Stephen Ross – Inside the Life of Real Estate Billionaire

Stephen Ross

Stephen Ross is a prominent figure in the world of real estate and sports. He was born on May 10, 1940, in Detroit, Michigan. He comes 9th on the real estate rich list and 80th on the global Billionaires List.

He has built an impressive career over the years. Ross is the founder of Related Companies, a major real estate development firm known for projects like Hudson Yards in New York City. 

He also owns the Miami Dolphins, a well-known NFL team. With a net worth of $10 billion, Ross’s financial success comes from smart investments and his vast experience in real estate. Despite his achievements, he remains committed to philanthropy, making significant donations to various causes, especially in education and social justice.

Stephen Ross Net Worth 

Stephen Ross has a net worth of $10 billion. This wealth comes from his successful career in real estate and sports. He is the founder of Related Companies, a major real estate development firm. 

Ross has worked on many big projects, including the Hudson Yards in New York City. His ownership of the Miami Dolphins, a professional football team, also adds to his fortune.

Ross has made smart investments over the years, which have grown his wealth significantly. His financial success places him among the richest people in the United States.

YearNet Worth 
2015$6.5 Billion
2016$12 Billion
2017$7.4 Billion 
2018 $7.6 Billion
2019 $7.6 Billion
2020$7.6 Billion
2021$7 Billion
2022$8.2 Billion
2023$11.6 Billion
2024$10.1 Billion
Stephen Ross Net worth over the years

Stephan Ross Early Career and Involvment in Business 

Stephan Ross’s early involvement laid the foundation for his future success as a prominent businessman and investor. Let’s discuss some details about his early career.

  • Ross started his career as a tax attorney at Coopers & Lybrand in Detroit.
  • In 1968, he moved to New York City to work as an assistant vice president in the real estate subsidiary of Laird Inc.
  • He then worked in corporate finance at Bear Stearns.
  • In 1972, he was fired from Bear Stearns after a conflict with a superior.
  • With $10,000 lent to him by his mother, Ross used his knowledge of tax law to arrange deals for wealthy investors.
  • These deals helped investors benefit from government incentives for affordable housing construction.
  • Ross earned $150,000 in his first year and began handling more complex transactions.

Related Companies: Stephen Started Affordable Housing Projects in the U.S.

  • Year Founded: 1972
  • Founder: Stephen M. Ross
  • Starting Capital: $10,000 loan from his mother
Affordable Housing Projects in the U.S.

Growth and Expansion

  • In 1972, Ross founded Related Companies, a real estate development firm.
  • Initially, the company built low and moderate-income apartments across the country.
  • By the 1980s, Ross shifted to larger projects, hiring architect Robert A.M. Stern in the 1990s to design The Chatham in New York City.
  • The company now has offices in major cities like New York, Boston, Chicago, Los Angeles, and Dallas, and internationally in Abu Dhabi and London.
  • Related has a portfolio worth over $60 billion, including mixed-use, residential, and retail properties.

Leadership and Legal Challenges

  • In 2012, Ross became chairman, and Jeff Blau took over as CEO.
  • In 2014, the U.S. Department of Justice filed a lawsuit, claiming Related hadn’t fully complied with the Americans with Disabilities Act.

Expansion into New Markets

This strategy helps companies grow their reach and increase revenue. Let’s discuss some details about this process.

Brent Cross Town Development (2020)

  • A 180-acre project in North London valued at £5 billion.

Entry into Clean Energy

  • Related helped found energyRe in 2021, focusing on sustainable energy.

Major Real Estate Projects

  • Hudson Yards: A massive, mixed-use development on Manhattan’s west side.
  • The Grand LA: Opened in 2022, featuring apartments, a hotel, and retail spaces.
  • The Cortland: A 25-story luxury residential building opened in 2022.
  • Deutsche Bank Center: Previously Time Warner Center, bought back in 2021.

New Ventures and Projects (2023 Onwards)

Casino and Resort Project with Wynn Resorts

  • Development on Manhattan’s western yards, including:
    • Hotel tower with 1,750 rooms
    • Casino
    • Public green space and school

Hudson Tunnel Project

  • Groundbreaking took place in November 2023.
  • Will double train capacity between New York and New Jersey.

Willets Point Affordable Housing

  • Began in late 2023; the largest affordable housing project in NYC in 40 years.

Major Projects Details 

Related owns over 40,000 luxury residential units. Here are the details of some of the major projects. 

ProjectLocationCost/ValueStatus
Hudson YardsManhattan$60 billion (total project value)Completed
Deutsche Bank CenterNew York CityAcquired in May 2021Completed
Grand LALos Angeles$1.3 billionOpened July 2022
CityPlaceWest Palm BeachNot specifiedCompleted
Brent Cross TownNorth London£5 billionIn development
Quinn PropertyBoston$7.4 millionSold November 2022

Related Companies Yearly Growth

This growth reflects its strong position in the real estate and investment sectors. Let’s discuss some details about this growth trend.

