American real estate mogul Leonard Stern has a net worth of $5.1 billion, making him one of the world’s richest individuals.
Leonard Norman Stern was born on 28 March 1938 to a German father, Max Stern, who was the founder of Hartz Mountain Pet Products and inherited his wealth.
By 1984, there was a market for pet supplies.
After completing his studies at New York University, Stern acquired his siblings’ shares in the family business and eventually became a shareholder in Hartz Mountain Corporation (HMC) by the early 1960s.
He has held the positions of Chairman and CEO at the company since then. Six years later, he started his real estate activities by purchasing land and selling the pet business while preserving its property.
Presently, the company has a portfolio of more than 38 million square feet of residential and commercial property in New Jersey, New York and Chicago.
Stern’s portfolio includes the Soho Grand Hotel, the TriBeca Grand Hotel, and other properties.
He is an enthusiastic philanthropist, having founded Homes for the Homeless, which is one of the largest non-profit organizations that provide education, housing, and employment opportunities in the United States, following in his father’s footsteps.