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What is Robert Kraft’s Net Worth?
Robert Kraft, an American sports executive and businessman, has an estimated net worth of $11.1 billion. Kraft is the chairman and CEO of The Kraft Group, a diversified holding company with interests in paper and packaging, sports and entertainment, real estate development, and private equity.
In 1968, Kraft took control of the Rand-Whitney Group, a packaging company run by his father-in-law, through a leveraged buyout. He later founded International Forest Products in 1972, which became one of the largest privately held paper and packaging companies in the United States. These ventures laid the foundation for The Kraft Group, which now operates in over 90 countries and includes a wide range of businesses.
Kraft is perhaps best known for his ownership of the New England Patriots, a National Football League (NFL) team he purchased in 1994 for $172 million. Under his ownership, the Patriots have become one of the most successful franchises in NFL history, winning six Super Bowl titles and significantly increasing in value to an estimated $6 billion. In addition to the Patriots, Kraft owns the New England Revolution, a Major League Soccer (MLS) team he founded in 1996, and the Boston Uprising, an esports team he established in 2017.
Kraft is also known for his philanthropic efforts. He and his family have donated hundreds of millions of dollars to various causes, including education, healthcare, and social justice initiatives. Notable contributions include the establishment of the Kraft Family National Center for Leadership and Training in Community Health and significant support for intercollegiate athletics programs at several universities.
Here’s the breakdown of Robert Kraft’s net worth:
Name: | Robert Kraft |
Net Worth: | $11.1 Billion |
Date of Birth: | June 5, 1941 |
Profession: | Businessperson |
If you’re curious about how we estimate a celebrity’s net worth, you can check out our methodology here.
Early Life
Robert Kraft was born on June 5, 1941, in Brookline, Massachusetts, to Sarah Bryna and Harry Kraft. His father was a dress manufacturer and a lay leader at Congregation Kehillath Israel, a Modern Orthodox Jewish synagogue.
Growing up in a devout Jewish household, Kraft was expected to become a rabbi, but he pursued a different path. He attended the Edward Devotion School and graduated from Brookline High School, where he was the senior class president. Despite his interest in sports, his participation was limited due to his commitment to Hebrew studies and Sabbath observance.
Kraft’s academic prowess earned him a scholarship to Columbia University, where he served as class president and played on the freshman and lightweight football teams. He graduated in 1963 with a degree in history and economics. During his time at Columbia, he met Myra Hiatt, whom he married in 1963.
Kraft continued his education at Harvard Business School, earning an MBA in 1965.
Paper Wealth
Robert Kraft’s entry into the business world began with the Rand-Whitney Group, a packaging company owned by his father-in-law, Jacob Hiatt. In 1968, Kraft orchestrated a leveraged buyout to gain control of the company, marking the start of his significant involvement in the paper and packaging industry.
He later founded International Forest Products (IFP) in 1972, which became a major player in the global paper commodities market. These two companies, Rand-Whitney and IFP, grew to become the largest privately held paper and packaging companies in the United States.
Kraft’s foresight in recognizing the potential of global trade in paper products was instrumental in his success. IFP consistently ranked among the top U.S. exporters and importers, dealing with a wide range of products from corrugated cartons to folding cartons used in various industries.
Kraft has also invested in other ventures, including New England Television Corp., where he served as president and later sold his shares for a substantial profit.
New England Patriots
Robert Kraft’s most notable and transformative investment came in 1994 when he purchased the New England Patriots for $172 million, a record price for an NFL team at the time.
Prior to his acquisition, the Patriots were struggling both on and off the field, with a history of poor performance and financial instability. Kraft, a lifelong football fan and season ticket holder since 1971, saw an opportunity to turn the franchise around. His purchase included the team’s stadium, which he had previously acquired out of bankruptcy in 1988.
Under Kraft’s ownership, the Patriots experienced unprecedented success, winning six Super Bowl titles and becoming one of the most valuable franchises in professional sports, valued at approximately $6 billion.
Kraft built Gillette Stadium in 2002, creating a state-of-the-art facility that hosts various events and generates significant revenue. His leadership and strategic investments have solidified the Patriots’ status as a dominant force in the NFL.
Beyond football, Kraft’s ownership includes the New England Revolution, a Major League Soccer team, and the Boston Uprising, an esports team, further diversifying his sports portfolio and influence.
Personal Life
Robert Kraft was married to his college sweetheart, Myra Hiatt Kraft, for nearly 50 years until her death from ovarian cancer in 2011. The couple had four sons together: Jonathan, Daniel, Joshua, and David. Myra was known for her philanthropic work, and her passing deeply affected Kraft.
In 2012, Kraft began dating actress Ricki Noel Lander, though their relationship ended in 2018. More recently, Kraft found love again with Dr. Dana Blumberg, an ophthalmologist. The couple met in 2017 and kept their relationship relatively private. They surprised many by getting married in a secret ceremony in New York City in October 2022. At the time of their marriage, Kraft was 81 years old, while Blumberg was 47.
Controversies
While Robert Kraft is widely respected in the business and sports worlds, he has not been immune to controversy. The most notable incident occurred in 2019 when Kraft was charged with two misdemeanor counts of soliciting prostitution at the Orchids of Asia Day Spa in Jupiter, Florida. This case was part of a larger human trafficking investigation that extended from China to Florida.
The charges against Kraft were eventually dropped in September 2020 after an appeals court ruled that the video evidence, which was crucial to the case, had been obtained illegally. The court determined that the police’s use of hidden cameras violated the privacy rights of Kraft and others. While Kraft maintained his innocence throughout, he did issue a public apology for his actions.
Real Estate
In early 2021, Kraft purchased a mansion in Southampton, New York, for an estimated $43 million. This oceanfront property spans approximately 7,000 square feet and features a modern design with large square windows and an oceanfront pool.
In addition to his Hamptons home, Kraft owns properties in the Boston area and Palm Beach, Florida. His most recent acquisition was a condominium in Palm Beach, purchased in late 2022 for $23.75 million. This 5,000-square-foot property set a record for the most expensive condominium ever sold in Palm Beach. The condo boasts four bedrooms, 5.5 bathrooms, floor-to-ceiling windows, and a 1,300-square-foot terrace.
Through the Kraft Group, Kraft has been involved in various real estate development projects. The company maintains an in-house staff of construction and development specialists who have been responsible for more than $3 billion worth of projects. These include sports venues, manufacturing facilities, and mixed-use developments.
Ashley Roberts is the founder of Real-Time Billionaires List. She founded this platform because she likes to know how much celebrities are actually making. She is always curious why these people can make much more money than the ordinary person.
With a Bachelor’s degree in finance, she is skilled at financial analysis and understands numbers related to wealth. Most of the articles on this site are edited by herself before publishing.
