What happened to Sam Zell?

Billionaire real estate investor, Sam Zell has died. He died on Thursday, 18, 2023, due to complications from a recent illness. He was 81.

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.

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 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.

So many people have expressed their condolences after his death was announced.

“Today we lost a mensch Sam Zell. He was a man of great integrity, trust, wisdom, and was never afraid to speak his mind or wear what he wanted to. He was world class entrepreneur and friend. He never wanted the spotlight and always did what was right,” Ben Pouladian.

“A true legend San Zell has unfortunately passed away today at the age of 81. Sam was a monumental real estate mogul to say the least. Thank you for the knowledge and impact you have left us all with!” a Twitter user wrote.