STEPHEN M. ROSS (born May 10, 1940) is an American real estate
developer , philanthropist and sports team owner . Ross is the
chairman and majority owner of
The Related Companies , a global real
estate development firm he founded in 1972. Related is best known for
Time Warner Center
Time Warner Center , where Ross lives and works, as
well as the
Hudson Yards Redevelopment Project
Hudson Yards Redevelopment Project . According to Forbes
magazine, Ross had a net worth of $12 billion. Ross is also the
principal owner of the
Miami Dolphins and
Hard Rock Stadium
Hard Rock Stadium .
Ross is a major benefactor of his alma mater, the University of
Michigan ; with lifetime contributions of $378 million to the
university, he is the largest donor in university history .
According to the
Chronicle of Philanthropy , Ross's higher education
gifts rank behind only those of fellow American billionaire New York
Michael Bloomberg , whose recent $350 million contribution
Johns Hopkins University
Johns Hopkins University increased his lifetime total to $1.1
billion. The University of
Michigan renamed its business school, the
Ross School of Business
Ross School of Business , in Ross's honor in 2004, after Ross made a
$100 million gift to fund a new business-school building. In
September 2013, Ross donated $200 million to the University ($100
million to the Business School and $100 million to
), the largest single gift in the history of the university; the
Michigan announced plans to rename the university's
athletics campus in his honor. Ross also gave $5 million to the
athletic department's academic center and $1 million to endow a
professorship in real estate at the Ross School of Business.
* 1 Early life and education
* 2 Career
The Related Companies
* 2.3 RSE Ventures
* 2.4 Kangaroo Media/FanVision
* 3 Civic and philanthropic activities
* 4 Honors and awards
* 5 Personal life
* 6 References
* 7 External links
EARLY LIFE AND EDUCATION
Ross was raised in a
Jewish family in
Detroit , where he went to
Mumford High School , and later graduated from Miami Beach Senior
High School . He attended the
University of Florida
University of Florida and then
transferred to the University of
Michigan Business School , where he
earned his bachelor\'s degree in accounting in 1962. He later received
Juris Doctor from the Wayne State School of Law in 1965 and an LL.M.
degree in Taxation from the
New York University
New York University School of Law in 1966.
These later degrees were financed by a loan from his uncle, the
Max Fisher , who Ross has called, "the most important
role model and inspiration for me in life".
Ross began his career as a tax attorney at
Coopers & Lybrand in
Detroit . In 1968, he moved to New York City and accepted a position
as an assistant vice president in the real estate subsidiary of Laird
Inc. and then worked in the corporate finance department of Bear
Stearns . In 1972, he left employment and living off $10,000 lent to
him by his mother, he utilized his federal tax law knowledge to
organize deals for wealthy investors allowing them to shelter income
with the generous incentives granted by the federal government to
promote the construction of federally subsidized affordable housing.
He was very successful, earning $150,000 in his first year, and he
was soon arranging more complicated transactions. Using his earnings
along with his newfound experience, he started to develop real estate
on his own and with an emphasis on high-quality architecture and
engineering, he quickly earned a solid reputation in the American real
estate arena. With a focus on the northeastern United States and
Florida, he developed apartments, condominiums, retail, office parks
and mixed-use developments. In 1972, he founded The Related Companies
, a real estate development company.
THE RELATED COMPANIES
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Related is a fully integrated and diversified real estate development
company. Its business includes development, acquisitions, management,
finance, marketing and sales. Headquartered in New York City, Related
has offices and real estate developments in Boston, Chicago, Los
Angeles, Las Vegas, San Francisco, South Florida, Abu Dhabi, and
Shanghai. The company directly employs approximately 2,000 people.
