Sam Zell Cause of Death

American real estate billionaire, Sam Zell has been reported dead. According to reports, he died from complications after a short illness on Thursday, May 18, 2023. He was 81.

His company, Equity Group Investments, announced his death in a written statement. The statement ought to extol the deceased and praise him for his achievements.

“Sam Zell was a self-made, visionary entrepreneur. He launched and grew hundreds of companies during his 60-plus-year career and created countless jobs. Although his investments spanned industries across the globe, he was most widely recognized for his critical role un creating the modern real estate investment trust, which today is more than $4 trillion industry,” the statement read.

Born on September 28, 1941, Zell developed interest in real estate at a very young age. While in college, he entered the real estate business and managed a 15-unit apartment building in return for free room-and-board.

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.

In 1966, he graduated from the University of Michigan Law School 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.

Zell 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.

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. Equity Lifestyle Properties now owns more than 400 trailer parks, however, they face constant criticisms for how they treat their customers.

Zell’s group of companies, own companies and organizations including the Schwinn Bicycle Company, Rev drugstore, Broadway Stores, Santa Fe Energy Resources, mattress company, Sealy, Jacor Communications Inc., and more.