YearRevenue Growth (%)Real Estate Assets
20185%$50 Billion
20198%$52 Bilion
20206%$55 Billion
202112%$58 Billion
202210%$60 Billion
202315%$62 Billion
Revenue Growth & Reals Estate Assets over the years

Stepping Down as Chairman

In July 2024, Ross announced he would step down as chairman of Related Companies. He remains the non-executive chairman while Blau, Beal Jr., and Wong manage the company. He will focus on his other business ventures, including Related Ross, the Miami Dolphins, and Formula 1.

Stephen Michael Ross as an Owner of the Miami Dolphins

  • Team Name: Miami Dolphins
  • Founded: 1966
  • Owner: Stephen M. Ross
  • Location: Greater Miami Area, Florida
  • Stadium: Hard Rock Stadium, Miami Gardens
  • League: National Football League (NFL)
  • Division: American Football Conference (AFC) East
  • Historical Significance: Oldest professional sports team in Florida
Miami Dolphins

Ownership and Investments

  • In 2008, Ross purchased 50% of the Miami Dolphins and Dolphin Stadium for $550 million.
  • By 2009, he had acquired 95% of the franchise and stadium.
  • Ross brought in celebrity minority owners like Gloria Estefan, Marc Anthony, Venus, and Serena Williams.

Stadium Renovation and NFL Involvement

Miami Dolphins Home Arena
  • Ross spent $500 million of his own money to renovate Hard Rock Stadium after failing to secure public funding.
  • In 2017, he cast the only vote against the Raiders moving to Las Vegas, citing concerns over player and fan experience.

Legal Issues

  • In 2022, Ross was fined $1.5 million and the Dolphins lost draft picks due to violations of the NFL’s anti-tampering policy.
  • The team was cited for impermissible conversations with quarterback Tom Brady and coach Sean Payton.

Stephen Ross Owns Miami International Autodrome: Formula 1

Ross owns the Miami International Autodrome, which was built around Hard Rock Stadium. The Miami Grand Prix has exclusive rights at this venue until 2032. The first race was held in 2022, and Ross had worked for years to bring it to Miami. It is also considered one of the newest racetrackers in the U.S. 

Miami International Autodrome Formula 1

Stephen Ross Private Investment Firm: RSE Ventures

Let’s check more details about the Stephen Ross companies list. 

  • RSE Ventures is an investment firm co-founded by Ross in 2012, focused on Sports and entertainment, Media and marketing, Food and lifestyle, and Technology.
RSE Ventures

Key Companies

Here are the details about some of the Stephen Michael Ross companies.

  • Drone Racing League: An organization dedicated to the sport of drone racing.
  • Thuzio: A platform connecting fans with professional athletes for unique experiences.
  • VaynerMedia: A full-service digital agency known for its marketing and advertising services.
  • Relevent: A company focused on creating and managing live events and experiences.

Stephan Michael Ross Donations and Contribution 

Stephan Michael Ross is known for his significant donations and contributions to various causes, particularly in education, healthcare, and community development. His philanthropy reflects his commitment to making a positive impact on society. Let’s discuss some details about his contributions.

University of Michigan Contributions

  • 2004: Stephen M. Ross donated $100 million to the University of Michigan, leading to the renaming of the business school to the Ross School of Business.
  • He was involved in a partnership named RERI, which donated to the University of Michigan.
  • 2013: Ross committed another $200 million, equally split between the business school and the athletic department. This became the largest gift in the university’s history.
  • 2017: He made an additional $50 million donation, focusing on career development, action-based learning, and supporting junior faculty.
University of Michigan

Founding of RISE

  • In 2015, Ross founded RISE, a coalition focused on fighting racism and promoting social justice within sports.
  • RISE partnered with major sports organizations like NASCAR, PGA of America, and USA Track & Field.
  • By 2020, Ross had donated $30 million to support RISE’s mission.

Support for Sustainable Cities

  • In 2020, Ross committed $63.5 million to the WRI Ross Center for Sustainable Cities, bringing his total contribution to $100 million.
  • The program works with over 350 experts globally to create equitable, resilient urban areas.
  • Ross also helped launch the New Urban Mobility Alliance (NUMO), with an additional $36.5 million contribution.

Other Civic Roles and Contributions

  • Chairperson Emeritus of the Real Estate Board of New York (REBNY).
  • Trustee for several organizations, including:
    • Solomon R. Guggenheim Foundation
    • New York Presbyterian Hospital
    • Urban Land Institute
    • Juvenile Diabetes Research Foundation
    • Jackie Robinson Foundation
    • World Resources Institute
  • Board Member for the Cornell Tech Campus, a $2 billion redevelopment of Roosevelt Island in partnership with Technion – Israel Institute of Technology.
Real Estate Board of New York (REBNY)

Stephen Ross Involvment in Politics

Stephen Ross has been actively involved in politics, supporting various political candidates and initiatives. His contributions often focus on issues related to real estate development and economic growth. Let’s discuss some details about his political involvement.

