The 25 Wealthiest South Floridians Miami Herald

The 25 wealthiest South Floridians | Miami Herald 8/10/15, 8:03 PM
Business Monday OCTOBER 11, 2014
The 25 wealthiest South Floridians

HIGHLIGHTS
South Florida is a wealth magnet. The urban corridor from southern Palm Beach County to the Florida Keys is
home, at least part time, to 19 billionaires and six millionaires with an estimated net worth of $200 million or
more.
The 25 people on this list of the regions wealthiest have a lot in common: Theyve all got really deep pockets and have homes
in South Florida. (And all are men.)
BY MIKE SEEMUTH
Special to the Miami Herald
South Florida is a wealth magnet. The urban corridor from southern Palm Beach County to
the Florida Keys is home, at least part time, to 19 billionaires and six millionaires with an
estimated net worth of $200 million or more.
Many of these 25 success stories are familiar to the South Florida public, including longtime
locals Miami Heat owner Micky Arison, the CEO of cruise giant Carnival; serial entrepreneur
H. Wayne Huizenga; and activist and auto dealer Norman Braman. Some of the newer money
in town is coming from such investment professionals as Carl Icahn, the richest billionaire
with a South Florida home, which he bought in 1997. His net worth is an estimated $26.6
billion.
While South Floridas economy turns largely on trade and

tourism, the areas richest residents have made their
money in a broader mix of industries and professions
often linked to geography and the vibrant, entrepreneurial
spirit unrestricted by the generations-old social structure
of cities like New York and Chicago. The 25 wealthiest
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people with a South Florida residence accumulated ! 1 of 25 "

