. This increase in wealth is primarily attributed to the success of Lerner Enterprises, the real estate development firm he founded in 1952.
Lerner’s Early Life and Career
Ted Lerner was a prominent American businessman and philanthropist. He was widely recognized as the founder and chairman of Lerner Enterprises, one of the largest privately held real estate development companies in the United States.
Ted Lerner was born on October 15, 1925, in Washington, D.C. He grew up during the Great Depression and learned the value of hard work and determination from his parents. After serving in the United States Army during World War II, he started working as a clerk in a retail store, saving enough money to purchase his first lot and begin his career in real estate development.
Under Ted Lerner’s leadership, Lerner Enterprises had grown into a multi-billion dollar company that has developed some of the most iconic buildings in the United States, including Tysons Corner Center in Virginia and White Flint Mall in Maryland.
Beyond his business ventures, Ted Lerner was also known for his philanthropic efforts. He had made substantial contributions to various causes, including the Children’s National Medical Center, the Jewish Community Center of Greater Washington, and the Smithsonian Institution. With a net worth of over $5 billion, Ted Lerner was considered one of the wealthiest people in the world, but his dedication to giving back to his community was just as impressive as his business success.
Ted’s Personal Life
Ted Lerner was married to his wife Annette M. Lerner since 1951 and they have three children together. His son Mark Lerner serves as the managing principal owner of the Washington Nationals baseball team, which his father was instrumental in bringing to the city.
Ted Lerner was also known for his love of sports and was a devoted fan of the Washington Nationals and Washington Redskins football teams.
In addition to his passion for sports, Ted Lerner was an avid art collector and had a vast collection of modern and contemporary art. He had donated many pieces from his collection to the Hirshhorn Museum and Sculpture Garden at the Smithsonian Institution, where he served as chairman for many years.
Despite his enormous wealth, Ted Lerner was known for his humility and down-to-earth personality. He continued to work at Lerner Enterprises and was actively involved in various philanthropic causes, demonstrating a deep commitment to his community and a desire to leave a positive impact on the world.
Lerner’s Vast Real Estate Empire
Lerner’s company had built a portfolio of commercial and residential properties across the United States, including office buildings, hotels, and luxury homes. One of its most notable projects is the Tysons Corner Center in Virginia, which is one of the largest shopping malls in the country.
In addition to his real estate ventures, Lerner also owned the Washington Nationals, a Major League Baseball team that he purchased in 2006 for $450 million. The team has seen tremendous success under his ownership, winning the World Series in 2019.
Lerner’s success in business and sports had not gone unnoticed, and he had been recognized for his contributions to both industries. In 2019, he was inducted into the Washington Business Hall of Fame, and in 2020, he received the Commissioner’s Historic Achievement Award from Major League Baseball.
Ted’s Philanthropic Personality
Despite his vast wealth, Lerner was known for his philanthropic efforts. He and his wife, Annette, donated millions of dollars to various causes, including medical research, education, and the arts. In 2013, they gave a $100 million gift to George Washington University to establish the GW School of Medicine and Health Sciences.
Lerner’s net worth steadily increased over the years. However, his recent rise in wealth was attributed to the strong performance of his real estate business, which has benefited from a booming U.S. economy and a strong demand for commercial and residential properties.
The COVID-19 pandemic did not appear to have a significant impact on Lerner’s net worth, as his real estate business continued to perform well despite the economic downturn. In fact, some analysts believe that the pandemic may have actually helped the real estate industry by increasing demand for suburban homes and office space.
Looking ahead, Lerner’s real estate business was expected to continue its growth trajectory, particularly as the U.S. economy recovered from the pandemic. The demand for commercial and residential properties was expected to remain strong, and Lerner Enterprises was well-positioned to take advantage of this trend.
Lerner’s ownership of the Washington Nationals was also expected to continue to be a major source of revenue for him. The team has a large and dedicated fan base, and its success on the field has helped boost its popularity and revenue.
In conclusion, Ted Lerner’s net worth had reached new heights, thanks to the success of his real estate business and ownership of the Washington Nationals. Despite his vast wealth, Lerner is known for his philanthropic efforts and has given generously to various causes. Looking ahead, Lerner’s businesses are expected to continue their growth trajectory, and he is likely to remain a prominent figure in both the real estate and sports industries.