Facts of Dan Gilbert
|Full Name||Daniel Gilbert|
|Birth Name||Daniel Gilbert|
|Birth City||Detroit, Michigan|
|Birth Country||United States|
|No Of Children||5|
|Education||Michigan State University, Wayne State University Law School|
|Date of Birth||17,1962|
Dan Gilbert, the co-founder of Quicken Loans, is an American businessman & investor. He founded Rock Ventures LLC, a holding company for his companies portfolio that has investments in over 110 companies.
Since 2005, Gilbert is the majority owner of the NBA franchise Cleveland Cavaliers & in 2011, he bought New Mexico Thunderbirds, an NBA G-League team, now known as Canton Charge (an affiliate of Cavaliers).
Furthermore, the billionaire businessman holds ownership of Cleveland Monsters (then-Lake Erie Monsters) since 2007.
The chairman of JACK Entertainment, Dan is also the co-founder of full-service real estate firm Bedrock Detroit, which specializes in leasing & managing finances for commercial space or residences.
How Much Is Dan Gilbert's Net Worth In 2020?
Starting with only $5,000, the money he earned from selling pizzas, Dan's venture with Quicken Loans (founded in 1985 as Rock Financial) gathered him a hefty fortune & now, he stands among billionaire figures.
According to Forbes, Dan Gilbert has a net worth of $7 billion as of April 19, 2020. He ranks #93 among Forbes 400 2019 & #230 in Billionaires 2020.
The 58 years old American businessman, aside from being Quicken Loans co-founder, grabbed success with investments in Courtside Venture, Stock X & Rock Ventures.
Furthermore, Detroit, Michigan-born businessman is the majority owner of Cleveland Cavaliers, an NBA franchise; he bought it in 2005 & as per the report of Forbes, the team valued at $1.51 billion in February 2020.
In June 2019, the online platforms for sales of high-demand & limited-edition sneaker, StockX, became a unicorn- a term used for privately held startups with a value of $1 billion.
After founding the real estate firm Bedrock Detroit in 2011 & along with his partners, Dan Gilbert bought buildings in downtown Detroit which collectively records an investment of $5.6 billion.
Net Worth Over The Years:
|2015 (September)||$3.8 billion|
Business Breakthrough From 'Quicken Loans': Sold Once But Bought It Again
Initiating an idea to profit by originating mortgages, Dan Gilbert along with his brother Gary and partners: Ron Berman and Lindsay Gross, founded Rock Financial in 1985.
By 1987, the mortgage lending company became Rock Financial Corp.
Thereafter, a software company Intuit Inc. bought that company for a reported $532 million in December 1999, & the name Rock Financial Corp. was changed to Quicken Loans.
In 2002, Dan Gilbert, who was still a CEO in Quicken Loans, purchased the company along with a group of private investors from Inuit Inc. for only $64 million.
Currently, Dan is serving as the chairman of Quicken Loans, a privately held mortgage lending company, that operates across all 50 states in the USA.
Reportedly, from 2013 to 2017, the company closed over $400 billion in mortgage volume.
Ownership In NBA & AHL Franchise Teams
Dan Gilbert's ventures in sports investment seem quite a fruitful one too. In March 2005, Gilbert bought the majority ownership of NBA franchise team Cleveland Cavaliers for a reported $375 million.
Subsequently, he overhauled the office & in 2016 (2015 NBA Season), the Cavaliers won their first-ever NBA Championship.
After 2 years of Cleveland Cavalier's purchase, Gilbert bought the American Hockey League (AHL) franchise Utah Grizzlies (operated 1995- 2005) in 2007.
It was renamed to Lake Erie Monsters (2007- 2016) & is now Cleveland Monsters (2016- Present).
Reportedly, in 2011, he purchased the New Mexico Thunderbirds (now known as Canton Charge) of the NBA G-League.
Moreover, Dan Gilbert is the owner of Arena Football League's Cleveland Gladiators since 2012.
Did you know? After the then-Cleveland Cavaliers star LeBron James announced to leave the team in 2010, Dan, in response, published an open letter "The Letter" with racial tones. The NBA fined Gilbert $100,000, which he insisted to donate to charity. Later, after an apology from Dan, they got along.
Gilbert's Business Holding Company Rock Ventures LLC
In 2007, Dan Gilbert founded Rock Ventures, a holding company that connects his portfolio of more than 100 companies, real estate & investments.
The company holds the portfolio for:
- Quicken Loans (formerly Rock Financial)
- Jack Entertainment (formerly Rock Gaming)- Founded in 2009, it is a gaming & hospitality corporation based in Detroit, Michigan
- Bedrock Detroit- A full service commercial real estate firm based in Detroit downtown; it was co-founded in 2011.
Did you know? Amrock, a subsidiary of Rock Ventures, that is based with financial services of Quicken Loans, is America's largest independent company in terms of insurance, property valuations and closing services
In a joint venture with Caesars Entertainment Corporation, his company Jack Entertainment (formerly Rock Gaming) initiated the statewide referendum to bring casino gaming to Ohio's four largest cities.