fortunes in fields ranging from investment management
and information technology to television broadcasting, 1. Carl C. Icahn Where he lives:
energy exploration and the distribution of air conditioners, Indian Creek (seasonal). Net worth:
$26.6 billion.
according to a survey by Global Governance Advisors
conducted for the Miami Herald.
Results are based on publicly trackable sources of wealth, such as ownership in public
companies. As a result, some of the wealth fueling South Floridas Bentleys and multi-million
dollar condo purchases such as privately held entrepreneurial endeavors may not be
reflected on our list.
Its a very diversified source of wealth compared to what youd find in Silicon Valley and
other parts of the United States, said Luis Navas, managing partner of Global Governance
Advisors.
Despite their diverse sources of wealth, the 25 wealthiest South Florida residents are
undiversified in two other ways: gender all are men and race. This may in part derive
from the glass ceiling that has traditionally kept female managers from rising to top
management jobs, the regions relative youth and the limited number of large corporations
based here.
One issue: Pay inequity between genders. Equal pay for equal work is not as real as it could
be or should be ... The gender pay gap is actually increasing again, said Penny Shaffer, South
Florida region president for Florida Blue and former chairwoman of the Greater Miami
Chamber of Commerce.
While large corporations provide a ladder for at least some women to higher and higher
management positions, compensation is limited at most corporations, and many fast-track
female executives are constantly being promoted at lower pay scales within the range,
Shaffer said. As a result, some senior women then leave to become entrepreneurs. But as
studies indicate, many are cautious about borrowing the capital required to catapult their
businesses into exponential growth.
Still, the rarified heights of the uber-wealthy may yet include more women and people of
color. Cisneros Group, for example, is led by CEO Adriana Cisneros, daughter of board
chairman Gustavo Cisneros.
And entrepreneurship may also be the path for people of color.
Many of the top 25 wealthiest people in South Florida own a controlling equity stake in a
large enterprise that they founded, said Jaret Davis, co-managing partner of Greenberg
Traurig's Miami office. Historically, in South Florida, wealthy blacks hailed from the
professional classes bankers, lawyers and doctors. Recently, we have seen an explosion of
African-American entrepreneurs. As these companies scale, I believe you will see increasing
numbers of African Americans within South Floridas upper echelons of wealth.
While many of the billionaires and multimillionaires with South Florida homes are longtime
residents, a growing number are relative newcomers lured by absolution from harsh winters
and a state income tax.
Theres a growing trend where people spend six months and a day in Florida and maybe the
balance [of the year] elsewhere, maybe California or Manhattan, to qualify as Florida
residents for tax purposes, Navas said.
More than just a winter home for the rich-and-retired set, South Florida also has become a
principal residence for wealthy people who are still in their earning years, said Teresa
Weintraub of Fiduciary Trust International of the South, which manages money for wealthy
entrepreneurs and families from the U.S., and Latin Americans with U.S. business interests.
Its not just that theyre coming to live in a nice home and retire.
Weintraub, who was born in Cuba and raised in Miami, said the city has become a very
exciting place to live. Although South Florida remains a popular place to retire, because of
the quality of life youre seeing in Florida ... and because of the tax structure you have, people
in the prime of their lives are moving here permanently, she said.
Wealthy people who live full time in South Florida sometimes started residing in the area in a
second home, then little by little, they were spending more time ... until they moved here
permanently, Weintraub said.
New York-based billionaire Richard LeFrak, for example, has been spending more time in
South Florida since he invested in the 2008 recapitalization of BankUnited, the largest locally
based bank. LeFrak also invested in the remains of the former Corus Bank of Chicago, which
counted many South Florida developers among its loan clients before the crash. I think I
ended up being the largest owner of unsold condos in Miami, he said.
His investments in BankUnited and Corus Bank were successful because the timing was
good, LeFrak said. I wasn't involved at all [in South Florida] until the financial crisis, and
because I was in reasonably good shape in 2008, I had money for investment purposes. So
between my exposure to BankUnited and the Corus Bank, I got an inside look at the Greater
Miami area.
He liked what he saw. LeFrak now has a second home in Miami Beach and two Miami-area
real estate projects under way: renovation of the Gansevoort hotel in Miami Beach in
partnership with Starwood Capital and resuscitation of an aborted North Miami development
previously known as Biscayne Landing.
I am now a huge enthusiast for South Florida, LeFrak said. I have seen the transition and
the maturation of the Miami market. I can only compare it to two or three other markets in
the United States as a magnet for international capital and as a desirable location for people
to reside in and invest in.
Realtor Jill Hertzberg said that for some homebuyers, profit potential is a major lure.
Whats happened now is a whole different, almost sport, where people are getting into real
estate in a very strong way and understanding it as a business opportunity, not just a place to
live, or a second home, said Hertzberg, who markets herself as part of a team called The
Jills with another Coldwell Banker agent, Jill Eber. Theyre making money in real estate here,
Hertzberg said. When a billionaire New Yorker profits from home ownership in South Florida,
he goes back and tells two other big boys, who tell two others, and all of a sudden you've got
a whole world of people like that here.
Its the same thing with people from South America: A group will come in, and then another
group will come in and say, its safe, its wonderful, its a good place to put your kids in
school, and, by the way, I made money there, Hertzberg said. The same thing has happened
with Russians, but unfortunately their political situation has made it more difficult for them to
come in now.
Advances in communications technology have enabled more wealthy business owners to run
their companies remotely from South Florida. For lots of people, their businesses are more
fluid There are a lot of businesses you can conduct and live here in South Florida as your
main residence, Hertzberg said.
Realtors and condo developers arent the only South Floridians to benefit from these deep
pockets. Companies run by Braman, Arison, Stuart Miller, Edmund Ansin, Huizenga, Jorge
Prez, Adriana Cisneros and others on the list collectively employ thousands of local
residents. Public institutions including the Arsht Center for the Performing Arts, the New
World Symphony performance hall in Miami Beach, the Frost Museum of Science, the Prez
Art Museum Miami and the University of Miamis Miller School of Medicine have been made
possible in part by gifts by the Arison and Miller families and individuals like Philip Frost,
Prez and philanthropist Adrienne Arsht (who gave $30 million for the performing arts center,
though her wallet isnt quite hefty as those on this list).
Having billionaires as neighbors might not be quite as good as being one, but it does have its
benefits.
Following are biographical summaries for each of South Floridas wealthiest 25 residents,
including how they made their fortunes.
1. Carl C. Icahn
Where he lives: Indian Creek (seasonal).
Net worth: $26.6 billion.
Source: Icahn Enterprises.
How he made his money: Investing in undervalued companies and sometimes acquiring
them and operating them more profitably than the previous management.
The story: Carl Icahn, 78, is a Wall Street titan with an activist approach to investing and
impressive staying power. Formed in 1987, his Icahn Enterprises, L.P., (IEP: NASDAQ) is a
diversified owner of big blocks of stock in public companies ranging from Apple Inc., eBay in.
and Netflix Inc. to Forest Laboratories, Chesapeake Energy and Navistar International Corp.
The investment side of his business is heavily involved in such shareholder activism as
publicly agitating for changes in management and board governance and sometimes
engaging in proxy fights to gain control of target companies. The operations side of Icahn
Enterprises runs businesses in myriad industries. It operates companies that manufacture
vehicle components for automakers, that refine petroleum and produce nitrogen fertilizer,
that collect scrap metal, manufacture rail cars, and operate casino and entertainment
properties.
Icahn Enterprises also has property operations that give its namesake a stake in Floridas
rebound from the real estate recession in the second half of the 2000s. Its developments
include adjacent Vero Beach golf resorts Grand Harbor and Oak Harbor. According to Forbes
magazine, Icahn bought a 14,000-square-foot Indian Creek Island vacation home in
foreclosure for $7.5 million in 1997, long before most of the wealthiest residents of the
island village in northeast Miami-Dade bought homes there.
2. Len Blavatnik
Where he lives: Miami (seasonal).
Source: Privately held Access Industries.
How he made his money: Netted billions of dollars by selling his share of a chemical maker
and an oil production venture.
The story: Raised in Russia, Len Blavatnik, 57, immigrated to the United States in 1978, then
became a U.S. citizen in 1984 and went on to become a successful investor and
philanthropist. The Harvard MBA holder is founder and chairman of Access Industries, a
privately held industrial group that owns businesses in natural resources and chemicals,
media and telecommunications, and real estate.
Access has corporate offices in New York, Moscow and London. Its holdings in the United
States, Europe and South America include large equity stakes in LyondellBasell Industries, a
leading chemical company, and music company Warner Music Group, which has recorded
artists ranging from Aretha Franklin to k.d. lang to Kid Rock. Blavatnik also has invested in