The company's existing portfolio of real estate assets, valued at over
$15 billion, is made up of mixed-use, residential, retail, office,
trade show and affordable properties in what the company calls
"premier high-barrier-to-entry markets." Related is the largest owner
of luxury residential rental properties in New York with over 5,000
units in its portfolio and has developed mixed-use projects such as
Time Warner Center
Time Warner Center in New York and CityPlace in West Palm Beach and is
currently developing the 26-acre Hudson Yards project on Manhattan's
west side. Related also manages approximately $1.5 billion of equity
capital on behalf of sovereign wealth funds, public pension plans,
multi-managers, endowments, Taft Hartley plans and family offices.
Related also owns Equinox Fitness Clubs and a partnership interest in
Union Square Events, the catering, culture, sports, and events
business of Danny Meyer's Union Square Hospitality Group.
In February 2008, Ross bought 50 percent of the Miami Dolphin
franchise, Dolphin Stadium and surrounding land from then-owner Wayne
Huizenga for $550 million, with an agreement to later become the
Dolphins' managing general partner. On January 20, 2009, Ross closed
on the purchase of an additional 45% of the team from Wayne Huizenga.
The total value of the deal was $1.1 billion. This means Ross is now
the owner of 95% of both the franchise and the stadium. Ross announced
his intention to keep
Bill Parcells as the director of football
operations. Parcells later stepped down from his position shortly
before the 2010 NFL season. Since buying the Dolphins, Ross has
Gloria Estefan ,
Marc Anthony ,
Venus Williams , and Serena
Williams , as minority owners of the team. In 2013, Ross made a push
to obtain multimillion-dollar public funding from the state of Florida
and Miami-Dade taxpayers to help renovate
Sun Life Stadium
Sun Life Stadium , the
Dolphins' home field. After this effort failed in the Florida
legislature, a team spokesman said that Ross does not intend to move
the team but that under an eventual future owner the Dolphins' future
in the Miami area is bleak. Although Ross said he intends to keep the
Dolphins "in town", there has been speculation that the team may seek
to move out of Miami to a nearby locale such as Palm Beach.
RSE Ventures is a multi-national sports and entertainment venture
firm with a focus on new technologies. RSE Ventures was co-founded in
2012 by Ross and
Matt Higgins (businessman) , former Executive Vice
President of the
New York Jets
New York Jets and current Vice Chairman of the
Miami Dolphins. RSE builds, owns and operates a variety of new
companies, including Preplay Sports,
Thuzio , Poptip and FanVision.
Carl Peterson own Kangaroo Media, producer of FanVision.
CIVIC AND PHILANTHROPIC ACTIVITIES
Ross was co-chair of the University of
Michigan 's fund raising
campaign, which was completed May 2007.
In 2004, Ross made the single largest contribution (at the time) to
the University of
Michigan by donating $100 million to the school.
The University renamed its business school,
Ross School of Business
Ross School of Business in
his honor. On September 12, 2013, it was announced Ross had committed
an additional $200 million gift to the University, to be distributed
equally among the
Ross School of Business
Ross School of Business and the University's
athletic department. It replaced
Charlie Munger 's 2013 contribution
of $115 million as the largest single gift in the University's
history. . On September 20, 2017, Ross donated an additional 50
million to the University of Michigan, the majority of which would
support career development programs for students, innovative
action-based learning experiences, and resources for attracting and
developing junior faculty.
He was on the executive committee of NYC2012, New York's initiative
to bring the summer Olympic Games to New York City in 2012, which
failed when London won. Ross is chairman of Equinox Holdings, and
chairperson emeritus of the
Real Estate Board of New York (REBNY), the
city's leading real estate trade association. As a member of the board
of trustees of the
Solomon R. Guggenheim Foundation
Solomon R. Guggenheim Foundation , Ross was
involved in the planning of a major renovation of the Frank Lloyd
Wright iconic building and other new museums. He is a trustee of New
York Presbyterian Hospital , the
Urban Land Institute
Urban Land Institute , the NY Chapter
Juvenile Diabetes Research Foundation International , the Levin
Institute and is a director of the
Jackie Robinson Foundation and the
World Resources Institute
World Resources Institute . He also serves on the Executive Committee
and is a trustee of
Lincoln Center .
