Adolph Alfred Taubman was a businessman, investor and philanthropist born on 31st January 1924, in Pontiac, Michigan and is credited with creating today’s modern shopping mall concept, and developing upscale shopping centers in the early ‘50s. He passed away in 2015.
Have you ever wondered how rich Alfred Taubman was? According to sources it has been estimated that Alfred Taubman’s overall net worth was $3.1 billion, acquired through an exceptionally lucrative, self-made business career which he started in the early ‘50s. During the years of his management, his his net worth grew along with his business.
Alfred Taubman Net Worth $3.1 Billion
Taubman was born into a family of Jewish immigrants, who came to the US from northeastern Poland. His father took a job with the Wilson Foundry Company which turned out to be quite fruitful, but the family lost everything during the Depression of the 1930s, so Alfred had to start working when he was just 9 years old. After matriculating from high school, he enrolled at the University of Michigan and Lawrence Technological University, but his studies were interrupted by World War II, when he joined the army and served with the Thirteenth Air Force. Taubman returned to his studies after the war, but never graduated from either of the Universities.
Having worked numerous side jobs during the years, Alfred decided to start his own real estate development company in the 1950s. The “Taubman Company” developed from his initial, smaller project which was designing freestanding bridal shops, a business which eventually flourished and enabled Alfred and his associates to start a larger project. In a couple of years, the company developed two shopping centers and by the end of the decade had started developing Arborland Center in Michigan, which was this town’s first large shopping project. Ever since, the company has continued opening large malls across the USA. Undoubtedly, one of his most successful projects was The Mall on Short Hills in New Jersey, but conveniently located close to New York City.
In 1982 Taubman bought the A&W Restaurants franchise, and just a year later took over Sotheby’s international auction house too. He was to revive it from big losses, which he eventually managed but was later associated in a price-fixing scandal, due to a controversy related to the rival house Christie’s, which he vigorously denied. However, this cost him a 10-month jail sentence and a $7.5 million fine.
During his career, he served on the board of directors of several big corporations such as Getty Oil Company, United Brands, Chase Manhattan Bank and many others. Apart from this, Alfred was the majority owner of the Michigan Panthers of the United States Football League, a team he eventually merged with the Oakland Invaders in 1985. But the league and team folded the next year.
Overall, Taubman was one of the most influential figures of the real estate industry – the man who introduced the concept of a modern shopping mall.
Privately, Alfred was married twice. His first marriage was to Reva Kolodney, with whom he had three children. The couple divorced in 1977 after 29 years of marriage. Five years later he married Judith Mazor Rounick, former Miss Israel in 1962, and they were together until his passing on 17th April 2015 in Bloomfield Hills, Michigan, USA. Taubman was also known for his philanthropy as he contributed to various aspects of culture, civic rights, art, education, health care and Jewish causes.
