Fred Wilpon was born on the 22nd November 1936, in Bensonhurst, Brooklyn, New York City USA, and is a businessman, best known to the world as the co-founder of Sterling Equities, a real estate development firm. Also, Fred in one of the owners of the baseball franchise team New York Mets in the MLB. His career has been active since 1972.
Have you ever wondered how rich Fred Wilpon is, as of mid- 2016? According to authoritative sources, it has been estimated that Fred Wilpon`s net worth is as high as $500 million, an amount he has acquired through his successful career as a businessman.
Fred Wilpon Net Worth $500 Million
Fred grew up in a Jewish family, which largely affected his childhood. He went to Lafayette High School in Brooklyn, and after matriculation enrolled at the University of Michigan. While there, he fell in love in baseball, and was a pitcher in his junior year, however he was injured and was forced to end his career even before it began.
After college, he sold calculators, before joining with his wife`s brother Saul Katz in starting Sterling Equities in 1972. His first business venture was quite successful, as they built town houses in Tarrytown, as was their next endeavor, as the two decided to buy low cost property, nationwide, in order to avoid high tax costs, actually at the bottom of a cycle. The two went on build one of the largest real estate development companies in the US.
Fred managed to expand his business to sports, and also fulfill his desire of owning a baseball team. Back in 1980, Fred bought one percent of the New York Mets from Charles Shipman Payson. The rest of the team was owned by a publishing company Doubleday & Co., however, in 1986 the company`s president Nelson Doubleday Jr. decided to sell the team to Bertelsmann AG, however, Fred bought 50% of the ownership for $81 million. In 2002, Fred’s interest in the New York Mets increased, when he bought the rest of the Doubleday`s interest for $391 million, and became the majority owner. Fred assumed the position of team`s president in 1980, and served until 2002. Nowadays, he is the chairman of the board, assuming that position in 2003.
However, Fred has been a victim of a Ponzi scheme, carried out by so-called several investors, including Bernard Madoff, in which Fred lost around $700 million, and in the end needed to pay $162 million as a settlement in a lawsuit by the victims.
Nevertheless, Fred is also recognized for his philanthropic activities; alongside his wife, Fred donated $5 million to the University of Michigan to found the Irene and Morris B. Kessler Presidential Scholarship Fund, honoring to his wife’s parents, and funding the University of Michigan Bone & Joint Injury Prevention & Rehabilitation Center, among other donations.
Regarding his personal life, Fred has been married to Judy Kessler since 1960; the couple has three children together. His sons are deeply involved in his business, and one of his sons, is employed at the Lerer Hippeau Ventures as limited partner and community manager.
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