Internet-based streaming music services Spotify, Deezer and Beats Music, according to
Forbes magazine. Forbes also reported that Blavatnik late last year made a $2.37 billion
investment in Lyondell Industries that appreciated to more than $10 billion. He earlier netted
$7 billion when Access Industries liquidated its share of Russian oil production venture TNK-
BP, according to Forbes.
Blavatnik is a part-time resident of South Florida, with a primary residence in London, but he
is likely to have a permanent impact on the redevelopment of South Beach. He is a financial
backer of Faena District, a multi-block, multi-use real estate project under way in Miami
Beach, led by Argentine developer Alan Faena, who in 2012 started amassing hotel
properties on Collins Avenue, including the old Saxony, Versailles and Atlantic Beach hotels.
The Wall Street Journal reported that the Faena District will cover a six-block area and will
encompass a hotel, retail center, arts center and an 18-story oceanfront condominium, called
Faena House, with unit prices up to $50 million for the 14,000-square-foot penthouse.
3. Charles
B. Johnson
Where he lives: Indian Creek Island (seasonal).
Source: Franklin Resources Inc. (NYSE:BENO).
How he made his money: Investment management.
The story: Charles B. Johnson, 81, retired in June 2013 as chairman of the board of Franklin
Resources Inc., a San Mateo, California-based money management company doing business
as Franklin Templeton Investments. Johnson, who previously served as chief executive
officer of Franklin, began working for the company more than 50 years ago, when its assets
under management totaled $2.5 million. Franklin was managing $846 billion of assets just
before Johnson retired. He also has served as an officer, director or trustee of various
Franklin Templeton mutual funds. He has a home on Indian Creek Island in northeast Miami-
Dade County. My wife and I have been coming to Florida periodically all our lives, and in
2012, we became permanent residents, Johnson said in an email exchange. Franklin
Templeton has over 100,000 investors who live in Florida. We also have large offices in St.
Petersburg and Fort Lauderdale, as well as Miami, with over 11,300 employees in the state. ...
Our Fort Lauderdale trading desk makes over $30 billion in equity trades annually in over 40
financial markets around the world.
Johnson said his best advice for young people starting out in business is a statement by
former U.S. President Calvin Coolidge, which is engraved on a plaque hanging on his office
wall: Persistence ... Press on. Nothing in the world can take the place of persistence. Talent
will not; nothing is more common than unsuccessful men with talent. Genius will not;
unrewarded genius is almost a proverb. Education will not; the world is full of educated
derelicts. Persistence and determination alone are omnipotent.
4. Richard LeFrak
Source: LeFrak Organization.
How he made his money: Real estate development.
The story: New York City native Richard LeFrak, 69, has lifted his familys real estate
development business to new heights. When his father, Samuel LeFrak, died in 2003, New
York-based, family-run LeFrak Organization already was one of the largest private building
firms in the world, according to a New York Times obituary. The company has a portfolio of
mostly residential and office properties concentrated in New York, Los Angeles and London.
Richard LeFrak, who joined the LeFrak Organization in 1968 and became its president in
1975, was appointed chairman and chief executive officer in 2003. Part of his billion-dollar
fortune came from his successful investment in BankUnited in 2008 when the bank was in
financial trouble. "I was part of the original money that recapitalized the bank," he said.
LeFrak served four years as a director of BankUnited before selling his shares in the largest
South Florida-based bank. New York-based LeFrak has a second home in Miami Beach
where he resides part time but increasingly more time, he said in a phone interview. It's for
business reasons because I have several projects under way down there. And also, I like it.
He also invested in the acquisition and renovation of the Gansevoort hotel in Miami Beach,
and has bought the land in North Miami for an aborted development that had been called
Biscayne Landing. Young people going into business must not be afraid to fail but must pay
close attention to every detail of their enterprise, LeFrak said. You have to show up all the
time. Businesses succeed mostly because the owner, the founder, takes an interest in
everything, every little detail, especially in the beginning when its a baby. You can't let it grow
up by itself. You really have to be devoted to it.
5. Micky Arison
Where he lives: Bal Harbour.
Source: Carnival Corp.
How he made his money: Worked with his father to build the worlds largest cruise company.
The story: Micky Arison, 65, has been with the cruise company his father founded for more
than 30 years. After starting in the sales department, promotions to reservations manager in
1974 and vice president of traffic in 1976 helped prepare Arison to become the president of
Carnival in 1979. The company went public in 1987, raising $400million for expansion, and by
1989, Arison had engineered Carnivals acquisition of Holland America Line.
Other acquisitions followed: Carnival Corp. is the holding company for Carnival Cruise Lines
and many other cruise lines including Holland America Line, P&O Cruises, Princess Cruises,
Cunard and Costa Cruises. Carnival expanded its fleet from 73 ships in 2003 to 101 ships as
of mid-2014; seven new ships are due for delivery on dates from 2014 to 2016. Arison has
been chairman of the board of directors at Doral-based Carnival since 1990 and a director
since 1987. He served as the CEO of Carnival Corp. (formerly known Carnival Cruise Lines)
from 1979 to July 2013.
Arisons father, Carnival founder Ted Arison, died at age 75 in Tel Aviv in October 1999. In a
New York Times obituary, the newspaper noted that Ted Arison was widely regarded as the
godfather of the modern cruise industry. Carnival has faced operational adversity in recent
years, and its net income has declined in the last two consecutive fiscal years.
In January 2012, a ship carrying Costa Cruises passengers wrecked along the Tuscan coast
of Italy, killing 32 people. In February 2013, an engine fire disabled the Carnival Triumph in the
Gulf of Mexico, exposing more than 4,000 people aboard the ship to broken toilets and
unsanitary conditions. These incidents, including the associated negative publicity, have
resulted in lower cruise ticket pricing from prior levels. However, we believe that these events
will not have a material long-term impact, Carnival said in a quarterly financial report filed
July 2 with the Securities and Exchange Commission.
The companys stock has been trading in the high $30s lately, well above its sub-$30 stumble
right after the deadly shipwreck off Italy. Arisons net worth could take a dip even if Carnival
stock remains buoyant. Forbes magazine, which annually estimates the value of National
Basketball Association franchises, reported that the move by NBA star player LeBron James
to the Cleveland Cavaliers from the Miami Heat could reduce the market value of the Heat
franchise from $770 million, currently the seventh-most valuable franchise in the NBA.
There is no substitute for hard work, Arison said in an email exchange. I tell young people
just starting out to work hard, learn everything they can about the business and find a mentor
to help guide them and expand their thinking. Everyone has ideas and something to
contribute, so listening to different points of view is also very important.
Arison says he recruits good people and supports them while refraining from hands-on
micromanagement. South Florida has played a huge role in my life and career and what Ive
been able to accomplish, he said. Since the 1972 startup of Carnival, Ive spent the better
part of my life working in Miami and building the company from three ships to a fleet of more
than 100 ships. South Florida continues to help drive our growth, he said, citing easy
access to the Caribbean and the beautiful setting here.
6. Donald J. Trump
Where he lives: Miami (part time).
Source: Real estate, television.
How he made his money: Started in the construction business with his father in Brooklyn,
became a successful Manhattan real estate developer, diversified into book publishing and
television production.
The story: Donald Trump, 68, who made much of his fortune in the New York City real estate
market, has referred to Florida as his second home. But Trump rarely seems to be
vacationing in South Florida, where he has been an active real estate developer and
redeveloper. Trump became a periodic Palm Beach resident after his 1985 purchase of Mar-
a-Lago, the historic estate once owned by cereal heiress Marjorie Merriweather Post and
investment icon E.F. Hutton. Trump converted Mar-a-Lago into a private social club in 1995.
Four years later, in 1999, he opened Trump International Golf Club, a $40 million golf course
within a seven-minute drive of Mar-a Lago. The Trump Organization acquired the Doral Golf
Resort & Spa in Miami-Dade County in June 2012 and is spending $250 million to renovate
the 800-acre golf property, renamed Trump National Doral Miami. He also developed a golf
course in northern Palm Beach County called Trump National Jupiter.
Trump began his career by working in the construction business with his father, Fred C.
Trump, with whom he shared an office in the Sheepshead Bay section of Brooklyn. The
ambitious son later became a leading developer of residential high-rises and hotel properties
in Manhattan and took his talents to other fields as well. His 1987 autobiography, The Art of
the Deal, has sold more than 3 million copies. By January 2004, Trump had a deal with the
NBC Television Network to produce and star in the reality TV show The Apprentice. In 2005,
he unveiled his personally branded line of mens apparel and accessories, the Donald J.
Trump Signature Collection, and in 2012, he launched his own fragrance, Success by
Trump.
Anyone starting out in business today should make sure you are doing something that you
love, Trump said in an email exchange. It will make the obstacles seem less problematic
than if you are struggling to do something you are lukewarm about.
Mar-a-Lago and his golf course properties in Palm Beach County and Miami-Dade County
