Florida’s Richest Real Estate Entrepreneurs

The period spanning from 2010 to 2019 is the first decade in modern history that experienced no technical recession. The decade’s economy started strong and continues to boom. Perhaps no single group has benefited more than the following list of Floridians who saw the 2008 financial crisis as an opportunity and pushed all-in on Florida’s white-hot real estate market.

Like most businesses, success in real estate is dependent on effort, charisma, strategy, and discipline. However, there is another crucial component to real estate; location – and no location has provided returns quite like Florida.

These nine real estate investors understand the value of The Sunshine State and took the last decade by storm. They each exponentially grew real estate fortunes through going long on Florida’s booming real estate markets. While their success is admirable, it’s also enviable. More than being simply billionaires, these individuals are real estate moguls. Each understands the benefits and nuances of Florida’s real estate – making fortunes in areas where others have moved on. Perhaps more importantly, each one started with almost nothing and through hard work and a whole lot of real estate swagger have become legitimate real estate moguls.

Igor Olenicoff
Lighthouse Point, FL

2010 Net Worth: $1.5 Billion
2019 Net Worth: $3.4 Billion
127% Increase

Born in Russia, Igor Olenicoff fled the Soviet Union as a teenager. He is a testament that commercial real estate is among the world’s best ventures. Olenicoff is among the wealthiest people in Florida, thanks to his substantial real estate properties.

His property includes about 8 million square feet of office space and over 15,000 residential units throughout Florida and five other states. In 1973, Olenicoff started with a 16-unit duplex that was the bedrock for his company, Olen Properties.

According to Forbes, Igor Olenicoff is worth an estimated $4.3 Billion. He is the sole owner of Olen Properties and a noteworthy real estate company executive. Olenicoff is an epitome of success and the perfect illustration of how hard work, a little bit of leverage, and the right location pays off in the complex world of real estate investments.

Jeff Greene
Palm Beach, FL

2010 Net Worth: $2.0 Billion
2019 Net Worth: $3.9 Billion
95% Increase

We cannot talk of Florida’s real estate moguls without mentioning Jeff Greene. Greene became a billionaire by investing in subprime mortgage-backed bonds coming out of the 2008 financial crisis. Greene quickly liquidated these gains and started accumulating Florida real estate. By 2015 Greene had amassed an impressive real estate portfolio, stemming out of his home in Palm Beach (coincidentally, he purchased the house for $24 Million from Malcolm Glazer). The majority of his properties are up and down Florida’s East Coast, primarily consisting of A+ and trophy assets set for continued appreciation in Florida’s tightest real estate markets.

What’s inspiring about Greene is that he bought his first house as an MBA student. By the time of graduation, he had more than 18 properties.

Jeff Greene owns a diverse empire that includes hotel properties, retail interests, residential units, offices, condos, and commercial units. According to Forbes, Jeff Greene is worth an estimated $3.9 billion.

Jorge Perez
Miami, FL

2010 Net Worth: $1.5 Billion
2019 Net Worth: $3.4 Billion
127% Increase

Also known as the Miami’s Condo King, Jorge Perez is a Billionaire and Real estate developer in Florida. Together with a friend, they co-founded Related Group in 1979. In the 1980s, Jorge Perez and his partner Stephen Ross built affordable houses before switching to high-end condos. On his own, Perez has developed more than 90,000 residential properties in South Florida.

Besides riding the great wave of Miami real estate valuations coming out of the 1980s, Jorge Perez explores new ventures in Argentina, Mexico, and Uruguay. Perez has hugely benefited from project financing by equity partners, typically under a preferred equity or mezzanine debt structure. These strategies, while risky, have significantly paid off for Perez. He’s the master of using other people’s money to build his fortune. Related Group has, in the past, sold off some of its properties with tremendous profits and conversion rates.

Donald J. Trump (Now Trump Organization)
Palm Beach, FL

2010 Net Worth: $2.4 Billion
2019 Net Worth: $3.4 Billion
42% Increase

Even Trump’s most ardent political rivals have a difficult time arguing against his real estate acumen. Donald Trump does know real estate – and Florida real estate seems to be his specialty. Yes, some opponents say that he only serves as Manager and sell” his name without any contribution – but so what? He’s established a brand that is proven to drive sales of everything from golf course villas to penthouse suites. Trump as developed more golf courses any than any other investor in Florida.