Ross was a major supporter and contributor to the 2012 presidential
campaign of Mitt Romney .
He serves on the Board for the
Cornell Tech Campus, a $2B
redevelopment of Roosevelt Island including the Joan & Irwin Jacobs
Technion-Cornell Institute, a partnership between Cornell University
Technion – Israel Institute of Technology
Technion – Israel Institute of Technology that when
completed will house several thousand post-graduate students, hundreds
of faculty, and a high-tech business incubator.
On March 27, 2017, Ross cast the only "no" vote in the NFL owners'
31–1 "yes" decision on the
Oakland Raiders request for approval to
move to Las Vegas starting in the 2019 season. Ross said he had no
personal problems with Raiders owner Mark Davis and wished the
franchise well, but did not think the Raiders did everything they
could to stay in Oakland, and also that having 3 teams move within
only 15 months (the Rams and Chargers both moved to Los Angeles) was
not good for players or fans.
Ross invested in a partnership named RERI that was donated to the
Michigan in 2003. RERI obtained its own appraisal for
the donation in the amount of $32,935,000. The university sold the
Ross-donated remainder interest in December, 2005 for $1.94 million,
below the $6.5 million appraised value. The IRS denied the entire $33
million tax deduction and imposed a multi million dollar penalty in
July, 2017. Ross's long time accountant Alan Katz and business
associate, Harold Levine were instrumental in the partnership. They
are currently under criminal investigation for the tax plan.
HONORS AND AWARDS
Over the years, Ross has received numerous honors for his business,
civic, and philanthropic activities. He was named the third Most
Powerful Person in New York Real Estate by the New York Observer,
Multi-Family Property Executive of the Year by Commercial Property
News, and Housing Person of the Year by the National Housing
Conference. He also received The National Building Museum Honor
Award, REBNY's Harry B. Helmsley Distinguished New Yorker Award and
Jack D. Weiler Award from UJA. Crain's New York named Ross one of
the 100 Most Influential Leaders in Business and he was recognized by
* ^ "Stephen Ross".
* ^ A B Kellie Woodhouse,
Stephen M. Ross
Stephen M. Ross gives University of
Michigan record $200M (September 4, 2013), AnnArbor.com.
* ^ A B Stephen Ross Buys Ownership of the
Miami Dolphins SI.com,
January 20, 2009
* ^ A B C D David Jesse, U-M receives record-setting $200-million
donation from Stephen Ross,
Detroit Free Press (September 4, 2013).
* ^ $1.1 Billion in Thanks From Bloomberg to Johns Hopkins.
Retrieved on 2013-11-12.
* ^ Why Change the Name of the School?
Stephen M. Ross
Stephen M. Ross –
Michigan Business School. Retrieved on 2012-03-22.
* ^ A B About the Gift
Stephen M. Ross
Stephen M. Ross – University of Michigan
Business School. Bus.umich.edu. Retrieved on 2012-03-22.
* ^ A B "Stephen M. Ross" BY ALIZA DAVIDOVIT retrieved October 25,
* ^ A B The
Jewish Daily Forward: "Romney PAC Attracts New Jewish
Donors: Hedge Fund Managers and Developers Top List of Supporters" by
Josh Nathan-Kazis March 12, 2012
* ^ The New York
Jewish Week: "Billionaires Busy Praying?" by Gary
Rosenblatt August 23, 2008
* ^ A B Murray, Tom (June 4, 2015). "Family Ties: Stephen M. Ross
parlayed two family loans into a multibillion-dollar enterprise".
dbusiness. Retrieved 10 October 2015.
* ^ Ross becomes owner of the Dolphins. Sports.espn.go.com
(2009-01-21). Retrieved on 2012-03-22.
* ^ "Ross\' connections with Michigan". michiganross. Retrieved 10
* ^ A B C University of Michigan: "Two Men, One Vision - With $100
Million Gift, Steve Ross Retrieved March 23, 2013
* ^ "
Stephen M. Ross
Stephen M. Ross J.D". Bloomberg Newsweek. Retrieved 8 November
* ^ A B "STEPHEN M. ROSS Chairman and Founder Related Companies".
