Sam Zell was an American real estate mogul who was nicknamed “the grave dancer” due to his ability to revive moribund properties. He entered the real estate business while in college and managed a 15-unit apartment building in return for free room-and-board.
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He became close with the owner and started managing his other properties, and before he graduated, he was making around $150,000. He was joined by his fraternity brother Robert H. Lurie and won a contract with a large apartment development owner in Ann Arbor.
Zell graduated from the University of Michigan Law School in 1966 and managed over 4,000 apartments and own 100-200 units outright, with Lurie. However, he sold his interest to Lurie and moved to Chicago shortly after.
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He founded the Equity Group Investment in 1968 after trying to be a lawyer for a very brief moment. He was joined by Lurie and went on to grow their business until Lurie passed away in 1990.
Zell made his biggest sale when Equity Office – sub of EGI- was sold to the Blackstone Group in 2006 for $36 billion in 2006, which at that time, was the largest leveraged buyout in history.
According to his company, Equity Group Investments, he died at his home on Thursday, May 18, 2023, after suffering from a recent illness. He was 81.
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