Currently, the corporation has ownership of:
- Caesars Interactive Entertainment
- Horseshoe Casino Baltimore (in Baltimore, Maryland)
- Jack Cleveland Casino (in Cleveland, Ohio)
- Jack Thistledown Racino (in North Randall, Ohio)
Formerly, it held Jack Cincinnati Casino in Cincinnati, Ohio, that was sold for $780 million in 2019 to Vici Properties and Hard Rock International; the casino re-branded to Hard Rock casino later.
Also, the corporation held ownership of Greektown Casino-Hotel (opened in 2000); it sold for a reported $1 billion in May 2019- jointly bought by Vici Properties and Penn National Gaming.
It specializes in managing commercial and residential space in downtown Detroit & is considered the largest real estate partner in the region.
Reportedly, the company's portfolio records over 100 properties spanning 18 million square feet, worth over $5.6 billion in investment & commitments.
It has ownership of many famous properties including:
- Madison Theatre Building
- Chase Tower and Two Detroit Center
- Chrysler House
- Book Tower (bought in 2015)
- One Woodward Avenue
- Federal Reserve Bank of Chicago Detroit Branch Building (bought in 2012)
- 1001 Woodward (bought in 2013)
Start-Up Valued At $1 Billion Within 2 Years
In February 2016, Dan Gilbert founded StockX. It focused on stocks for high-demand, limited edition products & by June 2019, the start-up reached a milestone of $1 billion funds
The founding partner of Rockbridge Growth Equity LLC (RBE), Gilbert has also invested in Gas Station TV, Northcentral University, Protect America, Connect America & many more.
He is an investor in Courtside Ventures.
Reportedly, the American businessman bought online dictionaries, Dictionary.com and Thesaurus.com, in 2018.
Interesting Fact: Gilbert was named co-chairman of the 'Blight Removal Task Force' in September 2013 by the Obama Administration.
Signed The Giving Pledge: Charity Works & Donations
Dan Gilbert along with his wife Jennifer actively participates in charity works.
In September 2012, the duo committed to donating half of their wealth for charity causes & signed The Giving Pledge; it initiated in 2010 with the joint efforts of billionaires: Warren Buffett and Bill Gates.
He is the President of JARC, a non-profit for the aid of developmentally disabled.
Dan sits on the board of Children's Tumor Foundation & established two Neurofibromatosis research clinics:
- Children's National Medical Center (CNMC) in Washington, D.C.
- Dana Children's Hospital at the Sourasky Medical Center in Tel Aviv, Israel
With his wife, he founded the Gilbert Family Foundation in 2015.
In December 2018, through the foundation, they committed $12 million for Gene Therapy Initiative & made $11 million commitment Vision Restoration Initiative to NF1 patients in April 2019.
Back, in 2016, Gilbert donated $5 million in Wayne State University Law School & later in October that year, he donated $15 million for the Breslin Center renovation project at Michigan State University.
Who Is Dan Gilbert's Wife & Where Do They Live?
As reported, Dan Gilbert currently lives with his wife Jennifer Gilbert in Michigan.
Together, they share 5 children; their eldest son Nick Gilbert was born with neurofibromatosis & underwent brain surgery in February 2018.
Dan's wife Jennifer is the founder of Amber Engine, a home furnishings services and solutions technology company founded in 2015. She co-founded commercial interior design studio, dPOP.
Furthermore, she serves on Gilbert Family Neurofibromatosis Institute at Children's National Medical Center.
Ownership Of 2 Palm Beach Houses
Regarding the disclosure of his assets, Dan barely opens up the detail, but without a doubt, the billionaire businessman enjoys perks.
As per Palm Beach Post, the Quicken Loans founder was linked with the purchase of 2 Mediterranean houses in Palm Beach, Florida, that reported a value of $43.25 million.
Reportedly, the properties are a half-mile apart from each other:
- A 1920s-era oceanfront house at 100 El Bravo Way- Cost $24.5 million
- A custom lakefront home at 670 Island Drive- Cost $18.25 million
Did you know? In September 2017, Dan Gilbert sent his private plane in the Bahamas to rescue one of his employees & his family who were on vacation on Caribbean Island, during the Hurricane Irma.
Had Stroke At The Age Of 57
Daniel Gilbert (born on January 17, 1962) was rushed to hospital on May 26, 2019, after he had a stroke.
After 9 months of recovery, he made his first public appearances at MGM Grand at Crain’s Business’s Annual Luncheon in Detroit.
Where Was He Born & His Education?
Born a Jewish in Detroit, Michigan, Dan grew up in Southfield, Michigan & attended Southfield-Lathrup High School.
Thereafter, he graduated from Michigan State University & obtained a Juris Doctor degree from Wayne State University Law School.