constitute a very healthy addition to my best holdings, Trump said. South Florida has been
wonderful to me.
7. Gustavo Cisneros and family
Where he lives: New York. The company is headquartered in Coral Gables and run by CEO
Adriana Cisneros, who lives in Miami Beach.
Net worth: $4 billion.
Source: Cisneros Group.
How he made his money: Took over the family business his father founded and turned it into
a media industry leader.
The story: Gustavo Cisneros, 69, was only 23 years old in the late 1960s when he took over
the leadership of a diversified Venezuelan family business in that his father, Diego Cisneros,
had founded. The second generation of family management proved impressive. With the
founders son Gustavo at the helm, Cisneros Group grew to become one of the largest
privately held media and entertainment conglomerates. A milestone in the development of
Cisneros Group was its 1960 acquisition of a television channel that ultimately became
Venevision, the leading national TV network in Venezuela. Gustavo Cisneros began his career
at Venevision.
The $13.7 billion sale of Venevision to a private equity consortium in 2007 may have been
one of the most personally rewarding deals that Gustavo Cisneros ever engineered. The
family patriarch now serves as co-chairman of the board of Cisneros Group with Steven
Bandel, a former chief executive officer of the family business. Adriana Cisneros, daughter of
Gustavo Cisneros, replaced Bandel as CEO last year. From 2006 to 2013, she lived in New
York and built a niche in the family business by developing its digital media operations, a field
of increasing focus at Cisneros Group. The group encompasses a mix of business interests
ranging from telecommunications, television production and broadcast television to
consumer goods, resort properties and a 6,000-acre real estate investment in the Dominican
Republic.
8. Phillip Frost
Where he lives: Miami Beach.
Source: Pharmaceutical development.
How he made his money: Built and sold two drug-development companies, the first for about
$575 million, the second for $7.4 billion.
The story: Phillip Frost, 77, a former professor of dermatology at the University of Miami's
medical school, teamed up with business partner Michael Jaharis to acquire drug-
development company Key Pharmaceuticals in 1972. Frost was chairman of the board and a
major shareholder of Key when he and Jaharis sold it to the old Schering-Plough
pharmaceuticals company for about $575 million in 1986. Frost went on to invest in a
generic drug developer in South Florida named Ivax Corp. He was the chairman and chief
executive officer of Ivax from 1987 until January 2006, when Israel-based Teva
Pharmaceuticals bought Ivax for $7.4 billion. Frost became co-chairman of Teva shortly after
its 2006 acquisition of Ivax. He has been chairman of Teva since 2010, when longtime
chairman Eli Hurvitz resigned due to health problems.
Now Frost is preparing to step down as chairman of Teva. I had agreed to become chairman
several years ago when the then-chairman became ill, Frost said in a phone interview. He
was a good friend, and I agreed to take on the responsibility for a certain time, and it has now
gone beyond the time I had anticipated, and with my other activities here in Florida, I could be
more focused.
For example, since 2006 he has served as chairman of Miami-based investment banking firm
Ladenburg Thalmann Financial Services. Opko Health Inc. is another one of his Florida
priorities. He has been chairman and CEO and a major shareholder of the Miami-based
public company since 2007.
Opko is doing extremely well, Frost said in the Sept. 8 phone interview. Just this morning,
an announcement went out that a product we licensed to another company successfully
completed the clinical trials, and a new drug application was submitted. ... This is a new drug
for the prevention of nausea and vomiting associated with cancer chemotherapy, and it has a
good possibility to be the best product in the market, since a single tablet is enough to
protect the patient for five days.
But the billionaire doctor's investments range well beyond healthcare. Its a matter of
strategy for me, Frost said. I believe in diversification in every possible way.
Frost is a major shareholder and a director of premium liquor supplier Castle Brands, and he
is a major shareholder of Vector Group Ltd., a leading cigarette manufacturer through its
Liggett Group LLC subsidiary. Its real estate subsidiary New Valley LLC owns a majority of
high-end residential property agency Douglas Elliman. In August, Frost led a group that
invested in preferred shares of Drone Aviation Holding Corp. in Jacksonville. I like the people
[at Drone]. They are young people and very knowledgeable about the product, said Frost, a
former director of military aircraft contractor Northrop Grumman Corp.
For people starting out in business, the important thing is what business you choose, Frost
said. Its important to pick businesses that have the potential for long-term growth and
preferably with high profit margins. South Florida has been an effective launching pad for his
career. For me, it has been very successful, Frost said. Its a great place to live. ... For us,
its been easy to attract talent. People want to live here.
9. Terrence M. Pegula
Where he lives: Boca Raton.
Source: East Resources Inc.
How he made his money: Increased interest in the extraction of gas from shale rock.
The story: Terence M. Pegula, 63, is a self-made billionaire who collected a fortune from a
technology-driven surge in gas production from shale rock. He was born and raised in
Carbondale, Pennsylvania. After graduating from Scranton Preparatory School, he enrolled at
Penn State University with a major in mathematics, but to stay in school he got a scholarship
to enter the university's petroleum and natural gas engineering program a decision that set
him on a rewarding path in the oil and gas industry. He graduated Penn State in 1973 with a
bachelor of science degree and got his first job with Getty Oil Co. in Victoria, Texas.
In 1983, Pegula borrowed $7,500 from family and friends to start East Resources Inc., and he
built the independent oil and gas exploration business into one of the largest privately held
companies in the United States with a helping hand from advanced oilfield technology.
Hydraulic fracturing, or fracking, has improved the economics of shale-gas extraction,
making it financially more feasible. Fracking is an emergent technology that involves high-
speed injections of fluids and other materials that stimulate oil and gas flow from shale rock
formations by creating fractures within them. In 2010, oil industry giant Royal Dutch Shell
paid $4.7 billion for the assets of East Resources, including land in the so-called Marcellus
Shale. The Marcellus is a massive shale rock formation in the Appalachian region of the
United States, where East Resources had acquired 650,000 acres by June 2009.
The $4.7 billion asset sale to Royal Dutch Shell has allowed Terrence Pegula and his wife Kim
Pegula to go shopping: They paid $189 million to acquire the Buffalo Sabres team in the
National Hockey League in 2010, according to the Buffalo News. The Pegulas recently made
a successful bid to acquire the Buffalo Bills, the National Football League franchise. Their
$1.4 billion purchase from the estate of the late owner Ralph Wilson, who died in March, was
approved by NFL team owners at their Oct. 8 meeting.
10. Igor Olenicoff
Where he lives: Lighthouse Point.
Source: Olen Properties Corp.
How he made his money: Office and residential buildings in Florida, California, Nevada and
Arizona.
The story: Igor Olenicoff, 72, has amassed a real estate empire stretching from coast to
coast in the United States. It includes a cluster of apartment buildings in Broward and Palm
Beach counties.
According to the website of Olen Properties, the companys South Florida apartment
properties include Weston Place in Weston, Club Lake Pointe and Players Club in Coral
Springs, Delray Bay in Delray Beach, Manatee Bay and Indian Hills and Whalers Cove in
Boynton Beach, Sanctuary Cove in North Palm Beach, and Villas of Juno in Juno Beach. Olen
Properties also has commercial and industrial properties, mostly in California but also in two
Florida locations. Olen operates Quantum Town Center in Boynton Beach, a 117,000-square-
foot commercial building, and the Delray Commercial Center in Delray Beach.
In 2007, Olenicoff pleaded guilty to falsifying his 2002 federal tax return by failing to disclose
foreign bank accounts to the Internal Revenue Service. As part of his plea agreement, he paid
$52 million in back taxes to the IRS and was sentenced to two years of probation and 120
hours of community service. According to Forbes magazine, Olenicoff has been preparing
his daughter Natalia Ostensen to take over the management of Olen Properties.
People going into business today should pick a business or career that cannot be shipped
abroad or purchased abroad, Olenicoff said in an email exchange. Although the standard of
living in other countries will improve and thereby raise the cost of labor there, they will always
be able to do it less expensively. Our labor will continue to go up; our technological
superiority gap will continue to narrow with other countries, particularly China and Russia. ...
This has been coming for a long time and why I selected real estate some 40 years ago. ...
Our real estate cannot be imported nor exported.
Olenicoff said South Florida accounts for a solid 30 percent of my company's growth and
success. South Florida, I am convinced, will continue to be a wonderful place to live, raise a
family, work and invest in. It has all the necessary ingredients to continue along its success
path.
11. Edward S. Lampert
Where he lives: Indian Creek (off Miami Beach).
Net worth: $3.1 billion. Source: ESL Investments, Inc.
How he made his money: Hedge fund management.
The story: Edward S. Lampert, 52, founded the hedge fund company bearing his initials in
1988. ESL Investments Inc. is in Bay Harbour in northeast Miami-Dade County. Lampert has
invested in many retail companies. For example, ESL is a major shareholder of Fort
Lauderdale-based AutoNation Inc., the nation's largest automotive retailer. Lampert
sometimes serves on the board or in the management of companies in which ESL owns
large equity stakes. He served as chairman of the board of Kmart Holding Corp., which