Contributions to Political Parties

  • Stephen M. Ross has donated to both the Democratic and Republican parties, including:
    • Democrats: Chuck Schumer, Jerry Nadler, Andrew Cuomo.
    • Republicans: George Pataki, the Republican National Committee.

Support for Presidential Campaigns

  • Major supporter of Mitt Romney’s 2012 campaign.
  • Hosted a fundraiser for Donald Trump’s 2020 campaign in August 2019.

Company Response to Fundraiser

  • Equinox and SoulCycle distanced themselves from the event, stating no company profits funded political activities.

Political Action Committee Activities

  • In 2021, Ross’s super PAC, Common Sense NYC, spent $550,000 to oppose eight progressive Democrats, successfully defeating six.

Honors and Awards Received by Stephen Ross

Stephen has received numerous honors and awards for his contributions to real estate and philanthropy. These accolades reflect his impact on the industry and commitment to community development. Let’s discuss some details about these honors.

Honors and Awards Received by Stephen Ross
  • 2009: Named 3 on The New York Observer’s Most Powerful People in New York Real Estate list.
  • 2017: Received an ESPY Award from the University of Michigan for philanthropic contributions.
  • 2018: Awarded the ROBIE Lifetime Achievement Award by the Jackie Robinson Foundation.
  • 2019: Inducted into the NFL Leadership Hall of Fame.
  • 2020: Received the Paul Tagliabue Award for diversity, along with the Miami Dolphins.
  • 2021: Recognized by Sports Business Journal as a leader in diversity and inclusive hiring.

The Reef: Stephen Ross’s Oceanfront Mansion in Palm Beach

Stephen Ross owns a stunning oceanfront mansion in Palm Beach called “The Reef.” This luxurious Stephen Ross house spans an impressive 11,000 square feet. With its prime location and breathtaking views of the ocean, The Reef is a perfect retreat for Ross. 

The Reef:

The mansion showcases his taste for elegant living and provides a serene escape from the bustling city life of New York. The property reflects both comfort and luxury, making it a significant part of his real estate portfolio.

Stephen’s Early Life and Education

Stephen Michael Ross grew up in Detroit. He was born on May 10, 1940 into a Jewish family. He started school at Mumford High School. Later, he graduated from Miami Beach Senior High School. His upbringing was shaped by his family and community values.

Ross began his college studies at the University of Florida. He studied there for two years. After that, he transferred to the University of Michigan. He earned a Bachelor of Business Administration degree in 1962. 

University of Florida

He then went to Wayne State University and received a Juris Doctor degree in 1965. In 1966, he completed a Master of Laws in Taxation at New York University School of Law. His uncle, Max Fisher, paid for his education. Ross considers Fisher a major role model in his life.

Full Name Stephen Michael Ross
Gender Male 
Occupation Non-Executive Chairman of Related Companies, 95% owner of Miami Dolphins 
Famous for Developing the Deutsche Bank Center and the Hudson Yards 
Date of Birth May 10, 1940
Age 84
Place of Birth Detroit, Michigan, U.S.
Education University of Michigan (BBA)Wayne State University (JD)New York University (LLM)
Martial Status Divorce
Ex-Wife Kara Ross
Children 2
Net Worth $10 billion

Personal Life: Stephen Ross Wife

Stephen Ross married Kara Ross, an American jewelry designer in 2003. They lived together in New York City. Together, they created a blended family. Stephen has two children from his first marriage. Kara also has two stepchildren from her previous marriage. 

Stephen Ross wife Kara Ross

The family shared many happy moments over the years. However, in April 2021, news broke that Stephen was getting divorced from Kara after 18 years of marriage. This marked a big change in their lives. The couple’s split has been covered by various media outlets, highlighting the end of their long relationship.

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FAQs

Q. Who owns Related Companies?

Stephen M. Ross is the owner of Related Companies. He is a well-known real estate developer.

Q. Who is the CEO of Related Companies?

Jeff T. Blau is the Chief Executive Officer of Related Companies. He is also a partner in the company and plays a key role in its operations.

Q. How much is Stephen M. Ross worth?

Stephen M. Ross has a net worth of 10 billion USD in 2024. He is considered one of the wealthiest real estate developers in the world.

Q. What else does Stephen Ross own?

Stephen Ross owns the Miami Dolphins, a professional football team. He is also involved in various real estate projects and developments.

Q. How old is Dolphins owner Stephen Ross?

Stephen Ross is 84 years old. He was born on May 10, 1940. Ross has had a long and successful career in real estate and sports management, making significant contributions to both fields.

Q. How much did Ross pay for Dolphins?

Stephen Ross bought the Miami Dolphins for $550 million. This purchase was made in 2008, and it was one of the largest deals in sports at that time.

Q. Who is Stephen Ross married to?

Stephen Ross is married to Kara Ross. They tied the knot in 2003, and Kara is known for her work as a jewelry designer and philanthropist.

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