Retrieved 8 November 2013.
* ^ Anatomy of a deal: Inside Related/Oxford’s unusual financing
of Hudson Yards" The Real Deal (August 13, 2013)
* ^ Brennan, Morgan (2012-03-07). "Stephen Ross: The Billionaire
Who Is Rebuilding New York". Forbes.
* ^ Anjli Raval (January 23, 2012). "Related closes distressed
Financial Times .
* ^ "Ross Becomes
Miami Dolphins Majority Owner". CBS. 2009-01-20.
* ^ "Ross, Huizenga complete Fins sale". ESPN. Associated Press.
2009-01-21. Retrieved 2010-04-03.
* ^ "Fins Future in Miami Bleak". ESPN. 2013-05-06. Retrieved
* ^ "Dolphins Open to Stadium in Palm Beach". The Miami Herald.
2013-05-09. Retrieved 2013-05-10.
* ^ "Roger Goodell: \'We Want Dolphins to Stay in Miami\'". Miami
New Times. 2013-05-10. Retrieved 2013-05-10.
* ^ Abraham D Mankour (June 17, 2013). "RSE Ventures\' test lab;
SBD Global on to Vol. II". SportsBusiness Daily.
* ^ Matthew Futterman (February 29, 2012). "Ex-Jets Executive Joins
Miami Owner\'s Venture".
The Wall Street Journal
The Wall Street Journal .
* ^ Andrew Abramson (January 4, 2014). "Young and influential:
Miami Dolphins fans know little of Matt Higgins, key adviser to owner
Stephen Ross". The Palm Beach Post.
* ^ Jason Belzer (July 24, 2014). "How RSE Ventures Is
Revolutionizing Business As We Know It".
* ^ Eric Fisher (September 15, 2014). "FanVision acquires PrePlay,
will add games to hardware". SportsBusiness Daily.
* ^ Natasha Lomas (April 12, 2013). "Predictive Sports Game Startup
PrePlay Raises $4.7M Series B To Build Out Its App Portfolio, Seize
More Sports Fans\' Eyeballs".
* ^ Nixon, Alex (March 29, 2012). "Kangaroo Media sues YinzCam over
Pittsburgh Tribune-Review . Retrieved January 11, 2014.
* ^ "Stephen Ross tosses University of
Michigan $200 million
donation". Ann Arbor Journal. Retrieved 13 September 2013.
* ^ Guest, Greta (20 September 2017). "Stephen Ross gives
additional $50 million to U-M, bringing total lifetime giving to $378
million". University of
Michigan News. Retrieved 20 September 2017.
World Resources Institute
World Resources Institute Biosketch of Stephen M. Ross.
Accessed March 27, 2012.
* ^ Forbes: "Billionaires Give $2 Million to Romney Super PAC" by
Laurie Bennett February 1, 2012
* ^ "Board of Overseers". Cornell Tech. Retrieved 2017-05-17.
* ^ "Tech Incubator at Cornell\'s Roosevelt Island Campus Tops
Out". Curbed NY. 2016-03-02. Retrieved 2017-05-17.
* ^ Dolan, Matthew.
Detroit Free Press
Retrieved 27 August 2017. Missing or empty title= (help )
* ^ "The 100 Most Powerful People in New York Real Estate" (PDF).
Jared Kushner. Retrieved February 12, 2013.
* ^ O'Halloran, Caroline (March 18, 2011). "Rock star ascending:
Main Line-bred jewelry maker Kara Ross". Main Line Media News.
* ^ University of
Michigan – Stephen M. Ross.
Kara Ross website: Biography retrieved March 23, 2013
* ^ A B Main Line media news: "Rock star ascending: Main Line-bred
jewelry maker Kara Ross" By Caroline O\'Halloran March 18, 2011