emerged from bankruptcy in 2003 and became a profitable retailer before its 2005 merger
with Sears, Roebuck & Co.
He currently is chairman of the Sears Holding Corp., the parent company of the Sears chain
of department stores, and has served as chief executive officer of Sears since February
2013. His hands-on investment in Sears has produced disappointing results. Sears stock
(NASDAQ: SHLD) recently traded around $27, well below the level of late 2013, when it
topped $50. The Sears stock slump has contributed to an exodus of investors from ESL.
Bloomberg News reported in June that Lampert distributed $393 million of AutoNation
shares to cover investment redemptions by ESL clients.
12. Fred DeLuca
Where he lives: Fort Lauderdale.
Source: Subway.
How he made his money: Co-founded the Subway chain of sandwich shops.
The story: In 1965, Fred DeLuca, now 67, was a teenager who wanted to become a doctor
and was searching for a way to help pay for college. A friend of his family, Dr. Peter Buck,
suggested that DeLuca open a restaurant specializing in submarine sandwiches and loaned
DeLuca $1,000 to get started. They opened their first restaurant in Bridgeport, Connecticut, in
August 1965 and set a goal of opening 32 more by 1975. The co-founders in 1968 to put the
Subway brand name on their restaurants.
In 1974, DeLuca and Buck were the owner-operators of 16 restaurants in Connecticut, and
they decided to sell Subway franchises in order to expand the restaurant chain at a faster
pace. In 1984, the company began expanding abroad by opening a location in Bahrain. By the
end of the 1980s, Subway had locations in Puerto Rico, Canada and the Bahamas. Today the
privately held Subway chain based in Milford, Connecticut, has more than 37,000 locations
worldwide.
USA Today reported in May that DeLuca had resumed his work schedule at Subway after
treatment for leukemia, including chemotherapy and a bone marrow transplant. The
newspaper also reported that DeLuca, a Fort Lauderdale resident, spends most of his time
traveling to visit Subway franchisees and has no plans to retire.
13. Robert E. Rich Jr.
Where he lives: Islamorada.
Net worth: $3 billion.
Source: Rich Products Corp.
How he made his money: Built the frozen food products business his father started.
The story: Robert E. Rich Jr., 73, followed in his fathers footsteps and built the family
business with a focus in frozen food products. Buffalo, New York-based Rich Products Corp.
generates more than $3 billion in annual worldwide revenue. On its website, the company
calls itself the founder of the non-dairy segment of the frozen food industry. According to
the website, the late Robert E. Rich Sr., founded the company in 1945 after he discovered that
a soya bean substance could be frozen, thawed and whipped to serve as a vegetable-based
replacement for whipped cream. Richs Whipped Topping was the first in a line of non-dairy
foods that Rich Products introduced, including Coffee Rich, the nation's first frozen non-dairy
creamer, which first appeared on supermarket shelves in 1959.
The founder's son first made a name for himself in sports. Rich Jr. was an accomplished
hockey player at a preparatory school in Buffalo and at Williams College, where during his
senior year he was co-captain of the schools hockey team. He graduated from Williams
College in 1963 with a bachelor of arts degree, and joined the family business in 1964 as
president of Rich Products of Canada Ltd. It was a new division of Rich Products with a new
manufacturing plant in Fort Erie, Ontario, a short drive from the parent company's
headquarters in Buffalo. Rich then started and staffed the companys first marketing
department. In addition to mentoring from his father, Rich earned a masters degree in
business administration in 1969 at the University of Rochester Simon School of Business.
In 2006, Rich became chairman of the board of Rich Products Corp. after the death of his
father, and his wife, Melinda Rich, became vice chairman. CampdenFB, a publisher focused
on family businesses, ranked Rich among the 50 top family-business leaders in the world in
2012, noting that the annual revenue of Rich Products had grown to $3billion from $28million
when the founders son joined the company.
14. Bharat Desai and family
Where he lives: Fisher Island.
Source: Troy, Michigan-based Syntel Inc.
How he made his money: Co-founded a successful information technology company with his
wife, Neerja Sethi.
The story: Bharat Desai, 61, is chairman of the board of Syntel Inc., a leading source of
integrated information technology to help large companies transact business in the fields of
financial services, healthcare and life sciences, insurance, manufacturing, retailing, logistics
and telecommunications. He co-founded the company in 1980 with his wife, Neerja Sethi,
who has served as a director and vice president, corporate affairs, throughout the companys
34-year history. Desai has an MBA in finance from the University of Michigan's Stephen M.
Ross School of Business, and a bachelor of technology degree in electrical engineering from
the Indian Institute of Technology in Bombay, India.
Publicly held Syntel has more than 24,000 employees and a market capitalization of $3.7
billion. Forbes magazine ranked Syntel 15th in its 2012 list of America's 200 Best Small
Companies. Syntels net income last year was $219 million, up 85 percent from $118 million
in 2009. The company provided IT services to 120 customers last year in the United States
and Europe, including American Express and State Street Bank, its two largest customers in
2013. Syntel has shared its success by running SPrayas, a volunteer-based program to
educate underprivileged children in communities where the company operates.
15. H. Wayne Huizenga
Where he lives: Fort Lauderdale.
Source: Jon Doe Enterprises.
How he made his money: Led the development of Waste Management and Blockbuster
Entertainment, often via business acquisitions.
The story: H. Wayne Huizenga, 76, made his fortune almost entirely from successful
investments in years past, according to Forbes magazine. But he remains an active investor.
He started with a single garbage truck and turned his hauling business into Waste
Management Inc., the nation's largest garbage hauler with $13.9 billion of revenue last year.
Huizenga acquired video rental company Blockbuster Entertainment, rolled up similar
companies in an early-1990s acquisition spree, and ultimately sold Blockbuster in 1994 to
entertainment conglomerate Viacom for $8.4 billion. Huizenga put his money behind another
waste hauling company, Republic Services, which diversified into auto dealership
acquisitions, then changed its name to AutoNation in 1999 and subsequently sold its waste-
hauling business.
Huizenga also has been a successful real estate investor. In 1996, he founded Boca Resorts.
When he sold the company for $1.25 billion in 2004, Boca Resorts owned the Boca Raton
Resort & Club and two Fort Lauderdale properties, the Hyatt Regency Pier 66 Hotel and
Marina, and the Radisson Bahia Mar Resort and Yachting Center.
Huizenga also invested in three professional sport franchises: He paid $95 million in 1991 to
acquire the Florida Marlins baseball team, $50 million in 1992 for the Florida Panthers
hockey team, and about $140 million in 1994 for majority ownership of the Miami Dolphins
football team. Huizenga has since sold his stake in all three teams except for fractional
ownership of the Dolphins.
He continues to hold sizable equity stakes in publicly traded companies, among them
Psychemedics, which tests for drug abuse through analysis of hair samples, and Swisher
Hygiene, a provider of institutional and industrial cleaning chemicals and restroom cleaning
and restocking services.
Huizega said in an email exchange that he advises people starting their own business to
surround yourself with great people. People are what make businesses prosper. He also
said he has lived in South Florida for 60 years and never wanted to live anywhere else. The
fabulous weather, wonderful amenities and sense of community allowed us to recruit and
retain great people, he said. Thats why we headquartered our companies here and that, in
turn, is why we were successful.
16. Jorge Prez
Where he lives: Miami.
Source: Related Group.
How he made his money: High-rise condominium development.
The story: Jorge Prez, 64, transformed the South Florida skyline during the high-rise
condominium building boom before 2008, and his development company Related Group
survived the bust that followed.
A Cuban immigrant, Prez was economic development director of the city of Miami before he
became a developer. He founded Related Group in 1979 with New York developer Stephen M.
Ross, now owner of the Miami Dolphins. Prez initially got rich from the construction of
rental apartments then got richer as the nations busiest builder of luxury condominium
towers. Prez and Ross developed City Place, a mixed-use downtown landmark in West Palm
Beach. Prez built high-rise condominiums in South Beach and Sunny Isles Beach.
But he left his biggest mark in downtown Miami, where, starting in 2002, he built a dozen
high-rises with a total of 5,500 condo units. Prez preserved Related Group by renegotiating
its debts and diversifying its business. He endured some big losses along the way. Lenders
for his Icon Brickell condo development seized two of its three towers in 2010. By June 2011,
the condo units in the third tower that Prez retained were nearly sold out. The housing
market collapse in 2008 and a health scare (a benign mass on his pancreas) prompted Prez
to reexamine his personal and professional priorities. He contributed $40 million in cash and
art to the old Miami Art Museum, now known as Prez Art Museum Miami, or PAMM, located
in a new home on Biscayne Bay that opened in December 2013.
Although Prez has restructured Related Group to make it less reliant on condominium
projects, he has hardly abandoned the condo market. In early 2014, Prez broke ground for
construction for the SLS Hotel & Residences Brickell and opened MyBrickell, his first post-
crash condo development in Miamis urban core.
Prez said in an email exchange that people starting in business should pick something you
love and pursue with great dedication and passion. He also said, South Florida has been
absolutely essential in my growth. I owe all to the openness of this community and the
generosity and acceptance of the people that live here.
