Billionaire real estate investor Sam Zell dies at 81
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Sam Zell, founder and chairman at Equity Group Investments, speaks during the SALT conference in Las Vegas, Nevada, U.S. May 17, 2017. REUTERS/Richard Brian
(Reuters)
Billionaire real estate investor Sam Zell has died at the age of 81, according to a statement from Equity Residential, the real estate investment trust (REIT) he chaired.
Known for his bet on distressed assets and for popularizing the REIT structure in the 1990s, Zell founded the company that was a precursor to Equity Residential and took it public in 1993.
He also invested in manufacturing, travel, retail, healthcare and energy businesses, Equity Residential said.
He had a net worth of $5.2 billion, according to Forbes.
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