Robert Kraft, born on June 5, 1941, is a renowned Massachusetts-born businessman boasting a net worth of a staggering $11 billion. Despite common misconceptions linking him to the grocery manufacturing behemoth Kraft Foods, there is no connection. Robert Kraft’s wealth emanates from The Kraft Group, where he serves as Chairman and CEO, which diversely deals in realms from paper to real estate. Most notably, he is recognized as the primary owner of sports entities like the New England Patriots, the New England Revolution, and Gillette Stadium.
What is the history of Robert Kraft’s success?
Beginning with his early life, Kraft was born to Sarah and Harry Kraft in Brookline, Massachusetts. His formative years were grounded in a Modern Orthodox Jewish working-class setting. A keen leader, he was a senior class president at Brookline High School, a pattern he replicated at Columbia University. His academic journey took him from Columbia to Harvard, where he procured an MBA in 1965.
His entrepreneurial venture began at Rand-Whitney Group, a packaging entity led by his father-in-law, Jacob Hiatt. By 1968, he engineered a leveraged buyout to seize control of the firm, a position he maintains to this day as its chairman. Branching out in 1972, Kraft founded International Forest Products, a giant in physical paper commodity trading. His media ventures included pivotal roles in New England Television Corp. and Boston radio stations.
How did Robert Kraft acquire the New England Patriots?
Kraft’s passion for the Patriots commenced as a fan during their American Football League tenure. His strategic acquisition of land adjacent to the Patriots’ Stadium in 1985 set in motion his ambitious plan to own the team. Fast forward to 1994: After making numerous smart moves – such as purchasing the stadium through bankruptcy court and leasing it back to James Orthwein for $175 million – Kraft made his first historic offer for purchasing his team from Orthwein for only $175 million; today after multiple Super Bowl titles under Kraft’s leadership they are valued at an astounding $4.1 billion!
What is known about Robert Kraft’s personal life?
Kraft’s personal life has been both joyous and marred with controversies. He married Myra Hiatt in June 1963, with whom he shared four sons. Tragically, Myra succumbed to ovarian cancer in 2011. Following her passing, Kraft dated actress Ricki Noel Lander, nearly four decades his junior. Although they welcomed a child in 2017, Kraft denied paternity. The duo parted ways in 2018.
What controversies surrounded Robert Kraft?
In 2019, a significant blemish on his reputation surfaced when he was charged with misdemeanor offenses related to soliciting prostitution. Stemming from a human trafficking operation at the Orchids of Asia Day Spa, Kraft was allegedly videotaped partaking in sexual activities. Nevertheless, in August 2020, a court ruling favored Kraft, barring the prosecution from using the confiscated tapes as evidence due to constitutional rights violation. By September 2020, all charges were dropped owing to insufficient evidence.
What properties does Robert Kraft own?
Kraft’s real estate portfolio is nothing short of impressive. In 2010, he and his wife sold their Cape Cod residence to their son Jonathan. In Chestnut Hill, Boston, a grand estate sprawls over nearly six acres. His property acquisitions expanded in May 2021, with a $43 million oceanfront mansion purchase in the elite Meadow Lane in Southampton. The grandeur doesn’t stop there. December 2022 saw Kraft adding a $23.75 million condo in Palm Beach, Florida, to his collection, setting a regional record for its purchase.
Robert Kraft’s life, career ascent, personal joys and challenges, impressive real estate holdings and impressive personal achievements provide a fascinating depiction of someone far more than simply team owner; Robert is not only business magnate; he’s sports enthusiast father figure subject of much speculation among his many admirers and opponents alike.