17. Norman Braman
Where he lives: Indian Creek (off Miami Beach).
Source: Braman Motors.
How he made his money: Automotive retailing.
The story: Philadelphia native Norman Braman, 82, co-founded a vitamin retailer and merged
it with another company in 1967. Then he and his wife, Irma, who have been married for 58
years, moved from southeast Pennsylvania to southeast Florida in December 1969.
I had a degree of success before coming here, Braman said in a phone interview, but my
great success in life has been in South Florida.
According to trade publication Automotive News, Braman owned the nations 27th-largest
auto dealership group in 2013: His 14 dealerships last year sold about 32,000 vehicles and
collected $1.68 billion in total revenue.
Braman credits nonstop business reinvestment for his success in the automotive retailing
industry. My philosophy has always been to constantly reinvest in your business ... Its
something you have to do. You cant sit back in business; if you sit back, you fall back,
Braman said in a phone interview, citing the current expansion of his flagship location just
north of downtown Miami. In Palm Beach County, were in the process of building three new
dealerships, he said. Over the years, Braman Motors has added not only new locations but
also new brands to its automotive product line. When we started off in the car business,
Cadillac was our dominant franchise. Now we sell everything from Kias to Bugattis, he said.
Braman bought the Philadelphia Eagles franchise of the National Football League in 1985
and sold the team in 1994. The New York Times reported that Braman bought the team for
$65 million and sold it for $180 million. He never again invested in a professional team after
his nine-year ownership of the Eagles. That was enough, he said.
Braman also has used his success to serve in South Florida as both a philanthropist and an
activist. The Norman and Irma Braman Family Foundation funded the opening of the Braman
Family Breast Cancer Institute at the University of Miami's Sylvester Comprehensive Cancer
Center. The Bramans also have supported Lotus House, a Miami shelter for homeless
women and children, and the Greater Miami Jewish Federation, among other philanthropic
organizations.
However, Braman may be best known as a civic activist who has backed campaigns to recall
former Miami-Dade County Mayor Carlos Alvarez from office and to defeat such
controversial proposals as tax-funded improvements of sports facilities. I really believe you
have to stand for something in life, he said. If you dont stand for something in life, then
youll accept anything. And thats what happens in society when we dont stand for
principles.
Braman said people starting in business today should make protection of their reputation
their top priority: When you start out in life, the most precious thing you have is your name,
and you just want to make sure, whatever your choices are, to value that more than anything
else.
18. John W. Henry
Where he lives: Boca Raton (seasonal).
Source: Fenway Sports Group.
How he made his money: Commodities trading and team ownership in professional sports.
The story: John W. Henry, 65, got rich in commodities trading, rich enough to allow him to
buy the since-renamed Florida Marlins baseball team from Wayne Huizenga for $150 million
in 1999. Henry sold his stake in the Marlins after he and a group of investors acquired the
Boston Red Sox in February 2002. The New York Times reported that Henry and his investor
group paid $660 million for the Red Sox. The performance of Henrys commodities trading
firm lagged in the aftermath of the global financial panic of 2008, according to the Reuters
news service, and he closed the Boca Raton-based firm, John W. Henry & Co. Inc., in 2012.
Now Henry is well into his second career as a team owner in professional sports. He is the
principal owner behind the 2001 formation of Fenway Sports Group, which has a portfolio
including the Red Sox, English Premier League soccer team Liverpool FC and their home
stadiums. Henrys company also owns 80 percent ownership of regional television network
NESN (New England Sports Network) and 50 percent of NASCAR racing team Roush Fenway
Racing. The Boston Red Sox have won three World Series championships (in 2013, 2007 and
2004) under Henrys ownership.
In an email exchange, Henry said he would advise people starting in business today to find a
professional passion: You cant work hard enough at whatever it is you want to be
successful at, so you had better love what you are doing. Henry said, although I spend my
summers up north, South Florida has been his principal home for the last 25 years, so I owe
a lot to the area. Ive been fortunate to have several careers during that span.
19. Edmund Ansin
Where he lives: Miami Beach.
Source: Sunbeam Television Corp.
How he made his money: Inherited a real estate fortune, diversified into broadcast television.
The story: Edmund Ansin, 78, inherited a fortune in real estate and boldly built a television
broadcasting business atop it. Ansin learned how to manage money and his father made
plenty to manage. Ansin earned his undergraduate degree at the Wharton School of Business
and Finance. His Ukranian-Ukrainian born father, Sidney, a successful shoemaker in Boston,
went on to become a successful Florida real estate investor in the 1950s, according to
Forbes. The magazine also recounted in an article about the Ansin family fortune that Ed
Ansin and his father paid $3.4 million in 1962 to buy a local television station affiliated with
the NBC television network, then called WCKT and later renamed WSVN. Ansin not only
renamed the station but reinvented the delivery of local TV news in terms of faster pacing,
grittier content and more a greater number of hours per a day devoted to local news.
Ansin set Channel 7 apart in other ways as well, notably his 1989 decision to run WSVN as an
independent station after losing his affiliation with the NBC network and refusing to sell the
station as part of a conditional deal to affiliate Channel 7 with the CBS network. WSVN
ultimately affiliated with the Fox Network and Ansins navigation of the affiliation transition
proved a success. Trade information publisher TVNewsCheck reported earlier this year that
Channel 7 news audience ratings were unmatched after 20 years or so of domination in
English-language news in South Florida.
20. Stuart A. Miller
Net worth: $900 million.
Source: Lennar Corp.
How he made his money: Home building.
The story: Stuart A. Miller, 56, is still trying to put a near-depression in the housing market
behind him and his home building company, Miami-based Lennar Corp. Miller has been a
director of the company since 1990. He succeeded his father, the late Leonard Miller, who
founded Lennar in 1954, as Lennars chief executive officer in 1997, five years before his
father died July 28, 2002, of liver cancer, according to the South Florida Business Journal.
Stuart Miller was chairman of commercial property subsidiary LNR Property Corp. until
Lennar spun off of LNR as a separate company in 1997. Miller also served as president of
Lennar from 1997 to 2011.
New York Stock Exchange-listed Lennar stock recently was trading at share prices around
$39, about 11 percent below its 52-week high of $44.40. Miller was cautious in assessing
Lennars prospects on the companys Sept. 17 conference call with analysts to discuss
second-quarter financial results. Before this downturn, anything below 1 million housing
starts in a year was considered almost a housing depression. This recovery is just now
getting us back to that level of starts, Miller said on the call. Generally speaking, the market
has continued a slow and steady recovery that is markedly different from past down-cycle
recoveries. History would suggest a more vertical recovery, especially given the severity of
the economic decline. This recovery has been a decidedly different experience as the slope
of recovery has been shallow, and the expected acceleration has not materialized.
21. Sean John Diddy Combs
Where he lives: Miami Beach (part-time).
Source: Diversified business ventures, especially a vodka promotion deal with supplier
Diageo.
How he made his money: Hip-hop music recording and production and other business
activities that include promoting Ciroc vodka.
The story: Sean John Diddy Combs, 44, started his career as a hip-hop music recording
artist and producer and went on to establish an apparel line under the Sean John brand, a
cable television channel called Revolt TV and a marketing agency, Blue Flame.
In a March 2011 article, Why Diddy Will Be Hip-Hops First Billionaire, Forbes magazine
reported that Combs most lucrative asset was his 2007 agreement with Diageo, the worlds
largest supplier of beverage alcohol, to promote its Ciroc vodka brand. The magazine said
the agreement entitled Combs to a share of any profits from Ciroc vodka sales and to part of
the proceeds if Diageo were to sell the Ciroc brand. The deal appears to be paying off for
both parties. During the first two years of Diageos alliance with Combs, the companys
annual shipments of Ciroc vodka vaulted from 120,000 cases to 400,000, according to
Forbes. The magazine estimated that the value of Combs deal with Diageo is in the mid- to
low-nine-figures, while the rest of his business interests, including his record label Bad Boy
Records, have a cumulative value of about $100 million.
So, Combs may indeed become a billionaire before his peers in the hip-hop music field.
22. Bruce R. Berkowitz
Source: Fairholme Capital Management, LLC.
How he made his money: Investment management.
The story: Bruce R. Berkowitz, 56, is the founder, managing member and chief investment
officer of Fairholme Capital Management. He has a concentrated equity investment style,
making big bets on relatively few stocks that most investors avoid. Purchases of stock in
Bank of America and American International Group, or AIG, in 2011 helped to produce
handsome 2013 returns on investment in his $8.8 billion-asset Fairholme Fund, according to
trade publication Institutional Investor.
Berkowitz, a Miami resident since 2006, said in an email exchange that Miami has all the
resources we need, plus we get to live and work in a beautiful environment. Our tag line is
Ignore the Crowd, and our location here helps us maintain our distance and independence
from the chatter of Wall Street.
Berkowitz earned a bachelor of arts degree in economics from the University of

