Robert Kenneth Kraft (born June 5, 1941) is an American billionaire businessman and the chairman and CEO of the Kraft Group, a diversified holding company with assets in paper and packaging, sports and entertainment, real estate development, and a private equity portfolio.
Since 1994, Kraft has owned the New England Patriots of the NFL. He also owns the New England Revolution of MLS, founded in 1996, and the Boston Uprising esports team, founded in 2017. As of July 2024, his estimated net worth is $11.1 billion.
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Table of Contents
Robert Kraft Net Worth
Robert Kraft has a net worth of $11 billion. In 2010, he and his late wife Myra sold their 7,500-square-foot Cape Cod home to their son Jonathan for $3.8 million.
The home, built in 2006, features seven bedrooms and six baths. In Chestnut Hill, Robert owns a large estate spanning nearly 6 acres across three parcels.
In May 2021, he purchased a $43 million oceanfront mansion in the Hamptons, a 7,000-square-foot property located on the exclusive Meadow Lane in Southampton.
Early life
Robert Kraft was born in Brookline, Massachusetts, to Sarah Bryna and Harry Kraft, a dress manufacturer. Raised in a Modern Orthodox Jewish family, his father wanted him to become a rabbi. Kraft attended Columbia University, where he served as class president and played tennis and football.
He graduated in 1963 and earned an MBA from Harvard Business School in 1965. He briefly considered a political career but was discouraged after the suicide of his friend, H. James Shea, Jr., in 1970.
Career
Robert Kraft‘s first professional experience was with the Rand-Whitney Group, led by his father-in-law. In 1968, he orchestrated a leveraged buyout to take control of the company. In 1972, he founded International Forest Products, making both companies the largest privately held in the paper and packaging industry in the U.S. In 1985, Kraft purchased land next to the New England Patriots’ stadium, eventually buying the team in 1994 for a record $175 million. In 1996, he founded New England Revolution in MLS.
Personal life
In February 1962, Robert Kraft met Myra Hiatt at a deli in Boston, and they married in June 1963. They had four sons: Jonathan, Daniel, Joshua, and David.
The Krafts were members of Temple Emanuel in Newton, Massachusetts. Myra Kraft passed away from ovarian cancer on July 20, 2011, at age 68. In June 2012, Kraft began dating actress Ricki Noel Lander, 39 years younger. She gave birth in 2017, but Kraft denied paternity when the child’s birth was announced in 2018, after their breakup.
What companies does Robert Kraft own?
Robert Kraft owns several companies, including the New England Patriots, New England Revolution, and Gillette Stadium. His holdings also include International Forest Products, Rand-Whitney Group, Rand-Whitney Containerboard, and a portfolio of over 100 venture and private-equity investments.
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Conclusion
Robert Kraft’s journey to billionaire status is marked by strategic business decisions, innovative management, and a passion for sports. His ownership of the New England Patriots and his leadership in the Kraft Group are testaments to his business savvy and commitment to excellence. Kraft’s story is not just one of wealth but also of significant contributions to the worlds of business and sports.
FAQs about Robert Kraft’s Net Worth
- When did Robert Kraft purchase the New England Patriots? Kraft bought the Patriots in 1994.
- What is the Kraft Group? It is a diversified holding company owned by Robert Kraft, encompassing businesses in paper, sports, and real estate.
- Has Robert Kraft’s ownership impacted the Patriots’ success? Yes, under his ownership, the Patriots have become one of the most successful teams in the NFL.
- What other sports teams does Robert Kraft own? He owns the New England Revolution (MLS) and the Boston Uprising (esports).
- What philanthropic efforts is Robert Kraft known for? Kraft is known for his generous contributions to various causes, including education, healthcare, and sports development.