By now, we’re all familiar with Trump’s Palm Beach-based Mar-a-Lago resort. However, The Trump Organization controls over two dozen other high-value, trophy properties throughout Florida. These include; The Trump Grande that hosts the Trump International Sonesta Beach Resort and the Trump Palace and Trump Royale, Trump Hollywood, Trump National in Jupiter, and the Trump Tower Sunny Isles. Also, Trump owns luxurious commercial and residential properties up and down both coasts of Florida.

Stuart A. Miller
Miami, FL

2010 Net Worth: $350 Million
2020 Net Worth: $1.5 Billion
325% Increase

Stuart A. Miller is the chairman of Lennar Corporation, a real estate and home construction company based in Miami, Florida. Lennar develops large residential communities, targeting the middle-tier buyer flocking to Florida every year. Lennar does more than develop communities. It serves as a contractor, lender, and broker for its home sites. It isn’t very easy to find an area of Florida that Lennar hasn’t penetrated. Miller has capitalized on Florida’s population growth and continues to spur the community lifestyle that has become synonymous with Floridian culture.

Stuart Miller is worth more than $1 billion, with property and real estate deals all-round the country. In 2018, Lennar constructed more than 35,000 homes, with more than a third developed in Lennar’s home state of Florida.

Edward DeBartolo, Jr.
Tampa, FL

2010 Net Worth: $1.3 Billion
2020 Net Worth: $2.6 Billion
100% Increase

Edward DeBartolo Jr. is a proven real estate magnate, operating the majority of his properties out of the Tampa Bay area. DeBartolo Jr. runs his Florida-based property development company, DeBartolo Realty Corporation, which he merged with Simon Property Group at the turn of the Millenium.

This merger created one of the biggest conglomerates in the country. Edward DeBartolo Jr. is estimated to be $2.4 billion, a fortune that amassed from Florida real estate.

Malcolm Glazer (Glazer Family)
Palm Beach, FL

2010 Net Worth: $2.4 Billion
2020 Net Worth: $4.7 Billion

96% Increase

Although he’s better known as the owner of some of professional sports’ most popular teams, the real estate sits at the foundation of Malcolm Glazer’s fortune. Without a college degree, Malcolm was able to establish himself as a real estate mastermind, building an empire from duplexes, single-family homes, and small commercial buildings.

In 1984, Malcolm Glazer founded the First Allied Corp, the company that elevated him to greatness. The company went on to own more than 5 million, highly coveted shopping center spaces across the country.

Before his death, Malcolm was an established real estate developer in Tampa, Florida. He died while worth around $4 billion.

Stephen Ross
Palm Beach, FL

2010 Net Worth: $3.4 Billion
2020 Net Worth: $7.6 Billion
124% Increase

Stephen Ross is the majority shareholder of The Related Companies. Ross founded this global real estate development firm in 1972 and partnered with Jorge Perez to create the nation’s most pre-eminent real estate development firms. Related Companies own property worth more than $15 billion.

Stephen Ross invested mostly in residential, office, mixed-use, trade show, and somewhat affordable properties. Outside Florida, Related owns the largest share of residential properties in New York. More than 2,000 direct employees enjoy the benefit of commercial real estate investment, thanks to Stephen Ross.

The Bottom Line

With more than 800 people moving to Florida every day, there is little doubt as to why demand for Florida investment real estate has never been stronger. The continual influx of residents, combined with a business-friendly, tax-free operating environment has blessed Florida with the strongest real estate climate in history. From Jacksonville to Miami, West to Tampa and up through the Panhandle, Florida’s economy is strong with little indication of a slow down. Florida continues to act as a magnet for capital from other major markets, as more and more Northerners have direct personal and business ties to The Sunshine State. Core asset classes such as multifamily, office, and retail pull capital from large investment groups and individual investors find above market returns as burgoening demand continues to press up rental rates. Secondary asset classes such as medical office and self-storage provide individual investors with tremendous return on capital as the state’s population growth creates demand for these services. Hospitality assets have never been stronger, with Orlando retaining the throne as the nation’s top family tourist destination.

The bottom line: Florida’s business-friendly politics, physical climate, and connectivity to major Northern markets have established a unique investment environment for real estate entrepreneurs.