Robert Kraft Net Worth
Robert Kraft’s net worth is $6.2 billion. Robert Kraft was born in Massachusetts and has worked his way up the corporate ladder. Robert Kraft made his fortune as Chairman and CEO of The Kraft Group, which has interests in everything from paper to real estate. New England Patriots, New England Revolution, and Gillette Stadium are all owned by him.
Early Career and Biography
There is a prevalent myth that Robert Kraft acquired his money through grocery manufacturing firm Kraft Foods. This is not at all true. Robert Kraft has absolutely no link to Kraft Foods, which is recognized for brands including Grey Poupon, A1, Gevalia, Planters, Jell-O, Kraft Singles, Velveeta, Kool-Aid, Cadburys, Oscar Mayer, and Maxwell House.
Early Life: Robert K. Kraft was born on June 5, 1941, in Brookline, Massachusetts parents Sarah and Harry Kraft. He grew up in a Modern Orthodox Jewish working-class home. After graduating from Brookline High School in 1959, where he was class president, he went on to attend Harvard University. Kraft attended Columbia University where he was once again class president. He was also a member of the Zeta Beta Tau fraternity and played on the school’s freshmen and lightweight football teams. Kraft graduated from Columbia in 1963 and enrolled at Harvard, where he graduated with his MBA in 1965.
Kraft was chosen chairman of the Newton Democratic City Committee when he was just 27 years old and fresh out of Harvard. In 1970, he briefly pondered running for the 3rd Congressional District seat in Massachusetts but decided against it because he was concerned about the pressure it would place on his family and the loss of privacy.
A packaging company managed by Kraft’s father-in-law Jacob Hiatt was his first professional experience. As part of a leveraged acquisition in 1968, Kraft seized ownership of the company. The Rand-Whitney Group still has him as its chairman. It wasn’t until 1972 that Kraft established International Forest Products as a trader in actual paper products. They are the two largest privately-owned paper and packaging enterprises in the United States.
WNAC-TV was taken over by New England Television Corp. in 1982, and Kraft was an investor in the company. He was elected to the board of directors in 1983. WNEV-TV was renamed and he became president of the firm in 1986. For $25 million in 1991, he exercised his right to sell his shares in the company. In addition, several Boston radio stations were purchased by Kraft. In 1998, he established the Kraft Group paper company, which now operates in 90 countries and has annual revenues in excess of $2 billion.
Robert Kraft has been a season ticket holder for the Patriots since 1971 when the team was in the American Football League. It was in 1985 when he bought the land close to the New England Patriots’ stadium that he made his fortune. In what now appears to be Kraft’s master plan to purchase the New England Patriots, this was the first stage in a long process. Two years later, Kraft purchased the stadium, which was in bankruptcy court at the time, for $25 million. Kraft had to buy the Patriots’ lease to the stadium as part of the deal. This is a crucial point because it’s part of Kraft’s grand scheme to buy the franchise.
The Patriots were rumored to be going to St. Louis because owner James Orthwein wanted the NFL to return to his hometown of Boston at the time. Since the Cardinals relocated to Arizona in 1988, the city of St. Louis had been without an NFL team. A new name for the squad has already been chosen out: the St. Louis Stallions. There was only one snag: Robert Kraft had to agree to let the team buy out the remaining years of their stadium lease arrangement before they could depart Massachusetts.
In 1994, James Orthwein offered Kraft $75 million to buy out the balance of the team’s lease at Foxboro Stadium, but Kraft rejected the offer. The Pats would have relocated to St. Louis if Kraft had consented. When he recognized an opening, Robert Kraft took advantage of it. It was an NFL record-setting counter-offer of $175 million (equivalent to over $300 million today) to buy the Patriots from Kraft. That much money for a team that wasn’t worth a lot of money at the time is a bit of a surprise. Orthwein accepted the offer because he was aware that he couldn’t get out of the lease. The New England Patriots are now valued at $4.1 billion after sixteen years and six Super Bowl championships (in ten Super Bowl appearances).
The New England Revolution was started by Kraft in 1996.
Personal Life Of Robert Kraft
Personal life: He met Myra Hiatt in a Boston deli in February 1962. They tied the knot in June of that year. Jonathan, Daniel, Joshua, and David were the four sons of the couple. Temple Emanual in Newton, Massachusetts, was the home of the Kraft family. On July 20, 2011, Myra Kraft succumbed to ovarian cancer. She was 68 years old at the time of her death.
Ricki Noel Lander, a 39-year-old actress, became Kraft’s girlfriend in June 2012. In the autumn of 2017, Lander became a mother. Despite speculation that Kraft was the father, he disputed the fatherhood of the child after the birth was publicly disclosed in May 2018. In 2018, Kraft and Lander called it quits.
Police in Jupiter, Florida, accused Kraft of misdemeanor charges of “soliciting another to engage prostitution,” on February 22, 2019. An investigation into possible human trafficking at the Orchids of Asia Day Spa led to the accusations being brought against the couple. A sex trafficking theory said that the spa’s owners were enslaving and exploiting the women who worked there. Orchids of Asia Day Spa may have videotapes of Kraft engaging in sexual behavior. When Kraft was presented with a plea deal on March 19th of this year, he turned it down since it would have required him to plead guilty. Legal paperwork pleading not guilty to all allegations were filed by Kraft’s legal team on March 26, according to court documents obtained by the New York Daily News. A Florida court found in August 2020 that the police confiscation of the supposed videotapes of Kraft indulging in sex acts at the spa violated his fundamental rights. The prosecution was not allowed to use the alleged films in court due to an order from the judge. All allegations against Kraft were withdrawn on September 24, 2020, owing to a lack of evidence.
— Dave Gonet (@dgonet) March 9, 2022
A 7,500-square-foot Cape Cod mansion once owned by Kraft and his wife Myra sold for $3.8 million in 2010 to Jonathan, the couple’s son. Built-in 2006, the property has seven bedrooms and six bathrooms.