Dan Gilbert Net Worth: How hustling paid him off
Mr. Gilbert, who was born on January 17, 1962, is a well-known businessman and philanthropist in the United States. Rock Ventures and the Cleveland Cavaliers are owned by him.
He is the co-founder of Quicken Loans and the founder and CEO of Rock Ventures.
The Cleveland Monsters of the American Hockey League and the Cleveland Charge of the NBA G League are among the sports franchises owned by Gilbert. Cleveland, Ohio, is home to the Cavaliers and Monsters, and he runs a sports bar called Rocket Mortgage FieldHouse there.
Adolescence and Schooling
In Detroit, Michigan, Gilbert was raised by a Jewish family. He attended Southfield-Lathrup High School in Michigan, where he grew up.
As a lawyer, he holds a bachelor’s degree from Michigan State University and a Juris Doctor from Wayne State University Law School. At the beginning of his career in law school, he worked as a part-time employee at his parents’ Century 21 Real Estate office.
Career in Business
The Quicken Loans
With the help of Ron Berman and Gary Gilbert, Gilbert launched Rock Financial in 1985. Early online direct mortgage lenders were pioneered by the company in the late 1990s. In the latter three months of last year, the business overtook all other U.S. retail mortgage lenders in terms of volume.
When Rock Financial was purchased by Intuit Inc. in 2000, the national web operation was rebranded as Quicken Loans.
A private investment group led by Gilbert bought Quicken Loans and its linked national title company, Title Source Inc. from Intuit back in 2002. The chairman of Quicken Loans, Inc., was Gilbert as of 2021.
Gilbert and the city of Detroit announced in 2007 that they had reached an agreement for the company’s headquarters to be relocated to the heart of the city.
By the end of 2010, all 3,600 Michigan-based employees had relocated to the city’s downtown area.
Rocket Companies, the new name for Quicken Loans, will begin trading on the New York Stock Exchange in August 2020 under the ticker symbol “RKT.” As of 2020, Gilbert held 79 percent of the company’s shares, making him the largest owner.
Owning a Sports Team
When Gilbert became majority owner in March 2005, he restructured the front office, coaching staff, players, and presentation of the Cleveland Cavaliers.
It was under Gilbert’s leadership that the Cavaliers won six Central Division titles (2009-2010), five Eastern Conference titles (2007-15), and one NBA title (2016), ending a 52-year curse in Cleveland.
Lake Erie Monsters was renamed the Utah Grizzlies American Hockey League franchise in 2007 when Gilbert purchased it from the Utah Grizzlies (now Cleveland Monsters). During a span of just eight days, the Monsters won the Calder Cup, giving Gilbert two AHL championships.
When Gilbert purchased the New Mexico Thunderbirds in 2011, he transferred them to Canton, Ohio and renamed them the Canton Charge, and made them the Cavaliers’ affiliate.
Other Ventures and Financial Commitments.
Rockbridge Growth Equity LLC, in which Gilbert is a founding partner, is a private equity firm (RBE). Financial services, Internet technology, consumer-direct marketing, and sports and entertainment are some of the industries the partnership invests in
Gas Station TV, Robb Report, and RapidAdvance are just a few of RBE’s investments in the media industry.
His investments include Courtside Ventures, an early-stage venture capital fund focused on the sports industry, as well as Detroit Venture Partners (DVP), a venture capital firm focused on supporting early-stage technology and media companies. LevelEleven, iRule, and Marxent Labs are a few of the firms in which DVP has funded.
StockX, a high-demand, limited-edition product stock market, was cofounded by Gilbert. Fathead, Veritix, StyleCaster, and Quizzle are just a few of the consumer-oriented technology startups that Gilbert has invested in or is actively involved with.
On the ground service providers in Detroit and Cleveland are supported by the non-profit Bizdom, which encourages tech and brick-and-mortar businesses.
It was revealed in November 2017 that Gilbert had invested millions in professional Call of Duty player Matthew “Nadeshot” Haag’s eSports squad, 100Thieves.
Initiatives in Detroit
In August 2010, Quicken Loans relocated its headquarters and 1,700 workers to downtown Detroit, where Gilbert and the company are assisting in the regeneration of the city’s urban core.
The Madison Theatre Building, Chase Tower and Two Detroit Center, Dime Building, First National Building, and the former Federal Reserve Bank of Chicago Detroit Branch Building have all been purchased by Bedrock Detroit.
The One Woodward Avenue and the 1001 Woodward office tower have been purchased by Bedrock Detroit, as have several others along Woodward Avenue.
Value of The Net
As of March, 19th, 2022 Forbes estimated his net worth at US$51.9 billion, making him the 23rd richest person in the world.
Life in The Private Sphere
Gilbert and his family, which includes his wife Jennifer and their five children, call Michigan home.
At Children’s National Medical Center in D.C., his wife serves on the board of the Gilbert Family Neurofibromatosis Institute and also serves on the boards of ORT America and the Jewish Federation of Metropolitan Detroit.
Gilbert was admitted to the hospital on May 26, 2019, after suffering a stroke at the age of 57.
Awards And Achivements
Gilbert’s companies have achieved the following accolades under his watch:
16-time winner: JD Power Highest Customer Satisfaction Award (10 for Primary Mortgage Origination, six for Mortgage Servicing)
16-time Fortune 100 Best Companies to Work For (2005–2017)
2016 Best Team ESPY Award
2016 Calder Cup Champion