Joshua Harris Net Worth

Joshua Harris’ Net Worth: A Deep Dive into the Billionaire Investor and Sports Mogul

Joshua Harris is a prominent figure in the world of finance and professional sports. Known for his astute investments and ownership of major sports franchises, Harris has amassed a substantial net worth. This article explores the various facets of Joshua Harris’s career, from his early beginnings to his current ventures, providing a comprehensive overview of his financial success and influence.

Early Life and Education

Joshua Harris was born in December 1964 in Chevy Chase, Maryland. His upbringing provided him with a solid foundation, as his father was an orthodontist and his mother worked as a schoolteacher. He attended The Field School in Washington, D.C., for his high school education. Harris demonstrated an early aptitude for academics, which paved the way for his successful future.

Harris pursued higher education at the University of Pennsylvania, where he earned a Bachelor of Science degree from the Wharton School and a Bachelor of Arts degree from the College of Arts and Sciences in 1986. His academic prowess continued at Harvard Business School, where he obtained his MBA. This strong educational background equipped him with the financial acumen and strategic thinking essential for his future success in the competitive world of finance.

Drexel Burnham Lambert: A Controversial Start

Following his undergraduate studies at Wharton, Joshua Harris began his career in the mergers & acquisitions division at Drexel Burnham Lambert, an investment bank. However, his time at Drexel was marked by controversy. While he was at Harvard Business School, the firm collapsed due to its involvement in financial scandals and illegal activities. The scandal resulted in several Drexel executives, including Michael Milken, going to jail, which left a lasting impact on the financial industry.

Despite the turmoil surrounding Drexel, Harris gained valuable experience in the mergers and acquisitions sector. After earning his MBA, Harris briefly worked at Blackstone Inc., a private equity firm, for two months before making a pivotal career move.

Apollo Global Management: Building a Private Equity Empire

After his brief stint at Blackstone, Joshua Harris co-founded Apollo Global Management in 1990, a move that would define his career and significantly contribute to his net worth. Alongside Leon Black, Antony Ressler, and Marc Rowan, Harris built Apollo into a global alternative investment firm. The firm quickly gained prominence by managing a diverse portfolio of assets, including private equity, credit, real estate, and infrastructure.

As of March 31, 2022, Apollo Global Management had an impressive $512.8 billion in assets under management. The firm’s investments span various sectors and industries, including well-known acquisitions such as ADT Security Services, Barnes & Noble, CareerBuilder, Cox Media Group, Intrado, Legendary Entertainment, Rackspace, Redbox, Shutterfly, Sirius Satellite Radio, Qdoba, Smart & Final, University of Phoenix, and Yahoo Inc.

The growth of Apollo Global Management has been remarkable, increasing from $10 billion in 1999. This growth can be attributed to several factors: the firm’s successful investment strategies, its expansion into new asset classes, and the acquisition of other investment firms. In 2011, Apollo went public, and its shares are traded on the New York Stock Exchange under the ticker symbol “APO.” The firm’s stock price has seen significant increases since its IPO, reflecting its strong performance and reputation in the financial market.

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In 2022, Joshua Harris stepped down from his role at Apollo, marking a transition in his career. Subsequently, he founded 26North, signaling his continued involvement in the financial sector and his pursuit of new investment opportunities.

Sports Investments: Owning Teams and Building a Legacy

In addition to his financial ventures, Joshua Harris has made significant inroads into the world of professional sports. His involvement in sports team ownership began in 2011 when he led a group of investors to purchase the Philadelphia 76ers of the NBA for approximately $280 million. The ownership group included David Blitzer, Adam Aron, and Art Wrubel, among others. Harris’s tenure with the 76ers involved significant restructuring efforts, including the “Process,” an aggressive rebuilding strategy that garnered both praise and criticism.

In 2013, Harris diversified his sports portfolio by acquiring the New Jersey Devils of the NHL, along with the lease to the Prudential Center in Newark, New Jersey, for over $320 million. This purchase provided financial stability for the Devils, a team that had been struggling with financial difficulties. His investment also extended internationally in 2015, when he and Blitzer purchased a majority stake in Crystal Palace, a football club in the English Premier League, expanding his global influence.

In 2020, Harris’s ownership group expressed interest in acquiring the New York Mets, further expanding their footprint in American sports. Although they were unsuccessful in their bid, which was won by hedge fund billionaire Steve Cohen, this showed their ambition to continue growing their portfolio.

On May 12, 2023, Josh Harris and David Blitzer, together with a group of investors, finalized the acquisition of the Washington Commanders for a record $6.05 billion. This significant deal was approved by the NFL’s other owners in April 2023, establishing a new benchmark for sports franchise valuations.

This sale surpassed the previous record set in August 2022 when a group led by Walmart heir Rob Walton purchased the Denver Broncos for $4.65 billion. The Commanders’ sale marked the end of Dan Snyder’s 21-year ownership of the team, during which time Snyder faced allegations of workplace misconduct, leading to an NFL investigation.

Harris and Blitzer manage their sports investments under the umbrella company Harris Blitzer Sports & Entertainment, demonstrating their commitment to building a diversified and successful sports empire.

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Personal Life and Real Estate

Joshua Harris’s personal life is marked by a strong family foundation. He and his wife, Marjorie, met while they were both attending Harvard Business School. They have five children: three sons and two daughters. This family life is an important aspect of his biography, providing a balance to his high-profile career.

In addition to his business and sports ventures, Harris has also invested significantly in real estate. In 2017, he and Marjorie acquired a 21,000-square-foot mansion on the Upper East Side of New York City for $45 million. The mansion, constructed in 1917 for cotton mogul Otto Louis Dommerich, is a neo-French classic-style building featuring seven floors, a curved staircase, 14 fireplaces, and a stained-glass dome. The property also includes three elevators, a basement with 15-foot ceilings, a 3,350-square-foot outdoor area, and multiple terraces. The couple later expanded their real estate portfolio in 2021, purchasing a 9,000-square-foot mansion in Miami for $32 million, showcasing his wealth and status.

Conclusion

Joshua Harris’s net worth of $8.5 billion is a testament to his exceptional business acumen and strategic investments. His career, which began with a controversial start at Drexel Burnham Lambert and continued through the founding of Apollo Global Management and his significant investments in the sports industry, has established him as a highly influential figure. Harris’s ability to identify and capitalize on opportunities, combined with his dedication to personal and professional growth, solidifies his position as a prominent billionaire and a respected leader in both the financial and sports sectors.