Massachusetts in 1980. He is chairman of the board of the St. Joe Company, a publicly held
Florida-based real estate developer. r of the Decade in 2010.
Berkowitz said in an email that he advises people getting into business that any industry they
find appealing has promise.
It doesnt matter what you do, if you really like it, he said. To be successful requires huge
effort. Twenty-four/seven for decades is the definition of instant success. So youve got to
love what you do, and if you dont, try something else.
23. Albert
H. Nahmad
Source: Watsco Inc.
How he made his money: Acquired control of a Miami company that became an industry
leader.
The story: Albert H. Nahmad leads not just a company but an industry. He is the chairman,
president, CEO and principal shareholder of a multibillion-dollar distribution business.
Born and raised in Panama, Nahmad relocated to the United States in 1958 to attend the
University of New Mexico and settled in South Florida in 1973, where he has been a full-time
resident since. The first building block of our distribution business was a company acquired
25 years ago, located in Deerfield Beach, Nahmad said via email. We have acquired over 60
businesses since, but all of our original roots are firmly planted in South Florida.
In 1972, he acquired a controlling interest in Coconut Grove-based Watsco Inc. from its
founder, William Wagner. In 1989, the company made a successful switch from
manufacturing to distribution. With 2013 revenue of $3.7 billion, Watsco is now the largest
distributor of air conditioners, and heating and refrigeration equipment in its industry. His son
Aaron J. Nahmad is a director of Watsco and the companys vice president of strategy and
innovation.
The CEO of Watsco advises someone starting out in business to consider financing the
acquisition of a successful company. Building on a successful business is a simpler, lower
risk idea than starting from scratch, Nahmad said in an email exchange.
24. Mike Fernandez
Source: MBF Healthcare Partners.
How he made his money: Used his managerial experience in the healthcare industry to invest
successfully in healthcare-related businesses.
The story: Miguel Mike Fernandez, 62, is chairman of a private equity investment firm in
Coral Gables called MBF Healthcare Partners. MBF focuses on investments in healthcare
service providers. He and his wife, Constance Fernandez, have five children.
A serial hands-on entrepreneur, Fernandez has successfully run many of the companies in
which he and his partners have invested. He was founder, president and CEO of Group Tech
Systems, which developed a national database of group health insurance information.
Fernandez advises people getting into business to try to exceed their own expectations. Do
not reach for your potential. Reach for the unreachable, he said in an email exchange, but
avoid debt whenever possible, and be the dumbest person in the room, as this will
accelerate your development.
Fernandez also said by email that South Florida has provided him a useful sense of likely U.S.
business trends: By looking at Florida's changing demographics, I believe that you are
seeing our nations future. Living in Florida has been like having a free look at tomorrows
stock prices. It's a peep into the future, and its a unique crystal ball.
25. Laurans Mendelson and family
Where he lives: Coconut Grove.
Source: Heico Corp.
How he made his money: Real estate investments, and his acquisition and development of
Heico Corp.
The story: Laurans Mendelson, 76, was an accountant in New York City during the 1960s
when he and his wife Arlene and their two sons relocated to Miami, where some of her family
members already resided and worked in real estate. After the Mendelsons settled into a then-
unincorporated Pinecrest community in southeastern Miami-Dade County, Laurans became a
successful real estate investor and developer and got his sons Eric and Victor involved in the
property business. By the time Eric and Victor were in college, Mendelson had switched his
investment preferences from real estate to public companies, and his sons invested along
with him and suggested target companies to buy and flip for profit.
But the Mendelsons saw greater potential in long-term ownership, so they acquired control of
Hollywood-based Heico Corp., a manufacturer of aircraft replacement parts. Led by Laurans
Mendelson as chairman and sons Eric and Victor, the co-presidents of the company, Heico
now has a market capitalization of $3.19 billion, way up from $25 million when they bought
control of Heico in 1990. New York Stock Exchange-listed Heico stock recently was trading
at share prices near $47, about 28 percent below the 52-week high of $65.04.
Mendelson would advise someone starting out in business to do what you enjoy doing and
focus hard. He also said in an email exchange to focus on more than money, just do a good
job and remember that your customer must get good value, respect and quality products.
The chairman of Heico also said that Heicos South Florida home has contributed to its
success: South Florida is a great source of quality life and fine people to work with you.
Also, its a great business area with a very pro-business and entrepreneurial atmosphere.
INGENUITY REAPS REWARDS
Although South Floridas wealthiest residents have made their money through varied
businesses, nearly all have benefited from hard work and inventive approaches. Sean John
Diddy Combs, left, No. 21, has parlayed an entertainment career into a clothing brand, cable
TV venture and marketing venture. Mike Fernandez, right, No. 24, is a serial entrepreneur in
the healthcare industry.
RELATED CONTENT
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MORE BUSINESS MONDAY
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The 25 wealthiest South Floridians | Miami Herald 8/10/15, 8:03 PM

Business Monday OCTOBER 11, 2014

The 25 wealthiest South Floridians

While South Floridas economy turns largely on trade and

people with a South Florida residence accumulated ! 1 of 25 "

And entrepreneurship may also be the path for people of color.

Where he lives: Indian Creek (seasonal).

Net worth: $26.6 billion.

Source: Icahn Enterprises.

Where he lives: Miami (seasonal).

Net worth: $21.5 billion.

Source: Privately held Access Industries.

Where he lives: Indian Creek Island (seasonal).

Net worth: $7.9 billion.

Source: Franklin Resources Inc. (NYSE:BENO).

How he made his money: Investment management.

Where he lives: Miami (seasonal).

Net worth: $6.6 billion.

Source: LeFrak Organization.

How he made his money: Real estate development.

Where he lives: Bal Harbour.

Net worth: $6.2 billion.

Source: Carnival Corp.

Where he lives: Miami (part time).

Net worth: $4.1 billion.

Source: Real estate, television.

7. Gustavo Cisneros and family

Net worth: $4 billion.

Source: Cisneros Group.

Where he lives: Miami Beach.

Net worth: $3.7 billion.

Source: Pharmaceutical development.

Where he lives: Boca Raton.

Net worth: $3.3 billion.

Source: East Resources Inc.

10. Igor Olenicoff

Where he lives: Lighthouse Point.

Net worth: $3.2 billion.

Source: Olen Properties Corp.

11. Edward S. Lampert

Where he lives: Indian Creek (off Miami Beach).

Net worth: $3.1 billion. Source: ESL Investments, Inc.

How he made his money: Hedge fund management.

12. Fred DeLuca

Where he lives: Fort Lauderdale.

Net worth: $2.8 billion.

13. Robert E. Rich Jr.

Where he lives: Islamorada.

Net worth: $3 billion.

Source: Rich Products Corp.

14. Bharat Desai and family

Where he lives: Fisher Island.

Net worth: $2.7 billion.

Source: Troy, Michigan-based Syntel Inc.

15. H. Wayne Huizenga

Where he lives: Fort Lauderdale.

Net worth: $2.6 billion.

Source: Jon Doe Enterprises.

16. Jorge Prez

Where he lives: Miami.

Net worth: $2.2 billion.

Source: Related Group.

How he made his money: High-rise condominium development.